Enclosed Unaudited financial results for the first quarter ended 30th June 2024 along with Statutory Auditors Limited review report thereon
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RNIT AI Solutions Ltd (formerly Autopal Industries Ltd) reported its Q1 FY25 results with revenue from operations of Rs. 458.79 lakhs, a complete turnaround from zero revenue in the year-ago quarter and FY24. The company posted a net profit of Rs. 75.28 lakhs compared to a loss of Rs. 3.69 lakhs in Q1 FY24 and a loss of Rs. 31.64 lakhs for FY24. EPS stood at Rs. 0.10. Results were approved at the board meeting on 29 May 2025, with an unusually long ~11-month delay caused by the company's Corporate Insolvency Resolution Process (CIRP). The NCLT Jaipur Bench approved a Resolution Plan on 23 September 2024 submitted by Raja Srinivas Nandigam, involving a Rs. 300 lakh infusion, cancellation/extinguishment of promoter shares, 75% haircut for public shareholders (1 new share for every 4 held), and amalgamation with RNIT Solutions & Services Ltd. The company was renamed and shifted its core business to software development and AI services. Auditor BRAND & Associates LLP issued an unqualified limited review report.
This marks a fresh-start moment for the stock — old equity has been restructured, the business model has changed entirely, and the company now operates in AI/software services. While the turnaround in revenue and profit is encouraging on paper, shareholders have already suffered a 75% reduction in their holdings, so historical price comparisons are no longer meaningful. Investors should treat this as a new entity and focus on the sustainability of the AI services revenue.