Audited Financial Results for Quarter and Financial Year ended March 31, 2025 along with copy of the Audit Report and Statement on Impact of Audit Qualifications.
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Quadrant Televentures (Connect Broadband) reported audited FY25 results with a steep net loss of Rs. 27,629.68 lakhs, more than double the prior year's restated loss of Rs. 13,160.38 lakhs. Revenue fell from Rs. 26,945.65 lakhs to Rs. 23,624.20 lakhs, and accumulated losses ballooned to Rs. 2,91,483.95 lakhs, wiping out the company's entire net worth (negative Rs. 2,84,675.68 lakhs). The auditor (SGN & Co.) issued a Qualified Opinion, citing unconfirmed balances from the legacy GSM business, failure to provide Rs. 546.12 lakhs of interest on unsecured loans, and serious going-concern doubts. The auditor highlighted an IBC application filed by IDBI Trusteeship (Rs. 364.86 crore default), SARFAESI possession of two key properties in January 2025, and a failed e-auction in May 2025. The board also re-appointed the cost auditor and the secretarial auditor for FY26 onwards.
This is a deeply negative filing for shareholders — the company is effectively insolvent with fully eroded net worth, an active IBC proceeding, and its core properties already under symbolic possession of lenders. The qualified audit opinion on going concern, combined with a widening loss and rising debt (Rs. 2,08,866 lakhs in borrowings), signals severe financial distress and a high risk of value erosion for equity holders.