Please find enclosed herwith the Financial Results along with Revised Statement of Impact of Audit Qualification for the Financial year 2023-24 for your reference and records.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
United Leasing & Industries Ltd has submitted revised audited standalone financial results for FY24 along with a Statement on Impact of Audit Qualification, following a BSE email dated May 7, 2025. The auditor (Ravi Rajan & Co. LLP) has issued a qualified opinion because the company entered an agreement to sell land worth Rs 2.80 crores, but subtracted this consideration from the gross block of land instead of recognizing it as a liability (advance against sale of land), since the sale deed is yet to be executed. This means both gross block of land and liabilities are understated. For FY24, total revenue from operations fell to Rs 719.58 lakhs from Rs 1,044.46 lakhs in FY23 (a decline of about 31%), and net profit dropped sharply to Rs 8.39 lakhs from Rs 43.00 lakhs (roughly 80% lower). Q4 FY24 actually slipped into a loss of Rs 14.07 lakhs versus a profit of Rs 5.32 lakhs in Q4 FY23.
The qualified opinion is a red flag on accounting quality — the land sale treatment understates liabilities and assets. Sharply lower revenue and profit, plus a Q4 loss, signal weak operating performance. Shareholders should view this as a negative development, though the qualification itself is small in absolute size relative to the balance sheet.