CMI Limited Board Approves Q2 & H1 FY25 Results Amidst CIRP and Significant Losses
CMI Limited's Board approved Q2 & H1 FY25 unaudited financial results showing significant losses. The company remains under CIRP, and auditors issued a disclaimer of opinion due to severe financial distress and lack of verifiable data.
The high impact is due to the company's severe financial distress, evidenced by significant losses and eroded net worth. The ongoing CIRP and the auditors' disclaimer of opinion on the financial statements, citing fundamental uncertainties and lack of information, raise serious concerns about the company's viability and future operations, significantly impacting investor confidence.
The company reported substantial losses for both the quarter and half-year, with accumulated losses completely eroding its net worth. The ongoing Corporate Insolvency Resolution Process (CIRP) and the auditors' disclaimer of opinion due to significant unresolved issues and lack of verifiable data further indicate a highly negative financial outlook.
CMI Limited announced the outcome of its Board Meeting held on October 29, 2025. The Board of Directors, operating under the authorization of the Resolution Professional (due to the ongoing Corporate Insolvency Resolution Process or CIRP), approved the Unaudited Financial Results for the quarter and half year ended September 30, 2024. The company has been under CIRP since August 3, 2023, initiated by Canara Bank.
Key financial highlights for the period are: * For the quarter ended September 30, 2024: * Revenue from Operations: ₹30.13 crore * Total Income: ₹30.53 crore * Net Loss for the period: ₹6.33 crore * Basic Earnings Per Share (EPS): ₹-0.40 * For the half year ended September 30, 2024: * Revenue from Operations: ₹45.74 crore * Total Income: ₹46.33 crore * Net Loss for the period: ₹9.85 crore * Basic Earnings Per Share (EPS): ₹-0.61
The Statutory Auditors issued a Limited Review Report with significant observations, including: * Accumulated losses of ₹164.08 crore as of September 30, 2024, against a paid-up capital of ₹16.03 crore, indicating a complete erosion of net worth and continuous losses over many years. * The financial statements were not prepared in accordance with Indian Accounting Standard (IndAS). * Uncertainty regarding liabilities from litigation with income tax, TDS, and GST departments. * Absence of a fixed assets register, with values taken at book value requiring physical verification. * Lack of confirmations for loan accounts, bank accounts, and investments, making balances subject to reconciliation. * Absence of quantitative details for stock. * Current assets and liabilities balances are subject to confirmation.
Due to the significance of these matters, the auditors issued a disclaimer of opinion on the financial statements.
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