Chennai, India – January 28, 2025: Consolidated Construction Consortium Limited (NSE: CCCL, BSE: 532902) has announced its unaudited financial results for Q3 FY2024-25, reporting ₹9,108.24 lakh in revenue and a net loss of ₹(1,178.92) lakh. The company also disclosed material uncertainties regarding its ability to continue as a going concern, citing negative working capital and pending statutory dues.
Key Financial Highlights – Q3 FY2024-25 (Consolidated)
- Revenue from Operations: ₹5,217.00 lakh (YoY increase from ₹4,362.92 lakh)
- Total Income: ₹9,108.24 lakh (YoY increase from ₹4,625.40 lakh)
- Profit Before Tax (PBT): ₹553.37 lakh (YoY improvement from a loss of ₹(61,775.11) lakh)
- Net Profit (PAT): ₹(1,178.92) lakh (compared to a loss of ₹(61,781.92) lakh in Q3 FY24)
- Earnings Per Share (EPS): ₹(0.28) per share.
Nine-Month Performance (April – December 2024) (Consolidated)
- Total Revenue: ₹18,532.11 lakh (YoY increase from ₹10,653.17 lakh)
- Profit Before Tax (PBT): ₹4,903.94 lakh
- Net Profit (PAT): ₹3,171.65 lakh
- EPS: ₹0.79 per share.
Key Business Highlights & Concerns
- Debt Settlement & ICICI Bank Approval Pending:
- The company is awaiting a No Due Certificate from ICICI Bank under the one-time settlement plan (IBC 12A scheme).
- Delayed confirmation affects financial reconciliation.
- Material Uncertainty Related to Going Concern:
- Negative working capital continues, with unpaid creditors and statutory dues.
- Two subsidiaries have turned Non-Performing Assets (NPAs) due to defaulting on loan payments.
- Exceptional Item Impact:
- ₹6,115.60 lakh written back from old trade payables that are no longer due.
- Without this, the net loss would have been higher.
- Pending Statutory Dues & Financial Discrepancies:
- GST/VAT dues remain unpaid due to liquidity constraints.
- Delayed payment charges and penalties are yet to be accounted for.
Strategic Developments & Leadership Changes
- Appointment of New Company Secretary & Compliance Officer:
- Mr. S.S. Arunachalam was appointed as Company Secretary & Compliance Officer, effective January 28, 2025.
- Subsidiary Performance:
- CCCL Power Infrastructure Limited, Delhi South Extension Car Park Limited, and Consolidated Interiors Limited have recognized realizable asset values due to financial stress.
Management Commentary
S. Sivaramakrishnan, Managing Director, Consolidated Construction Consortium Limited, stated:"Despite financial challenges, we are focused on executing projects and stabilizing operations. The settlement with lenders and asset realizations will help drive long-term recovery.".
Market Outlook & Investor Takeaways
- Revenue growth remains positive despite ongoing financial struggles.
- Critical need for resolution of pending lender settlements and statutory dues.
- Going concern risks persist, but management remains optimistic about business recovery.