GVP Infotech replaces FY26 Audit Report; details on trade receivables and litigation.
GVP Infotech Limited submitted a revised Auditor's Report for FY26. The audit highlighted ₹40 crore in long-outstanding trade receivables and ₹40 crore from RUDSICO under arbitration. A settlement with Minosha India Limited involved ₹20 crore recoverable and ₹90.02 crore written off. The company also allotted 2.11 crore shares via rights issue.
The revised audit report and the details concerning trade receivables, litigation, and a settlement agreement are material information for investors. These factors could influence financial assessments and investor confidence.
The announcement is a routine submission of a revised audit report and details from the auditor's report. While it highlights potential financial risks related to receivables and ongoing litigation, these are presented as factual findings from the audit process rather than new negative developments.
GVP Infotech Limited has submitted a revised Auditor's Report for the financial year ended March 31, 2026. This replacement was made upon the request of the statutory auditor and pertains to the financial results that were approved by the Board of Directors on May 25, 2026.
The company's financial statements, audited by Purushottam Khandelwal & Co., present a true and fair view in conformity with Indian Accounting Standards. The audit report highlights key audit matters, including the significant quantum of long-outstanding trade receivables and other assets amounting to ₹40,00,00,000. The auditor's procedures involved evaluating management's assessment of recoverability, challenging assumptions, and testing the Expected Credit Loss (ECL) computation.
Significant matters emphasized in the report include a settlement agreement with Minosha India Limited for arbitration proceedings, resulting in ₹20,00,00,000 being recognized as recoverable and ₹90,02,25,224 being written off. Additionally, an outstanding receivable of ₹40 crore from RUDSICO under the 'Smart Rajasthan' contract is subject to ongoing arbitration proceedings, with the company maintaining that the amount is fully recoverable. The report also details the company's appeal against an NCLT order regarding a recovery of ₹7.90 Crores from Linkwell Telesystems Private Limited, which is pending adjudication before the NCLAT.
The audit also confirmed that the company has maintained proper records for Property, Plant and Equipment, and Intangible Assets. Inventory verification procedures were found to be reasonable, with no material discrepancies. The company has also been regular in depositing undisputed statutory dues. During the financial year 2025-26, GVP Infotech allotted 2,11,72,007 equity shares on a rights basis at ₹10 per share, receiving 50% of the issue price.
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