Supreme Engineering Resubmits Q2 FY23 Financials After NSE Query
Supreme Engineering resubmitted Q2 FY23 financial results due to omissions. Mr. Anand Lohia resigned as Company Secretary, replaced by Mr. Hemant Agarwal. The company reported a net loss of ₹569.41 lakhs for Q2 FY23. Auditors highlighted NPA status on secured loans since August 2021 and pending tax compliance issues.
The resubmission of financial results due to an oversight is a procedural matter. However, the auditor's emphasis on Non-Performing Assets (NPA) status of secured loans and pending tax compliance issues could have a medium-term impact on investor confidence and regulatory scrutiny.
The announcement reports resubmission of financial results due to procedural omissions and changes in key management personnel. While these are routine corporate actions, the auditor's note about NPA and pending compliance issues introduces a negative undertone. However, the core news is about clarification, not new negative financial performance, hence neutral.
Supreme Engineering Limited has resubmitted its financial results for the second quarter and half-year ended September 30, 2022, following a query from the National Stock Exchange (NSE) on December 14, 2022. The initial submission on November 14, 2022, inadvertently omitted the Standalone Cash Flow Statement and the Standalone Statement of Assets and Liabilities.
The company has now provided the missing documents for the NSE's reference and record, regretting the oversight. The board meeting held on November 14, 2022, had approved these unaudited financial results along with a limited review report. The meeting also saw the resignation of Mr. Anand Lohia as Company Secretary and the appointment of Mr. Hemant Agarwal as his replacement. The board also reviewed the company's business operations during this meeting, which commenced at 4:00 p.m. and concluded at 4:30 p.m.
The financial results for the quarter ended September 30, 2022, show total revenue of ₹637.76 lakhs and a net loss after tax of ₹569.41 lakhs. For the half-year ended September 30, 2022, total revenue was ₹1703.06 lakhs, with a net loss after tax of ₹81.82 lakhs. The Statement of Assets and Liabilities as of September 30, 2022, indicates total assets of ₹15,237.75 lakhs and total equity and liabilities of the same amount. The company's auditor, S.R. Dhariwal & Co., noted in their limited review report that the company's secured loans had turned NPA on August 19, 2021, and the company had not provided for accrued interest, charges, or penalties from that date. The auditors also highlighted pending GST and Income Tax audits, overdue statutory tax dues, and an ongoing appeal against an income tax demand notice of ₹908.61 lakhs.
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Supreme Engineering Limited filed this with the NSE as a statutory disclosure, categorised under other results related. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Supreme Engineering Limited. Read the original for the full detail.