Outcome of Board Meeting and Submission of Audited Standalone Financial Results of the Company for the quarter and year ended March 31, 2025.
Awaiting price reaction for this filing.
The board approved audited standalone and consolidated financial results for FY25 along with the auditor's reports. Revenue from operations fell sharply to Rs. 10,492.36 lakhs from Rs. 16,744.31 lakhs in FY24, a decline of about 37%. The company reported a massive net loss of Rs. 1,71,608.57 lakhs (before comprehensive income), nearly double the prior year's loss of Rs. 88,248.87 lakhs, driven by huge provisions for doubtful debts, claims recoverable and advances to suppliers. The auditor issued an Adverse Opinion, citing multiple issues including unreconciled balances of trade receivables and payables, doubtful claims of Rs. 36,183.70 lakhs under bank guarantees, an unsecured loan to VSPPL with no recovery clarity, and questioned deferred tax assets of Rs. 51,706.60 lakhs. The company is undergoing Corporate Insolvency Resolution Process (CIRP), and the NCLT-approved Resolution Plan by BTL EPC Limited (SRA) is in implementation, though the SRA has delayed tranche payments and filed for extension till September 30, 2025. Under the plan, 95% of existing share capital was extinguished, with Mandal Vyapar Private Limited (SPV of the SRA) now holding 90% of the company and existing shareholders receiving only Re. 0.01 per share as a token payment. The auditor explicitly flagged material uncertainty on the company's ability to continue as a going concern.
Existing shareholders have been effectively wiped out — 95% of share capital was cancelled with only a token Re. 0.01 per share paid into an escrow account. The stock now effectively represents a restructured entity under new promoters (BTL EPC's SPV) with a going-concern warning, an Adverse Audit Opinion, massive losses, and pending litigation overhang. Investors should treat this as an extremely distressed situation with near-total loss of original equity value.