Results - Audited standalone financial results for the quarter and year ended March 31 2021
Awaiting price reaction for this filing.
Ashapura Intimates Fashion Ltd filed a massive batch of delayed standalone financial results at a board meeting on June 4, 2025, covering 10 quarters from Q3 FY2019 through FY2021. The company had been admitted to Corporate Insolvency Resolution Process (CIRP) in June 2019, went into liquidation in October 2020, and was sold via e-auction in December 2024 to M/s. Grow House Agro Limited, with the sale certificate issued on March 1, 2025 and a new board appointed. Revenue from operations collapsed from ₹14,100.82 lakh in FY2019 to near-zero levels as operations were suspended from Q3 FY2019 onward. The company reported a net loss of ₹49,118.49 lakh for FY2019, with massive exceptional items of ₹38,459.12 lakh. Other equity turned deeply negative at ₹(29,678.54) lakh as of March 2019 versus ₹19,735.61 lakh a year earlier.
This is effectively a disclosure of a corporate rehabilitation event - the old Ashapura Intimates business has been liquidated and a new acquirer (Grow House Agro Limited) now controls the listed entity with a newly constituted board. For shareholders, the old equity has been substantially wiped out (negative net worth, huge accumulated losses), and the listed shell now operates under a completely new promoter. The auditor's disclaimer of opinion and the going concern doubt make the historical financials largely unreliable for valuation purposes.