Appointment of M/s ASN Associates, Practicing Company Secretaries, Visakhapatnam, as Secretarial Auditor of the Company for the Financial Year 2025-26
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Awaiting price reaction for this filing.
Infronics Systems' board on May 28, 2025 approved audited financial results for Q4 and FY ended March 31, 2025, along with the statutory auditor's unmodified opinion. Statutory auditor R. Subramanian & Co LLP gave a clean report, but flagged that the company's BSNL contracts for SMS services to banks were fully concluded during FY25 and not renewed, leaving the company with no active business as of March 31, 2025. FY25 revenue from operations stood at ₹434.06 lakhs and net profit at ₹112.38 lakhs (down from ₹252.12 lakhs in FY24). The board also appointed ASN Associates (Visakhapatnam) as Secretarial Auditor and N R G and Co (Hyderabad) as Internal Auditor for FY26. The company states it has sufficient cash (₹308.85 lakhs) to settle all liabilities.
Material concern for shareholders: the company has no active business after BSNL contracts expired without renewal, raising serious going-concern questions. Despite reporting a FY25 net profit of ₹112.38 lakhs, the lack of operating revenue going forward could weigh heavily on the stock. Auditor appointments for FY26 are routine governance items and not a direct price catalyst.