In continuation of our letter dated May 22, 2025, this is to inform you that the Board of Directors of the Company at its meeting held today i.e. May 28, 2025, commenced at 2.30 p.m. and ....
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Shristi Infrastructure Development Corporation's board approved audited FY25 results with the auditor (R Kothari & Co LLP) issuing a qualified opinion on both standalone and consolidated financials. The company reported a standalone net loss of Rs. 1,001.33 lakhs for FY25 (narrower than Rs. 1,839.53 lakhs loss in FY24) and a consolidated net loss of Rs. 1,521.97 lakhs (vs Rs. 4,017.51 lakhs in FY24). Standalone revenue from operations fell to Rs. 8,712.46 lakhs from Rs. 10,125.80 lakhs in FY24. The auditor flagged a Rs. 4,738.82 lakh write-back of unpaid interest to SREI and non-provision of Rs. 2,572.24 lakhs of interest expense for FY25, which if corrected would widen the standalone net loss to Rs. 3,573.56 lakhs. Net worth is fully eroded (negative Rs. 5,695.16 lakhs standalone, negative Rs. 13,014.11 lakhs consolidated), triggering a going concern material uncertainty. Major concerns include subsidiary Sarga Udaipur under insolvency, an arbitration award of Rs. 76,100 lakhs against the company, and corporate guarantees of nearly Rs. 97,878 lakhs.
This is a deeply negative filing for shareholders — the auditor has qualified the results and explicitly flagged going concern doubts due to fully eroded net worth and three straight years of losses. Correct recognition of withheld interest expense would significantly deepen reported losses, and large contingent liabilities (corporate guarantees and arbitration award) pose serious solvency risks. Investors should view this stock as high-risk with potential for further downside.