Interesting developement here.
- Results : Improved YOY basis. No growth in topline though.
Other expenses have reduced significantly.
1.4 Cr vs 2.17 Cr. Last year. / Q4 was 1.64 Cr.
- Their Auditers resigned by stating that “Company is adopting cost reduction measures and will not be able to pay the fees as proposed by us”
Auditer charges for FY 22 was 16.5 lakh, FY 21 was 15 lakh ( as per AR ). So probably auditers were expecting about 18/18.5 lakh ( at 10% increase ). Company denied and changed auditers. ( intention to reduce in other expense is visible here as well. )
So it looks like that company is seriously looking to improve bottomline. However, One needs to observe as to if / how they can improve topline as well going forward.
Disc: I have small position at lower price from current levels.
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