Submission newpaper cutting of Publication of Un-audited financial results quater and Six months ended September 30 2023.
Awaiting price reaction for this filing.
RCI Industries & Technologies Ltd has submitted newspaper clippings of its unaudited financial results for Q2 FY24 and H1 FY24 (period ended September 30, 2023), as required under SEBI listing rules. Revenue from operations collapsed to just Rs. 69.83 lakhs in Q2 FY24, down sharply from Rs. 1,042.79 lakhs a year earlier, and H1 FY24 total income stood at Rs. 179.15 lakhs versus Rs. 1,621.63 lakhs in H1 FY23. The company reported a net loss of Rs. 224.49 lakhs in Q2 FY24 and Rs. 465.69 lakhs for the half-year, with EPS of Rs. (2.97). The company's loan accounts have been classified as non-performing, net worth is fully eroded, and it has been under the Corporate Insolvency Resolution Process (CIRP) since November 25, 2022 after Standard Chartered Bank (Singapore) filed an insolvency petition. A resolution plan has been approved by the Committee of Creditors and is awaiting NCLT approval, with orders reserved after hearings concluded on July 31, 2025.
Continued severe financial weakness is confirmed, but the key event for shareholders is the pending NCLT ruling on the approved resolution plan — approval could revive the company, while rejection risks liquidation. The nearly two-year delay in publishing these results and the noted non-cooperation of the suspended management point to significant governance dysfunction.