Revised Outcome of Board Meeting held on 30th May 2024 to approve and take on record audited financial results for quarter and year ended on 31st March, 2024 audited by the Company's Statutory ....
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BLS Infotech's board approved audited FY24 results on May 30, 2024, audited by M/s Acharyya Swapan & Co. Total revenue for FY24 stood at Rs. 23.47 lacs, up marginally from Rs. 22.76 lacs in FY23, while profit after tax dipped to Rs. 0.40 lacs from Rs. 0.44 lacs. Q4 FY24 revenue rose to Rs. 10.62 lacs but the company slipped into a loss of Rs. 0.65 lacs for the quarter. The auditor flagged a Key Audit Matter highlighting that Rs. 25 crore is blocked in a Skill Development Project for over three years with no material progress and viability concerns, while management's responses were deemed subjective. Other equity remains deeply negative at Rs. (303.60) lacs and operating cash flow has been negative for two consecutive years.
Shareholders should note the auditor's serious concerns around the long-stuck Skill Development Project worth Rs. 25 crore, which remains the bulk of the company's balance sheet. Combined with negative other equity, weak profitability, and negative operating cash flows, the company offers limited near-term cash generation, while pending tax disputes of roughly Rs. 5 crore add further risk.