Submission of Financial results (Standalone & Consolidated) quarter and nine months ended on 31 december 2024.
Awaiting price reaction for this filing.
RCI Industries and Technologies Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP) since November 2022, filed its delayed financial results for Q3 FY25 and the nine months ended December 31, 2024. Revenue from operations for the quarter stood at ₹46.95 lakhs, while the nine-month revenue declined sharply to ₹82.95 lakhs from ₹205.06 lakhs in the same period last year, a drop of nearly 60%. The company reported a net loss of ₹142.65 lakhs for the quarter and ₹439.16 lakhs for the nine months, with basic EPS of ₹(0.91) and ₹(2.80) respectively. The auditor issued a qualified review report citing serious concerns including fully eroded net worth, unreliable fixed asset records, missing capital work-in-progress, unverified investments, and fraudulent transactions of ₹369.71 crores flagged by forensic audit. A resolution plan submitted by JTL Industries Limited has been approved by the Committee of Creditors and is awaiting NCLT approval, with order reserved after hearings concluded on July 31, 2025.
This is a high-risk, under-insolvency stock with fully eroded net worth and ongoing regulatory investigations by SFIO, ED, and tax authorities. Shareholders face extreme uncertainty — value, if any, depends entirely on the pending NCLT approval of the resolution plan by JTL Industries and the extent of recovery for existing equity holders, which in IBC cases is typically minimal or zero.