#EKIEnergy
#Redflag
The latest Q3 Results of EKI Energy has uncovered a dark truth : non-compliance with IndAS 115, Revenue Recognition.
Auditor Walker Chandiok (Grant Thornton) today issued a qualified report.
Is this just the tip of the iceberg?
Like & share for max reach!
#Redflag
The latest Q3 Results of EKI Energy has uncovered a dark truth : non-compliance with IndAS 115, Revenue Recognition.
Auditor Walker Chandiok (Grant Thornton) today issued a qualified report.
Is this just the tip of the iceberg?
Like & share for max reach!
Reported Figures for 9M-
Revenue - 1384 Cr
PBT - 347 Cr
PAT - 260 Cr
As per Auditor -
Revenue - 1194 Cr (-14%)
PBT - 237 Cr (-32%)
PAT - 177 Cr (-32%)
Generally company also have Concall post results,this time there is no mention of concall.
Revenue - 1384 Cr
PBT - 347 Cr
PAT - 260 Cr
As per Auditor -
Revenue - 1194 Cr (-14%)
PBT - 237 Cr (-32%)
PAT - 177 Cr (-32%)
Generally company also have Concall post results,this time there is no mention of concall.
Dark clouds of doubt now loom over the previous auditor D.N. Jhamb, who issued unqualified report in Sep-22, and resigned on 8-Dec-22 citing reasons of pre-occupation.
Now the bigger question is whether revenue recognised in earlier years are as per IndAS requirements or not?
Now the bigger question is whether revenue recognised in earlier years are as per IndAS requirements or not?
More interestingly - In 4-Nov-20, just before there IPO, Anmol Bohra & Co also resigned as Auditor citing the same reason of pre-occupation.
Last 4 year Auditors & Audit Fees -
FY19 0.25 Lakhs - Anmol Bohra
FY20 0.28 Lakhs - Anmol Bohra
FY21 1.90 Lakhs - D.N. Jhamb
FY22 7.22 Lakhs - D.N. Jhamb
Now Walker Chandiok - which comes with qualified report
FY19 0.25 Lakhs - Anmol Bohra
FY20 0.28 Lakhs - Anmol Bohra
FY21 1.90 Lakhs - D.N. Jhamb
FY22 7.22 Lakhs - D.N. Jhamb
Now Walker Chandiok - which comes with qualified report
The eye brow raising question is Whether itβs previous 4 year financial were relying on which stock has been on its dream run
IPO came at 40(adjusted split)
Made a high of 3150 (7875%)
Now trading at 1097 ~ corrected by more than 65% from highs
IPO came at 40(adjusted split)
Made a high of 3150 (7875%)
Now trading at 1097 ~ corrected by more than 65% from highs
A good read from Bloomberg on EKI Energy raising question on its business
bloomberg.com
bloomberg.com
Correction- Concall on 13-Feb Monday
Link - bseindia.com
Link - bseindia.com
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