Unaudited Q1 Results: Key Board Approvals in 2024-25

ITDC files Q1 FY25 unaudited results

India Tourism Development Corporation Ltd. (ITDC) submitted its unaudited standalone and consolidated financial results for the quarter ended June 30, 2024. The company said the results were approved by its Board of Directors on August 13, 2024. It also stated that the Audit Committee reviewed the financial results before the board approval. The filing is positioned as a standard regulatory disclosure for a listed entity reporting quarterly performance. The company’s note repeats the standard language typically seen in limited review communications, focusing on review scope and the level of assurance. In this submission, the emphasis is on governance steps taken ahead of publication, rather than on operational metrics.

What “limited review” means in these disclosures

The text repeatedly refers to reviews conducted under the Standard on Review Engagements (SRE) 2410, titled “Review of Interim Financial Information Performed by the Independent Auditor of the Entity,” issued by the Institute of Chartered Accountants of India. Under SRE 2410, the auditor plans and performs procedures to obtain “moderate assurance” that the interim financial statements are free from material misstatement. The disclosure also clarifies that a review is narrower than a full audit. It is described as being limited primarily to inquiries of company personnel and analytical procedures applied to financial data. The statement explicitly says the auditor does not express an audit opinion because an audit has not been performed. These lines are important for investors because they frame the level of comfort provided by the auditor’s work at the quarterly stage.

SEBI regulations referenced in the review language

The filing language also mentions procedures performed in line with circulars issued by SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. Across multiple disclosures in the provided text, companies use similar phrasing to indicate compliance with quarterly reporting requirements. The references underline that these results are part of periodic reporting obligations. It also highlights that audit committee review and board approval are treated as formal checkpoints. While the operational numbers are not consistently presented across the entire material, the compliance architecture is repeated and explicit.

Auditor and committee process cited by ITDC

ITDC’s note says the consolidated financial results, including a report on operating segments, were reviewed by the Audit Committee and approved by the Board in meetings held on August 13, 2024. It also states that the financial results have been “limited reviewed” by M/s HDSG & Associates, Chartered Accountants, as required under Regulation 33 of the SEBI Listing Regulations. The use of “limited reviewed” signals that the quarterly statements were reviewed rather than audited. The repeated references to the audit committee suggest the company sought to document a clean governance trail for the filing. The text does not provide revenue, profit, or margin figures for ITDC in the provided extract.

Segment reporting mention and older reference point

One portion of the text mentions that segment-wise revenue, profit, and capital employed were reported in the notes on accounts for the year ended March 31, 2022. It states the segmental report was prepared in the manner prescribed in Accounting Standard 17 issued by ICAI and audited by the auditors of the company. This line functions as a disclosure about how segment information has been prepared and historically presented. It does not, however, provide segment numbers in the provided material. The reference is relevant mainly to method and standards rather than to current-quarter performance.

CIAN Agro board approval for Q1 FY26 results

A separate section of the material covers CIAN Agro Industries & Infrastructure Limited and a submission for the quarter ended June 30, 2025. The company stated that its Board meeting held on August 12, 2025 considered and approved unaudited financial results (standalone and consolidated) for that quarter. It also said the unaudited results were reviewed by the Audit Committee and thereafter approved by the Board. The company further noted receipt of a Limited Review Report from its statutory auditor on those unaudited results. In the auditor’s review report wording, the work is again described as being conducted under SRE 2410, and the report states that no audit opinion is expressed.

Subsidiary numbers cited in the consolidated review scope

The CIAN Agro disclosure includes a specific limitation note: the auditor did not review interim financial results of certain subsidiaries included in consolidated unaudited results. The subsidiaries named are Avenzer Electricals & Infrastructure Private Limited, Manas Agro Industries & Infrastructure Limited, Varron Aluminium Private Limited, and CIAN Agro LLC. For the quarter ended June 30, 2025, the interim financial results of these subsidiaries reflected total revenues of ₹269.23 crore, total net profit after tax of ₹10.04 crore, and total comprehensive income of ₹10.08 crore, as considered in the consolidated unaudited financial results. The text adds that these interim financial results were reviewed by other auditors whose reports were furnished to the reporting auditor by management, and the conclusion is based on those reports. This type of paragraph is common in consolidated financial reviews where components are audited or reviewed by different firms.

Other filings in the material: associate and joint venture impacts

The provided text also includes content for Reliance Industrial Infrastructure Limited for the quarter ended June 30, 2025 under Regulation 33 of SEBI Listing Regulations. It states that the Audit Committee reviewed the results and the Board approved them at meetings held on July 16, 2025, and that statutory auditors carried out a limited review. It also notes that the statement includes the parent’s share of profit after tax of ₹0.54 crore and total comprehensive income of ₹0.54 crore for the quarter ended June 30, 2025 in respect of an associate, based on unaudited financial information not reviewed by the associate’s auditor. Separately, another disclosure states that the consolidated financial results include a joint venture’s share of profit after tax of ₹0.66 crore for the quarter ended June 30, 2025, and total comprehensive profit of nil for the same period, as considered in the statement. Across these excerpts, the common theme is that companies explicitly document what was and was not reviewed by the reporting auditor.

Snapshot data points also shown alongside disclosures

The material also includes a small market snapshot shown as BSE data at specific timestamps: a price of ₹5.00 “as on 12 Dec 2025 at 10:42” and a price of ₹5.55 “as on 24 Sep 2025 at 13:15,” along with market cap of ₹3 crore and ROCE of 10.84%. The text also shows a PE ratio of -12.80 at one point and 0.00 at another. In addition, a separate table labelled “All values are in Crores” shows three financial years with revenue and net profit: FY 2021-22 revenue 2 and net profit -0, FY 2020-21 revenue 4 and net profit 1, and FY 2019-20 revenue 5 and net profit 1, along with growth percentages as presented. These numbers are presented in the material without a clear mapping to a specific company name in the extract.

Key facts table from the provided disclosures

Why the review language matters for investors

Across the excerpts, the repeated SRE 2410 language draws a clear boundary between a quarterly review and a statutory audit. Investors often read “limited review” as a comfort signal, but the text explicitly notes that the procedures provide less assurance than an audit. The disclosures also show how consolidated reporting relies on component financial information, sometimes reviewed by other auditors, and sometimes furnished by management. The explicit identification of associate or joint venture profit shares is also useful because it separates core operating performance from equity-accounted contributions. Finally, the references to SEBI regulations and meeting dates help investors track compliance and timing, especially when results are released close to board meetings.

Conclusion

The provided material shows a consistent compliance pattern across issuers: audit committee review, board approval, and auditor limited review conducted under SRE 2410 with clear statements that no audit opinion is expressed. For ITDC, the key disclosed fact is the board approval date of August 13, 2024 for Q1 results ended June 30, 2024. For the later quarter ended June 30, 2025, the material includes specific quantified disclosures for consolidated components such as subsidiaries, an associate, and a joint venture. The next meaningful update for investors would typically be the subsequent quarterly filing cycle and any further audited annual reporting, as applicable under SEBI listing requirements.