Results of the company for the quarter ended June 2024
Awaiting price reaction for this filing.
Riga Sugar Company, currently under liquidation since April 2023 per the Insolvency and Bankruptcy Code, reported zero revenue from operations for Q1 FY25, with only ₹7.91 lakhs in other income. The company posted a net loss of ₹542.07 lakhs, with total expenses of ₹549.98 lakhs dominated by finance costs (₹395.12 lakhs) and depreciation (₹105.34 lakhs). Manufacturing has been suspended since FY 2020-21 and all bank loans have been classified as NPA since September 2018. The auditor (D.K. Chhajer & Co.) issued an Adverse Conclusion due to unresolved claims, unreconciled balances, lack of impairment review on plant and machinery, and inability to verify realizability of assets. The company was auctioned as a going concern and sold to a successful bidder, with the sale certificate issued in December 2024.
This is a distressed stock in liquidation — the financial results carry an adverse auditor opinion and rely on a going-concern assumption tied to the recent sale. Shareholders face highly uncertain recovery; the outcome depends on the liquidation process and the new owner's plans. Retail investors should treat this as a high-risk, possibly delisted situation rather than a normal trading opportunity.