Videocon Industries Limited reported a net loss of ₹24,104.41 million for the quarter ended September 30, 2024, as the company continues to face significant financial challenges under the Corporate Insolvency Resolution Process (CIRP). The unaudited standalone financial results, signed by Resolution Professional Abhijit Guhathakurta on February 10, 2026, reveal a widening loss compared to the previous year's quarter, which stood at ₹20,311.54 million. Revenue from operations for Q2FY25 declined to ₹1,663.72 million from ₹1,695.87 million in the corresponding period of the previous year.

The financial results were submitted to the stock exchanges following a delay attributed to the resignation of key accounting personnel, non-availability of pre-CIRP records, and a lack of cooperation from promoters and erstwhile management. The company stated that the submission was inadvertently delayed due to operational constraints and limited manpower during the ongoing insolvency proceedings. Videocon Industries, along with 12 other group companies, is undergoing a consolidated CIRP under the Insolvency and Bankruptcy Code, 2016.

Financial Performance

The company’s total expenses for the quarter surged to ₹25,825.58 million, driven primarily by finance costs of ₹23,205.93 million. Depreciation and amortization expenses amounted to ₹1,318.97 million. The loss before tax for the quarter was reported at ₹24,104.41 million. For the half year ended September 30, 2024, the net loss widened to ₹46,502.76 million on a total income of ₹3,382.33 million.

Auditor’s Disclaimer

GAMP & Co., Chartered Accountants, issued a Limited Review Report with a disclaimer of opinion. The auditors stated they were unable to obtain sufficient appropriate audit evidence to provide a basis for their conclusion. Key reasons included the non-availability of pre-CIRP records, lack of cooperation from former management, and the inability to verify the existence, ownership, and valuation of assets such as property, plant, equipment, and investments. The auditors also noted that the company’s net worth is negative, casting material uncertainty on its ability to continue as a going concern.

Operational and Legal Status

The powers of the board of directors stand suspended and are vested with the Resolution Professional. Trading in the company’s securities has been suspended on BSE and NSE since June 16, 2021. The Resolution Professional has filed applications with the National Company Law Tribunal (NCLT) under Section 19 of the IBC seeking cooperation from promoters and erstwhile management to provide necessary data. The financial results have been prepared on a best-effort basis using available data.

Videocon Industries Limited reported a standalone net loss of ₹24,898.56 million for the quarter ended December 31, 2024, as the company continues to face significant operational and financial challenges under the Corporate Insolvency Resolution Process (CIRP). Revenue from operations for the quarter stood at ₹1,576.97 million, while total income was ₹1,628.17 million. For the nine months ended December 31, 2024, the net loss widened to ₹71,401.31 million on a total income of ₹5,010.50 million.

The financial results were signed by Resolution Professional Abhijit Guhathakurta on February 10, 2026, as the powers of the board of directors remain suspended under the Insolvency and Bankruptcy Code, 2016. The company attributed the delay in filing results to constraints such as limited manpower, non-availability of pre-CIRP records, and lack of cooperation from promoters. Trading in the company's securities has been suspended on BSE and NSE since June 16, 2021.

G A M P & Co., the statutory auditor, issued a disclaimer of opinion on the unaudited standalone financial results. The firm stated it was unable to obtain sufficient appropriate audit evidence to provide a basis for a conclusion. Key limitations included the absence of a complete Fixed Assets Register, non-availability of financial statements for subsidiaries and joint ventures, and lack of physical verification reports for inventories.

The auditor noted that the company has not adequately followed the provisions of Section 128 of the Companies Act, 2013, due to missing pre-CIRP records. Additionally, the results were prepared on a going concern basis, which is critically dependent on the outcome of the CIRP. The company’s net worth remains negative, and it continues to incur losses, creating material uncertainty about its ability to continue as a going concern.

Financial Performance Summary

Segment Performance

The company operates primarily in two segments: Consumer Electronics and Home Appliances, and Crude Oil and Natural Gas. For the quarter ended December 31, 2024, the Crude Oil and Natural Gas segment reported revenue of ₹1,480.99 million, while the Consumer Electronics segment reported ₹95.98 million. Segment results were aggregated and disclosed under unallocable items, with a reported loss before finance costs and tax of ₹874.94 million for the quarter.