Approved and taken on record Un-audited financial results for the quarter ended on 30th September,2024
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Raama Paper Mills filed its un-audited results for Q2 FY25 (ended 30 September 2024), reporting sales of just Rs. 182.50 lakhs — a sharp drop of nearly 90% from Rs. 1,788.14 lakhs in the same quarter last year. The company posted a net loss of Rs. 365.98 lakhs for the quarter and Rs. 767.37 lakhs for the half year. As of 30 September 2024, the company has negative net worth of Rs. 2,624 lakhs and its current liabilities exceed total assets by Rs. 1,998.44 lakhs. The company is currently under the Corporate Insolvency Resolution Process (CIRP), with NCLT having appointed an Insolvency Resolution Professional on 7 June 2024, and the Board of Directors suspended. The auditor issued a qualified conclusion, flagging that the company did not provide for Rs. 172.60 lakhs in interest on secured inter-corporate deposits and that inventory verification variances remain unreconciled.
This is a high-risk situation for shareholders. The company is insolvent and under IBC proceedings, with a going-concern qualification from auditors — meaning its survival depends entirely on a successful resolution plan. Existing equity holders face significant dilution or wipeout risk, and the stock remains speculative until a resolution plan is approved.