Submission of Newspaper cutting publication of financial results quarter ended and nine months ending December 31st, 2023
Awaiting price reaction for this filing.
RCI Industries & Technologies Ltd has filed newspaper clippings of its unaudited consolidated financial results for the quarter and nine months ended December 31, 2023, as required under SEBI listing rules. The company reported a net loss of Rs 237.17 lakhs for Q3 FY24 and Rs 702.87 lakhs for the nine-month period, with revenue from operations falling sharply to Rs 205.06 lakhs in Q3 from Rs 566.59 lakhs a year earlier. The company's net worth has been fully eroded, and it has been under the Corporate Insolvency Resolution Process (CIRP) since November 2022 after lenders declared its loan account as non-performing. A resolution plan has been approved by the Committee of Creditors and is currently awaiting approval from the NCLT, with orders reserved after hearings concluded on July 31, 2025. These results are significantly delayed, being published in September 2025 for a period that ended nearly two years earlier.
This is a deeply distressed stock with major uncertainty around the outcome of the insolvency process — shareholders face the binary risk of either revival through a successful resolution plan or possible liquidation. The fully eroded net worth, mounting losses, and years-delayed results make this a high-risk situation where the pending NCLT ruling is the single most important catalyst for the stock.