Results unaudited standalone financial results for the quarter ended December 31 2018
Awaiting price reaction for this filing.
Ashapura Intimates Fashion Ltd reported standalone results for Q3FY19 (quarter ended Dec 31, 2018) showing revenue from operations of just ₹72.52 lakhs, a massive collapse from ₹7,833.18 lakhs in the same quarter last year, as the company's operational activities were suspended following the initiation of the Corporate Insolvency Resolution Process (CIRP) on November 29, 2018. The company reported a loss before exceptional items of ₹6,816.39 lakhs, with an additional exceptional write-off of ₹38,459.12 lakhs (impairment of investments, receivables and inventory), resulting in a net loss of ₹45,275.51 lakhs versus a profit of ₹3,777.64 lakhs a year earlier. The auditor (N.K. Sarraf & Associates) issued a Disclaimer of Opinion citing inability to verify opening balances, suspected fraudulent transactions, non-deposit of statutory dues, unreconciled receivables/payables, and contraventions of multiple sections of the Companies Act. An Emphasis of Matter paragraph flagged a significant doubt on the company's ability to continue as a going concern. Note that the company was later admitted into liquidation in October 2020 and was sold via e-auction to M/s. Grow House Agro Limited in December 2024, with a new board appointed in March 2025.
This filing is deeply negative for shareholders — the company is essentially defunct, with eroded net worth, massive losses, and the original business having ceased operations since late 2018. Shareholders should note the listing now represents the shell of the old Ashapura Intimates under a new promoter (Grow House Agro), and historical equity value has been wiped out in the liquidation process.