Submission of Financial Results for the quarter and half year ended 30.09.2024
Awaiting price reaction for this filing.
India Infraspace Limited reported severely declining financials with zero operating revenue for both standalone and consolidated results in Q2 FY25 (Sep 2024). Standalone operations showed a loss of Rs. 24.76 Lacs, while consolidated results reflected a much larger loss of Rs. 106.18 Lacs due to Rs. 77.05 Lacs in finance costs. For the half-year, consolidated loss widened to Rs. 108.75 Lacs compared to a minimal profit of Rs. 0.10 Lacs in the prior year period. The company operates in Infrastructure, IT & Steel segments with virtually no business activity. The statutory auditors issued a clean limited review report with no qualifications, though they noted that the subsidiary Shaurya Casting Private Limited's financials remain unreviewed by their own auditors and have been solely relied upon from management.
The company is essentially dormant with zero revenue operations and mounting losses. Shareholders should be concerned about the viability of operations given negative other equity of Rs. 1,769.32 Lacs on consolidated books and the reliance on other income to sustain minimal operations.