Q1 FY27 results: auditor issues qualified opinion on investments
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Shree Rajiv Lochan Oil Extraction reported Q1 FY27 results with zero revenue from operations. Total income (only other income) stood at Rs 7.47 lakh versus Rs 8.98 lakh year on year. Profit after tax was Rs 1.42 lakh versus Rs 3.61 lakh year on year, with EPS at Rs 0.03 versus Rs 0.09. The statutory auditor issued a qualified conclusion, flagging that management did not carry out fair valuation of unquoted equity investments worth Rs 1.33 crore as required under Ind AS 109.
Auditor qualification on investment valuation combined with zero operational revenue raises red flags about business activity and reporting quality.