Pursuant to regulation 30 & 33 of SEBI(LODR), 2015, please find enclosed unaudited financial result for the quarter ended 30-06-2024
Awaiting price reaction for this filing.
CMI Ltd, currently under Corporate Insolvency Resolution Process (CIRP) since August 2023 initiated by Canara Bank, has filed its unaudited financial results for Q1 FY25 (June 30, 2024) very late — on October 29, 2025. Revenue from operations stood at Rs. 1,561.22 lakhs, sharply higher than Rs. 404.58 lakhs in the same quarter last year. However, the company reported a net loss of Rs. 351.66 lakhs, slightly wider than the Rs. 286.44 lakhs loss in Q1 FY24. Total expenses of Rs. 1,931.66 lakhs exceeded total income of Rs. 1,580 lakhs. Accumulated losses have ballooned to Rs. 15,489.85 lakhs against a paid-up capital of just Rs. 1,602.74 lakhs, meaning the entire net worth has been wiped out. The Board of Directors' powers remain suspended and Resolution Professional Deepak Maini is in charge.
This is a deeply negative filing for shareholders — the company's net worth is fully eroded, it is under IBC resolution, and the auditor has flagged serious going-concern issues including missing confirmations, no fixed asset register, unverified litigations, and non-compliance with IND AS. Stock price action is likely to remain subdued; outcomes for shareholders will depend on the resolution plan approved by NCLT. Investors should treat the equity as high-risk.