RMCL Q2 FY23: 236 million loss post CIRP resolution, going concern flag

RMCL posted a loss of 236.17 million in Q2 FY23 versus a profit of 1.18 million a year ago. Revenue fell to 0.34 million. Total expenses surged to 236.66 million, driven by a 202.75 million spike in other expenses. The company emerged from CIRP after NCLT approved the resolution plan of new promoter Vama Construction on 01.08.2022. Total equity is negative at 75.24 million. The auditor flagged a going concern note. Operating cash flow was negative 478.29 million.