Please find attached Financial Results for the FY ended 31st March, 2021
Awaiting price reaction for this filing.
The board approved audited financial results for FY2021 (with similar approvals for FY2022-24) for Futura Polyesters, a company whose polyester operations were discontinued in December 2012. Revenue from discontinued operations jumped to Rs. 1,547.16 lakhs in FY2021 from Rs. 147.18 lakhs in FY2020, mainly from sale of partial land. Despite this, the company reported a loss before tax of Rs. 32.34 lakhs and a net loss after tax of Rs. 375.54 lakhs. The balance sheet shows deeply negative net worth of Rs. (40,462) lakhs and total borrowings of over Rs. 26,333 lakhs. The auditor issued a qualified opinion, flagged material uncertainty on going concern, and gave an adverse opinion on internal financial controls. The company defaulted on Rs. 93.65 Crores of bank dues (later settled via OTS of Rs. 243.45 Crores paid in June 2025), and the company's loan accounts are classified as NPA by all lenders.
This is a deeply distressed company with completely eroded net worth, NPA status with all lenders, and an adverse audit opinion on internal controls — meaning serious financial irregularities and significant doubt about its ability to continue as a going concern. Shareholders should view this as an extremely high-risk situation; the recent OTS settlement may provide some breathing room, but the stock remains a speculative penny stock with major downside risk.