Submission of Audited Standalone and Consolidated Financial Results for the quarter and year ended 31.03.2025
Awaiting price reaction for this filing.
The Board approved audited standalone and consolidated results for FY25, both carrying a Qualified Opinion from the auditor. The company reported a standalone net loss of about Rs 1,220 crore for the year against prior year profit of Rs 589 crore, with revenue from operations remaining negligible. Multiple audit qualifications flag uninsured fixed assets of Rs 1,562 crore, unrecovered debtors of Rs 815 crore (including Rs 179 crore related-party dues), and missing balance confirmations. A massive contingent liability of Rs 924.75 crore plus interest from a Supreme Court order on excess iron-ore production (2000-2011) remains unprovided, with only Rs 415.79 crore deposited so far. The auditor explicitly stated that considering these liabilities, the company 'may not be a going concern.' Additional board actions included appointment of Mr. Harsh Kumar as Independent Director, Mr. Umesh Chandra Dash as new CFO, and resignation of Company Secretary Ms. Priyanka Chugh.
Severely negative — the qualified opinion, going-concern doubt, and Rs 924+ crore contingent liability make this a high-risk stock. Shareholders face potential dilution or insolvency risk if the Supreme Court compensation order is upheld; existing equity value is precarious given near-zero operating revenue and unresolved statutory dues of Rs 71.83 crore.