Appointment of SK Dwivedi & Associates as the Secretarial Auditor of the Company to conduct Secretarial Audit for the FY 2024-25
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Vision Corporation Limited reported audited results for FY25 showing revenue from operations falling to Rs 1,216.40 lakhs from Rs 1,921.92 lakhs in FY24, a drop of about 37%. The company swung from a small profit of Rs 12.4 lakhs to a net loss of Rs 1,454.83 lakhs, largely driven by exceptional items of Rs 1,831.96 lakhs. These one-offs include the full write-off of an old Rs 11 crore investment in POL India Projects Ltd (now in liquidation), write-off of investments in Bombay SEZ Pvt Ltd and non-recoverable advances, and about Rs 5.53 crore in losses from vendor-related irregularities flagged as fraudulent. Other equity turned sharply negative at Rs (1,169.29) lakhs versus Rs 291.26 lakhs a year ago, and operating cash flow swung negative at Rs (1,644.19) lakhs from a small positive last year. Statutory auditor Bhasin Hota & Co. issued an unmodified (clean) opinion on the financial statements. Separately, the board appointed SK Dwivedi & Associates as secretarial auditor for FY25.
Shareholders should note a significant loss-making year driven mainly by one-time write-offs and a vendor fraud case, along with sharp revenue contraction and negative operating cash flow that has eroded net worth. Despite the clean audit opinion, the scale of exceptional losses and depleted equity raise concerns about the underlying business health and may weigh on the stock.