On December 16, 2024, Global Infratech & Finance Ltd submitted its revised unaudited financial results for the first quarter of the financial year 2023-24 (Q1 FY23) to the BSE Limited under scrip code 531463. This submission includes the Limited Review Report from the statutory auditors and addresses the financial performance for the period ending June 30, 2024.

Key Points from the Revised Financial Results

In the revised results, Global Infratech clarified that there was no income or expenses for the quarter, except for the expenses incurred by the Resolution Professional (RP) as part of the ongoing National Company Law Tribunal (NCLT) process. The company’s financial results remain largely unchanged, with only an explanatory note regarding the absence of income and limited operational activity during the quarter.

Financial Summary

• Total Revenue: No revenue or other income was recorded for Q1 FY23.
• Expenses: The only recorded expense was ₹0.964 lakh, attributed to costs incurred by the Resolution Professional due to the NCLT process.
• Profit or Loss: The company reported a loss of ₹0.964 lakh for the quarter.
• Equity: The company’s paid-up equity capital remains unchanged at ₹2,624.08 lakh.
• Earnings per Share (EPS): The EPS for Q1 FY23 was -0.004, reflecting the loss for the period.

The company highlighted that there was no material financial activity during the quarter due to the ongoing NCLT proceedings. The absence of significant transactions reflects the limited scope of operations while the resolution process is underway.

Limited Review Report

The statutory auditors, Bihari Shah & Co., conducted a limited review of the unaudited financial results, as per the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The auditors confirmed that there were no material misstatements in the financial results and that the company has complied with applicable accounting standards.

Impact of NCLT Process

As the company is under NCLT resolution, there are no substantial operational activities except for the expenses incurred by the Resolution Professional (RP) during the process. This situation has led to no recorded income or operational expenses, apart from the minimal costs associated with the ongoing NCLT proceedings.

Next Steps for Global Infratech

Moving forward, Global Infratech will continue to operate under the NCLT process and provide updates to stakeholders as required by regulatory bodies. The company’s future financial results will reflect the progress of the resolution process, and further steps will be taken in compliance with SEBI regulations.

Conclusion

The revised unaudited financial results of Global Infratech & Finance Ltd for Q1 FY23 reflect the minimal activity during the NCLT process. The company has ensured that all disclosures are in line with SEBI and BSE requirements. While the results show a modest loss for the quarter, they provide a clear understanding of the company's operational status during this transitional phase.

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