Videocon Industries Limited reported a standalone net loss of ₹22,398.35 million for the quarter ended June 30, 2024, as the company continues to face significant operational challenges under the Corporate Insolvency Resolution Process (CIRP). Revenue from operations for the period stood at ₹1,614.81 million, while total income was ₹1,661.16 million. The company’s finance costs for the quarter amounted to ₹21,640.58 million, contributing significantly to the overall loss.

Financial Performance

The financial results for the quarter ended June 30, 2024, were signed by Resolution Professional Abhijit Guhathakurta on February 10, 2026. The company reported a loss before tax of ₹22,398.35 million, consistent with the trend of losses reported in previous periods. The basic and diluted earnings per share (EPS) for the quarter were (₹66.97) and (₹60.31) respectively.

Auditor's Disclaimer

GAMP & Co., the statutory auditors, issued a "Disclaimer of Conclusion" on the standalone unaudited financial results. The auditors stated they were unable to obtain sufficient appropriate audit evidence to provide a basis for their conclusion. Key issues cited included the non-availability of pre-CIRP records, lack of cooperation from promoters and erstwhile management, and the absence of a complete Fixed Assets Register. Consequently, the auditors could not verify the existence, ownership, or valuation of assets, including property, plant, equipment, and investments.

CIRP Status and Compliance

Videocon Industries Limited is undergoing a consolidated CIRP with 12 other group entities. The powers of the board of directors stand suspended and are vested with the Resolution Professional. The delay in submitting financial results was attributed to limited manpower, operational challenges, and the resignation of key accounting personnel. Trading in the company's securities has remained suspended on BSE and NSE since June 16, 2021. The company noted that the financial results were prepared on a best-effort basis using available data due to the constraints imposed by the insolvency proceedings.

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.