Kome-On Communication Limited announced its audited financial results for FY24, reporting a substantial net loss of ₹1327.65 lakhs compared to ₹130.29 lakhs in the previous year. The company's Board meeting held on February 23, 2026, approved comprehensive financial statements including quarterly and annual results for the financial year 2023-24.

Exceptional Items Drive Massive Losses

The company's financial performance was severely impacted by exceptional items totaling ₹1321.62 lakhs during Q4 FY24. Before exceptional items, the company reported a loss of ₹6.03 lakhs for the full year, but the exceptional charges resulted in the final loss of ₹1327.65 lakhs.

Balance Sheet Shows Negative Equity

The company's balance sheet as of March 31, 2024, reveals a negative equity position of ₹12.74 lakhs, a dramatic decline from positive equity of ₹1314.91 lakhs in the previous year. Total assets decreased significantly to ₹1.13 lakhs from ₹1327.04 lakhs, primarily due to the reduction in current loans from ₹1321.62 lakhs to zero.

Earnings Per Share Impact

The company's earnings per share deteriorated significantly due to the exceptional items and operational losses. Both basic and diluted EPS for FY24 stood at ₹(8.85) compared to ₹(0.87) in the previous year.

Audit and Compliance

The audited financial results were reviewed by statutory auditors Jitendra Chandulal Mehta & Co., Chartered Accountants (Firm Registration No.: 104288W). CA Umang Vora (Membership No.: 150640) signed the audit report with UDIN: 26150640HJFEYE7709, confirming the results comply with applicable Indian Accounting Standards and SEBI Listing Regulations.

The company continues to face operational challenges with zero revenue generation across all quarters, while managing ongoing expenses and the significant impact of exceptional items that dominated the FY24 financial performance.

Kome-On Communication Limited has announced the appointment of new statutory auditors following a board meeting held on February 3, 2026. The decision addresses a casual vacancy in the auditor position and requires shareholder approval at the company's upcoming Annual General Meeting.

Board Meeting Details

The board of directors convened on February 3, 2026, from 10:30 AM to 11:20 AM to consider the auditor appointment. The meeting was conducted in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Auditor Appointment Details

The board approved the appointment of M/s. Jitendra Chandulal Mehta & Co., Chartered Accountants (FRN: 104288W) as the company's statutory auditors. This appointment fills the casual vacancy created by the departure of M/s. AMD & CO, Chartered Accountants (FRN: 130247W).

The appointment was made based on the recommendation of the company's Nomination and Remuneration Committee and remains subject to approval by shareholders at the ensuing Annual General Meeting.

New Auditor Profile

M/s. Jitendra Chandulal Mehta & Co. is a chartered accountancy firm registered with the Institute of Chartered Accountants of India (ICAI). The firm provides comprehensive professional services including:

• Statutory audit services
• Internal audit functions
• Taxation advisory
• Regulatory compliance
• Advisory services across various industries

The firm operates with a team of qualified and experienced professionals committed to maintaining high standards of integrity, independence, and professional competence. Their audit approach is described as risk-based and process-driven, ensuring transparency and accountability while adhering to applicable accounting and auditing standards.

Regulatory Compliance

The appointment follows the provisions of the Companies Act, 2013, with the new auditors responsible for expressing independent opinions on the truth and fairness of the company's financial statements. The disclosure was made in compliance with SEBI regulations and circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

The company confirmed that there are no disclosed relationships between the new auditing firm and the company's directors, ensuring independence in the auditing process.