Modi Rubber Clarifies Non-Reviewed JV/Associate Results for Q2 FY25
Modi Rubber Limited clarified that unaudited results from one joint venture and one associate were included in its Q2 FY25 consolidated financial results. The auditor deemed these results immaterial to the Group, with profit after tax of ₹105.39 Lacs and ₹209.47 Lacs respectively.
The announcement is a routine clarification and does not involve significant new financial information, strategic changes, or events that would materially impact the company's stock price or operations.
The announcement is a clarification regarding financial reporting and does not contain positive or negative financial performance indicators. It addresses a query from the stock exchange.
Modi Rubber Limited has provided a clarification to the National Stock Exchange of India Limited regarding the inclusion of non-reviewed financial results of one joint venture and one associate in its consolidated financial results for the quarter and half-year ended September 30, 2024.
The company's auditor, P N A M & CO. LLP, stated that the unaudited interim financial results of the joint venture and associate reflect the Group's share of profit after tax of ₹105.39 Lacs and ₹209.47 Lacs, respectively, for the respective periods. These results were certified by the management and have not been reviewed by their auditors.
The auditor further noted that, according to the information and explanations provided by the management, these interim financial results are not material to the Group. The company has relied on these management-certified financial results for consolidation purposes in accordance with applicable accounting standards, as the materiality threshold was not met.
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Modi Rubber Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it low impact, the band that almost never moves a portfolio on its own.
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