Revised Unaudited Financial Results for the Half year ended 30th Sep 2024.
Awaiting price reaction for this filing.
Dharani Sugars has filed revised unaudited results for Q2 and H1 FY25 after BSE flagged discrepancies between segment-level and overall profit-before-tax figures. The company reported a net loss of about Rs 2,595 lakhs in Q2 FY25, sharply wider than Rs 684 lakhs loss in Q2 FY24. For the half-year, the net loss was Rs 3,938 lakhs versus Rs 1,425 lakhs in the year-ago period, with EPS at negative Rs 11.86. Finance costs remained heavy at Rs 1,350 lakhs in H1. The auditor issued a qualified review opinion, flagging that the company's networth is negative and that the carrying value of investments may overstate fair value, while management continues to prepare the results on a going-concern basis citing an ongoing revival plan.
Shareholders should view this as a serious red flag — losses are widening, balance sheet is under stress with negative networth, and the auditor has raised going-concern and valuation qualifications, which could weigh negatively on the stock and increase refinancing/default risk.