Consolidated Financial Results for the year ended March 31, 2025 - Statement on Impact of Audit Qualifications
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Trescon Ltd has revised the classification of its audit report on consolidated financial statements for FY ended March 31, 2025 from 'unmodified' to 'modified opinion' — a correction from the earlier outcome of the May 20, 2025 board meeting. The auditor (M/s Namita & Co.) has issued a Qualified Opinion because the goodwill calculation related to acquisitions of Golden Arc Ventures LLP (May 2024) and Triveni Associates (March 2025) cannot be finalised, as the registered valuer's report on land held as inventory by these entities is still pending. The financial figures remain unchanged before and after the qualification since the impact cannot be quantified. The company reported a total income of Rs 1,278.01 lakhs, total expenditure of Rs 1,566.57 lakhs, resulting in a net loss of Rs 288.56 lakhs (EPS of negative Rs 0.37), with net worth of Rs 13,852.36 lakhs.
Shareholders should note the audit qualification, though the reported numbers are unchanged and the issue stems from pending third-party valuation rather than accounting irregularities. The existing net loss and dependence on acquisition-related goodwill valuation may weigh on investor sentiment and could create uncertainty in the final reported goodwill figures once the valuation is completed.