Please find enclosed herewith the Unaudited Quarterly Financial Results for Quarter ended 30.09.2025 along with other financial statements and Limited Review Report as issued by Statutory ....
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Punjab Communications Limited reported a strong turnaround in Q2 FY26, with revenue from operations rising to ₹816.60 lakhs from ₹553.79 lakhs in Q2 FY25, a growth of roughly 47%. Total income for the quarter stood at ₹1,106.24 lakhs. The company swung to a profit before tax of ₹323.13 lakhs compared to a loss of ₹100.44 lakhs in the same quarter last year. For the half year ended September 2025, profit before tax was ₹358.05 lakhs against a loss of ₹233.99 lakhs in H1 FY25, with EPS of ₹2.98. However, cash flow from operating activities remained negative at ₹(388.06) lakhs for H1 FY26, though significantly better than the ₹(939.19) lakhs outflow for full FY25. The statutory auditor issued a qualified conclusion citing deviations from the company's stated FIFO inventory policy (last purchase rate used instead), incorrect costing of work-in-process and sub-assemblies, and poor disclosure of unbilled revenue. The auditor also flagged emphasis-of-matter issues on PPE opening balances and trade receivable ageing. Notably, the predecessor auditor had issued an adverse opinion on FY25 results.
The sharp revenue jump and swing back to profitability are clearly positive for shareholders, but the qualified auditor conclusion, lingering inventory valuation concerns, the previous auditor's adverse opinion, and still-negative operating cash flow mean the quality of these earnings needs careful scrutiny.