Visa Steel Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
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VISA Steel Limited submitted its unaudited standalone and consolidated financial results for the quarter ended June 30, 2025. Revenue from operations rose about 27% year-on-year to Rs. 1,709.78 million (vs Rs. 1,347.32 million in Q1 FY25), and the company reported a profit after tax of Rs. 43.22 million versus a loss of Rs. 69.14 million in the same quarter last year. However, the statutory auditor issued a qualified review report because the company has not booked interest expense on its borrowings since April 2016, with accumulated unprovided interest of Rs. 13,645.52 million; if recognized, the quarter would have shown a loss of Rs. 356.07 million instead of profit. The auditor also flagged material uncertainty on going concern, noting that net worth is fully eroded, current liabilities exceed current assets, and 95% of the debt has been assigned to ACRE for restructuring. Additionally, the Odisha State Pollution Control Board refused to renew the company's Consent to Operate in July 2025, which could halt plant operations.
The reported quarterly profit is misleading because it ignores over Rs. 13,600 million of accumulated unpaid interest; on a true basis, the company remains deeply loss-making. With fully eroded net worth, unresolved debt restructuring, an ongoing NCLT/IBC process, and the risk of a plant shutdown from the SPCB notice, shareholders face significant uncertainty about the company's survival as a going concern.