Hariyana Ship Breakers News

Hariyana Ship-Breakers Reports Quarterly Results with Investment Recovery Concerns

Hariyana Ship-Breakers Limited approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, during a board meeting held on November 13, 2025. The company faces significant investment recovery challenges with Rs. 1,319 lacs advance in real estate projects (7.81% of total assets) and Rs. 141.08 crores capital contribution in partnership firms (83.54% of total assets), with auditors highlighting recoverability risks that could impact financial position.

Hariyana Ship-Breakers' Joint Statutory Auditor LLB & Co. Resigns Due to Lack of Head Office Operations

LLB & Co., Chartered Accountants resigned as Joint Statutory Auditor of Hariyana Ship-Breakers Limited effective August 13, 2025. The auditing firm was appointed for five consecutive financial years from April 1, 2024 to March 31, 2029, with responsibilities primarily focused on auditing the company's Head Office accounts. LLB & Co. cited the absence of any business activity at the Head Office during the review period as the reason for resignation, stating that audit responsibilities can be sufficiently handled by other appointed auditors. The firm had submitted their latest Limited Review Report for the quarter ended June 30, 2025 prior to resignation. The company confirmed no material concerns were raised by the auditor before resignation.

Hariyana Ship-Breakers Reports 194% Jump in Quarterly Profit, Re-appoints Managing Director

Hariyana Ship-Breakers Limited reported a standalone net profit of Rs 68.32 lakhs for the quarter ended June 30, 2025, compared to Rs 23.24 lakhs in the same period last year. Total income rose to Rs 217.10 lakhs from Rs 230.87 lakhs previously. The company had no revenue from operations during the quarter, with income primarily from other sources. The board re-appointed Rakesh Reniwal as Managing Director for a five-year term from April 1, 2025 to March 31, 2030. Auditors noted the company has not carried out business operations for the last three quarters and highlighted concerns about Rs 139.54 crores in partnership investments and a Rs 11.87 crore overdraft facility utilization.