The Exchange had sought clarification from Kshitij Polyline Limited for the quarter ended 31-Mar-2024 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
KSHITIJPOL · price
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Awaiting price reaction for this filing.
Kshitij Polyline has replied to NSE's query about its March 2024 quarter results filed under Regulation 33 of SEBI LODR. The company said it accidentally missed attaching the consolidated cash flow statement in the PDF version, though it had already filed the same via XBRL within the timeline and re-uploaded the rectified file on July 13, 2024. On the signing of results, the company clarified that Mr. Mahendra Kumar Jain, who signed as Executive Director and CFO, qualifies as a deemed Whole-Time Director authorized by the Board, making it compliant with the rules. The submitted financial results show revenue from operations of Rs. 3,421.98 lakh (vs Rs. 3,397.53 lakh last year, roughly flat), but the company slipped into a net loss of Rs. 56.23 lakh for FY24 compared to a profit of Rs. 36.50 lakh in FY23. Cash flow from operations worsened sharply, with Rs. 498.95 lakh used in operations versus Rs. 126.88 lakh in the prior year, and cash balances dropped from Rs. 324.31 lakh to just Rs. 9.56 lakh. The auditor (VRCA & Associates) gave a clean, unqualified opinion on both standalone and consolidated results.
This is primarily a procedural compliance clarification rather than a new event, so the immediate stock reaction should be limited. However, the underlying results reveal a swing to loss, weak operating cash flow, and dangerously low cash reserves, which are red flags for retail investors monitoring the company's financial health.