Approved and taken on records Un-audited financial results for the period ended on 31st December,2024
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The Board (functioning through the Insolvency Resolution Professional) approved un-audited results for Q3 FY25 (Oct–Dec 2024) and the nine months ended December 31, 2024. Revenue from operations collapsed to Rs. 59.48 lakhs from Rs. 603.33 lakhs in the same quarter last year, a roughly 90% year-on-year drop. The company posted a net loss of Rs. 138.89 lakhs for the quarter and Rs. 906.26 lakhs for the nine-month period, with EPS of Rs. (1.44) and Rs. (9.38) respectively. The company is under Corporate Insolvency Resolution Process (CIRP) since the NCLT order dated June 7, 2024, with the Board of Directors suspended and an IRP managing operations. The auditor issued a qualified conclusion, flagging material uncertainty on going concern, Rs. 310.20 lakhs of unprovided interest on secured inter-corporate deposits, unreconciled inventory variances, accumulated losses of Rs. 4,729.36 lakhs, and negative net worth of Rs. 2,762.89 lakhs.
Existing shareholders face very high risk: the company is in insolvency, operations have nearly halted, and recovery depends entirely on the resolution plan to be approved by the Committee of Creditors. Equity value is likely to be substantially diluted or written off, and the stock remains a speculative distressed asset.