Submitting of Audited Financial Results Quarter and Year Ending 31st March, 2024
Awaiting price reaction for this filing.
RCI Industries & Technologies Ltd submitted its audited standalone and consolidated results for Q4 and FY24 with a Qualified Opinion from statutory auditor R. Bansal & Co. The company has been under Corporate Insolvency Resolution Process (CIRP) since November 2022, with a Resolution Plan approved by the Committee of Creditors but pending NCLT approval (filed by M/s JTL Industries). FY24 revenue from operations fell sharply to Rs. 229.50 lakhs from Rs. 2,301.89 lakhs in FY23 (~90% decline), while the company reported a net loss of Rs. 922.01 lakhs (vs Rs. 1,719.34 lakhs loss in FY23) and an EPS of Rs. (5.88). Net worth is fully eroded, borrowings were declared NPA in FY20, and the auditor flagged multiple issues including non-cooperation from suspended management, improper fixed asset records, missing CWIP, unverified investments, and forensic audit findings of fraudulent/preferential transactions worth Rs. 369.71 crores. Regulatory actions are pending from SFIO, ED, DGGST, and the Income Tax Department, including allegations of fake ITC of ~Rs. 214 crores.
Shareholders face extreme uncertainty — the stock's fate is tied to NCLT approval of the resolution plan; existing equity could be heavily diluted or written down. The company is technically insolvent with eroded net worth, and ongoing fraud investigations add material risk for any revival scenario.