Un-audited Financial results for third quarter and nine months ended December 31, 2024.
Awaiting price reaction for this filing.
Neogem India Ltd, a gems and jewellery company based in Mumbai's SEEPZ, reported zero revenue from operations for Q3 FY25 and the nine-month period, as the company has not manufactured anything since January 1, 2018. Total expenses of Rs. 8.04 lakh in Q3 and Rs. 25.04 lakh in nine months FY25 resulted in a net loss of Rs. 3.04 lakh for the quarter and Rs. 25.01 lakh for nine months. The auditor issued an Adverse Opinion and a Disclaimer of Opinion, flagging a negative net worth of Rs. 35.65 crore if provisions for unconfirmed debtors are made, and material uncertainty about the company's ability to continue as a going concern. Bank accounts with Punjab National Bank and Bank of India remain classified as non-performing assets since FY16, with SARFAESI recovery action initiated by PNB on outstanding cash credit limits of Rs. 15 crore.
The stock remains a high-risk bet — operations are halted, financials are unauditable in the auditor's view, and the company faces potential asset seizure by lenders. Shareholders should expect continued trading uncertainty and a very real risk of further value erosion or eventual resolution under insolvency-like proceedings.