These results have been prepared and submitted pursuant to the directions of the Exchange, in connection with the waiver application filed with BSE on 26.12.2024, seeking waiver of all ....
Awaiting price reaction for this filing.
S R Industries Limited (maker of SR Footwears) submitted its unaudited Q2 and H1 FY25 results, covering a transitional phase under the Corporate Insolvency Resolution Process (CIRP) initiated in December 2021. Bazel International was approved as the Successful Resolution Applicant in July 2024, but the resolution plan is still being implemented and new management has not yet taken full control. The company reported zero revenue from operations and a net loss of Rs. 46.28 lakhs for H1 FY25, driven mainly by other expenses of Rs. 45.32 lakhs. On the balance sheet side, things improved sharply after the company received Rs. 984.67 lakhs from the SRA — total equity swung from a negative Rs. 3,252.62 lakhs at March 2024 to a positive Rs. 1,246.31 lakhs, and cash rose from Rs. 3.30 lakhs to Rs. 707.42 lakhs. The auditor (Krishan Rakesh & Co.) issued a clean limited review opinion with no qualifications.
For shareholders, the results reflect a non-operational company in transition rather than a going business — there is no revenue yet, but the SRA inflow has cleaned up the balance sheet and revived equity. The stock remains a speculative bet on the new management restarting operations under the approved resolution plan; near-term earnings power is essentially nil until the handover is complete.