Qualified audit with massive Rs 290 cr GST demand; swings to loss
RAJMET · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Rajnandini Metal posted FY25 revenue of about Rs 1,033 crore (down from Rs 1,202 crore) and swung to a net loss of Rs 2.17 crore versus a Rs 15.24 crore profit last year. EPS turned negative at minus Rs 0.08. The auditor issued a qualified opinion citing a GST demand of about Rs 290.70 crore (including interest and penalty) plus an Income Tax demand of Rs 16.98 crore, both from recent searches. Management is contesting and has not made any provision, saying the liability will not arise.
Very negative. The Rs 290 crore GST demand is roughly five times the company's net worth of about Rs 56 crore, creating a serious going-concern overhang despite a small annual loss.