SecUR Credentials Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2024.
Awaiting price reaction for this filing.
SecUR Credentials Limited reported severely declining financial performance for Q1 FY25 (quarter ended June 30, 2024). Revenue from operations dropped to just Rs 4.52 Lakhs compared to Rs 1,000.59 Lakhs in the same quarter last year, representing a massive revenue collapse. The company reported a net loss of Rs 382.61 Lakhs versus a profit of Rs 101.08 Lakhs in Q2 FY23. The statutory auditors raised multiple concerns including: non-functional company website, unverified GST records, possible inventory overstatement in prior periods, unpaid statutory dues, loan of Rs 116.11 Lakhs granted to a Director in violation of Section 185 of Companies Act, and non-compliance with Ind AS 19 for gratuity provisions. Deferred Tax Assets were not recognized due to uncertainty about future taxable profits.
This is a highly concerning filing with severe revenue decline, operational losses, and multiple auditor reservations suggesting material weaknesses in internal controls and compliance. The stock carries significant risk due to going concern indicators and regulatory non-compliance issues.