January 30, 2025 | Mumbai
Carnation Industries Limited announced its unaudited financial results for the third quarter (Q3) and nine-month period ended December 31, 2024, following a board meeting held on January 30, 2025.
Key Financial Highlights (₹ in Lakhs)
| Particulars | Q3 FY2024 (Dec 31, 2024) | Q2 FY2024 (Sep 30, 2024) | Q3 FY2023 (Dec 31, 2023) | 9M FY2024 (Apr-Dec 2024) | 9M FY2023 (Apr-Dec 2023) | FY2023 (Mar 31, 2024) |
|---|---|---|---|---|---|---|
| Revenue from Operations | 233.84 | - | - | 233.84 | - | - |
| Total Income | 233.84 | - | - | 233.84 | - | - |
| Total Expenses | 256.18 | 5.75 | 31.74 | 278.14 | 47.15 | - |
| EBITDA | (22.34) | (5.75) | (31.74) | (44.30) | (47.15) | - |
| Profit/(Loss) Before Tax (PBT) | (27.14) | (5.65) | (3.22) | 191.91 | (34.34) | (49.30) |
| Earnings Per Share (₹) | (0.78) | (0.16) | (0.09) | 5.55 | (0.99) | (1.43) |
Corporate Developments
- The company successfully exited Corporate Insolvency Resolution Process (CIRP) following an order issued in June 2024.
- 31,10,864 equity shares were allotted to the Successful Resolution Applicant at ₹10 per share, amounting to ₹3.11 crore.
- The board remains confident in long-term sustainability, supported by an approved business plan and financial restructuring.
- The Kolkata office premises have been marked as "Asset Held for Sale," valued at ₹86.93 lakh, with other assets contributing to a total asset sale value of ₹88.44 lakh.
- ₹1.42 lakh in unclaimed dividends will be transferred to the Investor Education and Protection Fund (IEPF).
Management Commentary
Bhawana Gupta, Director of the company, stated:"We have made significant progress in stabilizing operations post-CIRP and are committed to executing our business strategy effectively. Our goal is to enhance financial performance and drive long-term shareholder value."
Strategic Outlook
- The company is focused on restructuring and optimizing costs.
- Pending financial reconciliations due to CIRP-related document access delays.
- Plans for liquidating non-core assets to strengthen financial reserves.