The Exchange had sought clarification from Radha Madhav Corporation Limited for the quarter ended 31-Dec-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: The response of the Company is enclosed.
Awaiting price reaction for this filing.
Radha Madhav Corporation Limited reported Q3 FY2024 results with revenue from operations of Rs 0.17 million, down from Rs 0.74 million in Q3 FY2023, indicating a significant revenue decline. The company posted a net loss of Rs 5.49 million for the quarter, compared to a loss of Rs 2.21 million in the same period last year. For the nine months ended December 2023, the company reported a loss of Rs 7.34 million, an improvement from the Rs 241.16 million loss in the previous year. The auditor's limited review report includes an emphasis of matter regarding the going concern basis of preparation. The company is undergoing Corporate Insolvency Resolution Process, with a resolution plan approved by NCLT in August 2022.
The company continues to operate at a loss with minimal revenue, raising substantial doubts about its ability to continue as a going concern. Shareholders should be cautious as the financial performance remains weak despite change in management.