Results - Unaudited Standalone financial results for the quarter ended December 31,2020
Awaiting price reaction for this filing.
Ashapura Intimates Fashion Ltd has filed a long-pending set of standalone quarterly and annual results, with the headline covering Q3 FY2018-19 (quarter ended December 31, 2018). Revenue from operations crashed to just Rs 72.52 lakh from Rs 5,101.49 lakh in the previous quarter, as business operations were suspended after the initiation of Corporate Insolvency Resolution Process (CIRP) in November 2018. The company posted an exceptional item (impairment/write-off) of Rs 38,459.12 lakh, dragging net loss for the quarter to Rs 45,275.51 lakh and nine-month loss to Rs 48,235.98 lakh. For full-year FY2018-19, revenue was Rs 14,100.82 lakh with a net loss of Rs 49,118.49 lakh and completely eroded equity of negative Rs 27,157.40 lakh. The auditor N.K. Sarraf & Associates issued a Disclaimer of Opinion and flagged a significant doubt on the company's ability to continue as a going concern. The company went into liquidation in October 2020, and M/s. Grow House Agro Limited was declared the successful bidder via e-auction in December 2024, with a sale certificate issued in March 2025 and a new board now in place.
These results show the financial collapse of the original Ashapura business - shareholders effectively lost their investment as equity turned deeply negative. However, a new promoter (Grow House Agro Limited) has taken over via the IBC liquidation process and a new board is now running the listed entity, so past losses are largely historical. Investors should treat these as back-log compliance filings rather than indicators of future operating performance under the new management.