IGC Industries Reports Quarterly Results with Auditor Concerns on Documentation

IGC Industries Limited approved unaudited financial results for the quarter and half-year ended September 30, 2025, showing revenue from operations of Rs 198.51 lakhs. The company's auditors raised concerns about inadequate documentation for advances of Rs 9.32 crores and unsecured loans of Rs 9.58 crores, along with non-compliance with GST and Income Tax filing requirements.

IGC Industries Limited Receives Resignation from Statutory Auditors ADV & Associates

IGC Industries Limited announced that its statutory auditors, ADV & Associates, submitted their resignation letter on August 14, 2025. The auditing firm was appointed on September 29, 2022, and their term was originally scheduled to expire at the conclusion of the company's 41st Annual General Meeting in 2027. Prior to resignation, ADV & Associates had submitted the audit report for the year ended March 31, 2025, and the limited review report for the quarter ended June 30, 2025. The company stated that detailed reasons for the resignation are provided in the attached resignation letter, and confirmed there are no other material reasons beyond those disclosed. The auditors indicated no concerns were raised prior to resignation and no information requests were denied by management.

IGC Industries Reports Quarterly Losses as Auditors Issue Disclaimer Opinion on Financial Results

IGC Industries Limited reported a net loss of Rs 0.00 lakhs for the quarter ended June 30, 2025, compared to a net profit of Rs 1.74 lakhs in the previous quarter ended March 31, 2025. The company's auditors, ADV & Associates, issued a disclaimer opinion citing several material concerns including insufficient documentation for Rs 20.72 crores in advances from rights issue proceeds, Rs 20.00 crores payment to CNX Corporation Limited without supporting documents, potential contravention of deposit rules involving Rs 41.53 crores, and misutilization of rights issue proceeds not aligned with stated objectives. The auditors also raised substantial doubt about the company's ability to continue as a going concern due to continuous losses across all quarters in financial years 2024-25 and 2023-24. The company had previously completed a rights issue of 3,24,80,000 shares at Rs 13.00 per share, raising Rs 42.22 crores, with allotment completed on November 22, 2024.