The Exchange had sought clarification from Radha Madhav Corporation Limited for the quarter ended 30-Sep-2023 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: -1. Statement of Cash Flow not submitted -2. Segment details not submitted The response of the Company is enclosed.
Awaiting price reaction for this filing.
Radha Madhav Corporation (RMCL) submitted its unaudited financial results for Q2 FY24 and H1 FY24 (quarter ended September 30, 2023) on February 12, 2024 — a substantial delay that forced NSE to seek clarification on the missing cash flow statement and segment details. Revenue from operations collapsed to just ₹0.05 million (down from ₹0.34 million in Q2 FY23), and the company posted a loss of ₹1.85 million for the quarter and ₹5.14 million for H1 FY24. The balance sheet shows negative total equity of ₹(16.63) million, meaning liabilities exceed assets, while other current financial liabilities stand at ₹288.54 million. The company emerged from Corporate Insolvency Resolution Process (CIRP) in August 2022 after NCLT Ahmedabad approved a resolution plan by Vama Construction, under which assets and liabilities were drastically readjusted and new promoters/directors took charge. The auditor's limited review report explicitly draws attention to the preparation of results on a going concern basis. Net cash from operating activities was negative at ₹(0.18) million.
This is a deeply distressed, near-shell company — negative net worth, virtually zero operating revenue, continuing losses, and an explicit going concern flag from the auditor. The sharp YoY drop in 'other expenses' (from ₹202.75M to ₹0.71M) reflects CIRP-driven balance sheet restructuring rather than operational turnaround, meaning shareholders face very high risk and significant uncertainty about the company's long-term viability.