Outcome of Board Meeting held on June 01, 2026 inter alia for consideration and approval of Audited Financial Statements for the year ended March 31, 2024.
Awaiting price reaction for this filing.
Punj Lloyd's board approved its audited financial results for FY24 (year ended March 31, 2024) with a significant delay of over two years. Standalone revenue from operations fell sharply to ₹321.52 crore from ₹799.99 crore in FY23, a drop of nearly 60%. The company reported a net loss of ₹26.73 crore, narrowing from ₹273.02 crore in the previous year, but its net worth remains deeply negative at ₹(17,072.52) crore against borrowings of ₹9,744.52 crore. The statutory auditor, Kashyap Sikdar & Co., issued a Qualified Opinion citing 9 unresolved issues including unreconciled statutory dues, unverified inventories, missing impairment assessment, and no bank confirmations — contradicting the company's claim that the audit was 'without any modified opinion'. The auditor also flagged a going concern issue, noting accumulated losses, negative net worth, and the 2022 NCLT liquidation order, though the position is supported by Adani Infra's acquisition plan approved by NCLT in February 2026. The company has been declared a willful defaulter by Central Bank of India and IDBI Bank, with IDBI also classifying the account as fraud.
For shareholders, this is largely a formality confirming a deeply distressed company's historical results, with major risks including massive negative net worth, ongoing fraud classifications, and unresolved overseas branch issues. However, the Adani Infra acquisition and NCLT approval provide a going concern basis, which could support a turnaround — though existing equity holders have already been substantially wiped out given the deeply negative net worth.