Submission of Audited Financial Results for thequarter and year ended 31.303.2025
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Awaiting price reaction for this filing.
Integrated Thermoplastics Limited filed its audited results for FY25, showing revenue from operations collapsing to Rs. 9.44 crore from Rs. 36.35 crore in FY24, while net loss narrowed to Rs. 6.06 crore from Rs. 10.03 crore. The company's net worth is fully eroded with accumulated losses of Rs. 6.49 crore, raising serious going concern doubts flagged as a Key Audit Matter. The auditor issued a Qualified Opinion (noting unreconciled receivables/payables and absence of a Section 138 Internal Auditor), contradicting the CFO's separate declaration of an 'unmodified opinion' — a notable discrepancy in the filing. Multiple critical issues are highlighted: defaults on APSFC term loan of Rs. 19.42 crore with an OTS proposal pending, Union Bank of India facilities of Rs. 9.79 crore classified as NPA since November 2021, an ongoing insolvency petition filed by SP Coal Resources in February 2022, and a pending factory land dispute. Operating cash flow turned negative at Rs. (2.44) crore versus a positive Rs. 0.51 crore last year.
Highly negative for shareholders — the going concern qualifications, fully eroded net worth, NPA-status bank loans, and pending insolvency petition signal severe financial distress with a real risk of corporate insolvency proceedings. Expect sharp negative stock price reaction; this is essentially a distressed small-cap with very high risk of further value erosion.