Summary by Futu AI
SRIVARU Holding Limited (SVH), a Cayman Islands-based investment company, has released its annual financial report for the year ending March 31, 2024. The report indicates a net loss of $11.48 million, a significant increase from the previous year's loss of $0.67 million. The company attributes the loss to various factors, including a substantial increase in general and administrative expenses, which rose to $10.92 million from $0.41 million, and inventory write-downs amounting to $0.26 million. Despite the losses, SVH's revenue declined by 62.27% to $42,538, primarily due to delays in raw material shipments due to COVID-19. The company's total assets stood at $1.59 million, while total liabilities were $1.69 million, resulting in a negative stockholders' equity of $0.11 million. SVH's cash and cash equivalents increased to $0.17 million, up from $0.02 million the previous year. The company's financial performance reflects the challenges faced in the electric two-wheeler manufacturing sector, including supply chain disruptions and increased competition. SVH's management is focused on strategic initiatives to improve future performance and expand market presence.