REVISED DECLARATION OF STANDALONE FINANCIAL RESULTS FOR QUARTER AND YEAR ENDED 31ST MARCH 2025
Awaiting price reaction for this filing.
The company reported essentially zero revenue from operations for FY25, with total income of just ₹5.24 thousand. Net loss widened sharply to ₹672.89 lakhs versus ₹95 lakhs in FY24, driven mainly by a ₹577 lakh extraordinary item that pushed losses deeper. Total expenses were ₹95.64 lakhs, with borrowings jumping from ₹1.2 crore to ₹5.53 crore, leaving the company with a negative net worth of ₹24.63 lakhs. The company remains under the Corporate Insolvency Resolution Process (CIRP) at NCLT Mumbai, with the resolution plan from strategic investor Lords Mark Industries Ltd approved by the Committee of Creditors in April 2024 and pending NCLT approval. A ₹6.08 crore SEBI demand from 2018 has been settled with a no-dues certificate received in December 2024. The auditor issued an unmodified opinion on the financial statements.
For shareholders, the negative net worth and zero revenue base indicate the equity is effectively at risk of restructuring or dilution under the pending resolution plan. The NCLT's approval of the Lords Mark resolution plan is the critical near-term catalyst — it could either revive the business through fresh investment or result in significant erosion of existing shareholder value.