Outcome of Board Meeting
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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The Board of Olympic Oil Industries approved its audited financial results for the quarter and year ended March 31, 2025. Total income from operations fell to Rs 24.94 lakh in FY25 from Rs 46.28 lakh in FY24, a drop of about 46%. The company continued to post a loss of Rs 24.94 lakh for FY25, though narrower than the Rs 46.28 lakh loss in FY24. The auditor issued a modified opinion flagging that the company's networth is fully eroded at negative Rs 22.79 crore, there were no business operations during the year, and material uncertainty exists on the going concern. Bank credit facilities of Rs 68.75 crore have been classified as Non-Performing Assets by lenders, and the auditor noted that accumulated unprovided interest of around Rs 69.73 crore has understated the finance cost and losses. Trade receivables of Rs 316.52 crore are considered credit-impaired and doubtful, unsecured loans of Rs 38.47 crore to related parties with no networth are doubtful, and trade payables of Rs 208.91 crore lack third-party confirmation. The auditor also flagged ongoing investigations by SFIO and a complaint filed by CBI before the Designated Court in Lucknow.
This is a financially distressed company with a fully eroded networth, NPA status on bank loans, regulatory investigations, and a qualified audit report citing going-concern doubts. Shareholders face very high risk — the equity has essentially no buffer, losses continue, and the future of the business itself is in serious doubt.