Integrated Filing (Financial) for the quarter and year ended March 31, 2025.
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Awaiting price reaction for this filing.
Prashant India Ltd submitted its Q4 and FY25 integrated filing, accompanied by a Qualified Opinion from its auditor Soni Jhawar & Co. — a qualification that has persisted for over 10 years. Key concerns flagged include non-provision of over Rs. 112 crore in interest on strategic investor loans, non-provision for doubtful debts of Rs. 8.83 lakh, and non-compliance with Ind AS-10 on gratuity and leave encashment. The auditor explicitly noted serious doubts on the company's ability to continue as a going concern. Revenue fell sharply from Rs. 43.43 lakh in FY24 to Rs. 30.29 lakh in FY25 (~30% decline). Net loss narrowed to Rs. 20.02 lakh from Rs. 35.84 lakh, but net worth remains deeply negative at Rs. (3,321.27) lakh against total assets of just Rs. 257.24 lakh and short-term borrowings of Rs. 3,460.59 lakh. Operating cash flow was negative at Rs. (90.29) lakh, partially offset by Rs. 187.73 lakh in asset sale proceeds.
This is a deeply distressed company — equity is essentially wiped out, liabilities exceed assets by roughly 14x, and the auditor has flagged going concern doubts. Shareholders face serious risk of total loss; the stock is highly speculative and the qualified audit opinion with persistent qualifications is a major red flag.