Results-Financial Results for March 31, 2025
Awaiting price reaction for this filing.
Hindusthan National Glass & Industries Ltd, which is under Corporate Insolvency Resolution Process (CIRP) since October 2021, reported audited FY25 revenue from operations of Rs. 1,81,749 lakhs, down sharply from Rs. 2,55,235 lakhs in FY24. Full-year profit after tax was Rs. 2,595 lakhs vs Rs. 16,337 lakhs last year, while Q4 FY25 alone posted a loss of Rs. 2,593 lakhs. Exceptional items of Rs. 10,158 lakhs (fire damage at Sinnar plant) weighed on results. The auditors issued a qualified opinion, flagging that the company is not a going concern given eroded net worth of negative Rs. 80,494 lakhs, debt of Rs. 2,26,369 lakhs, current liabilities exceeding current assets, and 8 of 13 furnaces being non-operational. The resolution plan submitted by INSCO is currently pending NCLT approval after the Supreme Court set aside the earlier AGI Greenpac plan in January 2025.
Shareholders face significant uncertainty as the company remains under CIRP with no approved resolution plan, negative net worth, and ongoing operational shutdowns. Stock price sentiment is likely to remain weak until NCLT approves a resolution plan and there is clarity on the revival path.