Advait Infratech Limited Announces Independent Auditor's Report on Standalone Financial Results for the Financial Year 2023

Advait Infratech Limited, a leading company in product solutions for Indian power and telecom infrastructure projects, today announced the release of the Independent Auditor's Report on its Standalone Financial Results for the Financial Year 2023. The report has been prepared in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

The Independent Auditor's Report, conducted by Vipul Goswami, a highly reputed auditing firm, provides an unbiased assessment of V. Goswami & Co. financial performance for the Financial Year 2023. The report thoroughly examines the company's financial statements, internal controls, and compliance with applicable accounting standards and regulatory requirements.

Their statement presents:
  • Financial results are in accordance with the requirements of Regulation 33 of the Listing Regulations
  • A true and fair view in conformity with recognition and measurement principles laid down in applicable accounting standards and other accounting principles generally accepted in India, of the standalone net profit after tax and other comprehensive income and other financial information of the company for the half-year ended on 31st March 2023 as well as the year to date result for the period from 1st April 2022 to 31st March 2023.
Highlights of the Independent Auditor's Report:

Compliance and Disclosure:

The report confirms that Advait Infratech Limited has adhered to the requirements set forth by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and its subsequent amendments. It further verifies that the company has maintained transparent and accurate financial disclosures.

Financial Statements:

The Independent Auditor's Report verifies the accuracy and fairness of Advait Infratech Limited's Standalone Financial Statements for the Financial Year 2023. The statements provide a comprehensive view of the company's financial position, performance, cash flows, and changes in equity during the reporting period.

Internal Controls:

The report evaluates Advait Infratech Limited's internal control systems, policies, and procedures. It confirms that the company has implemented effective measures to safeguard its assets, prevent fraud, and ensure the reliability of financial reporting.

Compliance with Accounting Standards:

The report validates Advait Infratech Limited's adherence to the applicable accounting standards prescribed by the Institute of Chartered Accountants of V.GOSWAMI & CO. This ensures that the financial statements are prepared in accordance with the prevailing accounting principles and reflect a true and fair view of the company's financial performance.

Adding their thoughts on the report, Mr. Shalin Sheth, Managing Director and Founder of Advait Infratech Limited said, “Advait Infratech Limited's management expresses its appreciation for the thoroughness and professionalism demonstrated by Vipul Goswami during the auditing process. The Independent Auditor's Report strengthens the company's commitment to transparency, accountability, and good corporate governance practices.”

About Advait Infratech Limited:

Advait Infratech Limited is an Ahmedabad-based company that offers robust products and end-to-end solutions for power transmission, substation, and telecommunication infrastructure and is diversifying into renewable energy in 2023. Founded in 2009, Advait Infratech specialises in stringing tools, ACS wire manufacturing, OPGW operations, ERS, turnkey telecom projects, live line installations, green energy, fuel cells, insulators, conductors, transmission line towers, stringing tools, power transmission, and substation services. The company got listed on the Bombay Stock Exchange in 2020 and recently announced a 1:1 bonus issue for its shareholders.


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