Result for the quarter and half year ended 30th September, 2024
Awaiting price reaction for this filing.
CMI Limited, currently under Corporate Insolvency Resolution Process (CIRP) initiated by Canara Bank since August 2023, reported its unaudited results with the Board powers suspended and Resolution Professional Mr. Deepak Maini in control. Revenue from operations for Q2 FY25 stood at Rs. 3,013.22 lakhs, taking H1 FY25 revenue to Rs. 4,574.44 lakhs, a sharp jump of nearly 283% compared to Rs. 1,194.90 lakhs in H1 FY24. However, the company posted a net loss of Rs. 984.92 lakhs for H1 FY25 versus a loss of Rs. 564.74 lakhs in H1 FY24, with loss per share of Rs. 0.61. The balance sheet shows total equity deep in the negative at Rs. (14,171) lakhs, as accumulated losses of Rs. 16,407.74 lakhs have fully eroded the Rs. 1,603.07 lakhs paid-up capital, and current liabilities of Rs. 44,813.54 lakhs dwarf current assets of Rs. 9,918.66 lakhs. The auditor's limited review report flagged a serious going concern issue and issued a disclaimer of opinion, citing unavailability of fixed asset registers, unreconciled balances, unverifiable stock quantities, pending tax/GST litigations, and non-compliance with IND AS disclosures.
The stock remains in deep distress — the company is insolvent, equity is wiped out, and losses are widening despite revenue growth. Shareholders face near-total loss of value as the CIRP resolution process will determine any recovery, and the auditor's disclaimer signals severe governance and data integrity concerns.