Laxmi Cotspin Limited has issued a clarification regarding its financial results for the quarter and financial year ended March 31, 2026, in response to an email from the National Stock Exchange of India Limited dated July 3, 2026. The company has submitted the statement of impact of audit qualifications for modified opinions on both standalone and consolidated financial statements. Additionally, Laxmi Cotspin has provided a machine-readable copy of its standalone and consolidated financial results. The clarification addresses a discrepancy in the Earnings Per Share (EPS) reported in the XBRL format. While the EPS for the quarter ended March 31, 2026, was correctly reported as ₹(1.16), the EPS for the financial year ended March 31, 2026, was mistakenly reported as ₹(1.16) instead of the correct figure of ₹(1.10) due to a typographical error. The company states this was an inadvertent clerical error and that there has been no change in the financial results approved by the Board of Directors. The independent auditor's report for both consolidated and standalone financial results for the quarter and year ended March 31, 2026, indicates a qualified opinion. The report highlights several issues, including the inability to ascertain the correctness of inventory valuation due to the absence of proper records, non-compliance with statutory requirements for loans advanced to a subsidiary, uncertainty regarding the recoverability of an advance to a creditor, pending legal formalities for land sale to a subsidiary, and the non-assessment of Expected Credit Loss (ECL) on trade receivables. The auditors' report was dated May 22, 2026.
