Corrigendum to letter dated August 13, 2025 regarding Q1 un-audited financial results
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Awaiting price reaction for this filing.
Veritas (India) has issued a corrigendum correcting minor errors in its Q1 FY26 results filed on August 13, 2025. The errors were caused by Excel formula auto-total decimal differences and typos in headings (e.g., 'Audited' instead of 'Un-audited', and 'Quarter and Nine months' instead of 'Quarter'). On a consolidated basis, Q1 FY26 revenue stood at Rs. 58,666.42 lakhs, down about 22% from Rs. 75,552.08 lakhs in Q1 FY25, while profit after tax fell nearly 50% to Rs. 2,414.82 lakhs from Rs. 4,807.12 lakhs a year ago. Standalone results showed a small loss of Rs. 53.65 lakhs versus a profit of Rs. 105.47 lakhs in the year-ago quarter. The statutory auditor (Shabbir & Rita Associates LLP) issued an unmodified limited review report with an emphasis-of-matter paragraph regarding the company's integrated manufacturing complex at Dighi Port through its subsidiary Veritas Polychem Private Limited, which has been granted Ultra Mega Project status by Maharashtra but is currently being funded internally.
The corrections are cosmetic and do not change the underlying business story, so no material impact on stock price is expected. However, shareholders should note the sharp YoY decline in both consolidated revenue (~22%) and PAT (~50%), and that the Dighi Port manufacturing project will need additional external financing going forward, which could affect future capital structure.