This is to inform you that the Board of Directors of North Eastern Carrying Corporation Limited (Company) at their meeting held today, Friday, May 29, 2029 has consider and approved 1). ....
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North Eastern Carrying Corporation reported audited financial results for FY26 with total income of Rs 3,294.35 lakh, up from Rs 3,143.44 lakh in FY25. However, profit after tax declined 24% to Rs 775.07 lakh from Rs 1,025.25 lakh. EPS dropped to Rs 0.78 from Rs 1.03. The company has issued a qualified audit opinion for the second consecutive year due to: 1) no provision made for doubtful debts despite high receivables of Rs 13,014 lakh, and 2) unconfirmed debit/credit balances. Operating cash flow remained negative at Rs 900.76 lakh. Borrowings increased to Rs 12,437 lakh from Rs 10,551 lakh. The Board also re-appointed Sanghi & Co. as internal auditor for 5 years.
The qualified audit opinion with declining profitability and negative operating cash flow raises concerns about asset quality and financial health. The high receivables without provisioning for doubtful debts could indicate future write-offs. Shareholders should monitor closely.