PG Electroplast Refutes HDFC Securities Report Flagging Concerns On Financial Position

PG Electroplast clarified that the information and claims in a report published in the HDFC Sky Platform on Friday were factually inaccurate and misrepresents the company's actual financial position. It has reached out to the brokerage for reviewing and rectification of the in the report.

The article in question is 'PG Electroplast in Limelight After Red Flags in Financial Health Raise Warnings' In the article, HDFC Securities has claimed that the PG Electroplast has come under a new scrutiny after a detailed review of its balance sheet. Analysts noted a combination of rising leverage, weakening cash flows, and growing debt commitments, which may intensify pressure on the PG Electroplast unless operations stabilise or liabilities restructured.

After reviewing the article, PG Electroplast noted that it contains certain statements and observations that are factually inaccurate, unsubstantiated, and not reflective of the company's actual financial position and operational performance.

Publicly available audited financial statements and quarterly results represent PG Electroplast's real financial position. The company prepared these reports in accordance with applicable standards, the exchange filing said.

PG Electroplast said that it has complied with all applicable disclosure and requirements in under the Securities Exchange Board of India's Listing Obligation and Disclosure Requirements Regulations, 2015. The company has released all material information is disclosed to the stock exchanges in a timely manner.

The company has no undisclosed material developments concerning its financial health, business operations, or expansion plans, PG Electroplast said in the exchange filing.

PG Electroplast asserted that it reserves the right to take appropriate legal and regulatory recourse to protect the interests of its shareholders and safeguard its reputation, the company said in the exchange filing.

The company urged all stakeholders, including investors, analysts, and media to rely on solely on official disclosures available on the stock exchanges.