Please find enclosed Unaudited financial result for the quarter and half year ended 30th September, 2024 along with Limited review report
Awaiting price reaction for this filing.
CMI Limited submitted its delayed unaudited results for Q2 and H1 FY25 (ended 30 Sept 2024) more than a year after the period end. The company remains under Corporate Insolvency Resolution Process (CIRP) since July 2023, initiated by Canara Bank, with the Board suspended and a Resolution Professional running operations. Revenue from operations jumped to Rs 3,013 lakhs in Q2 FY25 and Rs 4,574 lakhs in H1 FY25, up sharply from Rs 1,195 lakhs in H1 FY24. Despite the revenue rise, the company posted a net loss of Rs 633 lakhs in Q2 and Rs 985 lakhs in H1, taking accumulated losses to Rs 16,408 lakhs against paid-up capital of just Rs 1,603 lakhs — fully eroding net worth. The statutory auditor flagged multiple serious issues, including a going concern doubt, non-compliance with IND AS, missing fixed asset registers, unconfirmed balances, and unverifiable litigations, and ultimately disclaimed an opinion on the financial statements.
Highly negative for shareholders — net worth is completely wiped out, the auditor disclaimed an opinion citing going concern doubts, and the stock remains under CIRP where equity holders typically receive little to no recovery. The company is essentially operating under insolvency administration, making this equity high-risk.