Submission of Newspaper cutting of Publication of Un-audited Financial Results for quarter 1 ended June 30, 2023.
Awaiting price reaction for this filing.
RCI Industries & Technologies Ltd submitted newspaper cuttings of its consolidated unaudited financial results for the quarter ended June 30, 2023 — a delayed filing made more than two years after the period. The company reported revenue from operations of Rs 86.37 lakhs, sharply lower than Rs 568.69 lakhs in the year-ago quarter. It posted a net loss of Rs 241.20 lakhs in Q1 FY24 versus a loss of Rs 413.70 lakhs in Q1 FY23. For the full year ended March 31, 2023 (audited), revenue stood at Rs 2,301.89 lakhs with a net loss of Rs 1,719.34 lakhs. The filing is signed by the Resolution Professional, Brijesh Singh Bhadauriya, confirming the company remains under the Corporate Insolvency Resolution Process (CIRP) initiated by Standard Chartered Bank (Singapore) Ltd in November 2022. The RP notes the company's net worth has been fully eroded and that the suspended management has not provided complete financial data of subsidiaries/associates.
This is essentially a back-dated compliance disclosure that underlines the company's severe financial distress and ongoing insolvency. For shareholders, this means continued uncertainty — there is no operational revival visible, the equity is deeply impaired (EPS of Rs -1.54), and any recovery now depends entirely on the CIRP resolution process and the acceptance of a resolution plan by creditors.