Approved the Audited Financial Results for the quarter and year ended March 31 2024 along with the Independent Auditor report
Awaiting price reaction for this filing.
Binny Limited's board approved the audited financial results for Q4 and FY ended March 31, 2024 at a meeting held on December 4, 2025 - a notable delay of roughly 20 months after the period end. The company reported a net loss of Rs. 2,423.85 lakhs for FY24, reversing a profit of Rs. 5,938 lakhs in FY23, with revenue from operations falling sharply from Rs. 14,680.90 lakhs to Rs. 6,304.51 lakhs. The auditor, M/s Venkatesh & Co (newly appointed for a 5-year term), issued a qualified opinion with as many as 9 qualifications covering revenue recognition under a revised Joint Development Agreement, recoverability of receivables (Rs. 3,456.82 lakhs), advances to RRB Energy (Rs. 2,918.05 lakhs), unregistered land parcels worth Rs. 26,765 lakhs, and older expenses lacking documentation. Separately, shareholders have submitted special notices proposing the removal of two independent directors - Mr. Rajeev Bakshi and Mrs. Jamuna - subject to shareholder approval at the upcoming AGM. The board also cleared a Joint Development Agreement with Osian Construction to develop 12.43 acres at Valasaravakkam into a residential complex and appointed Mr. Sudhir Anand as the new Company Secretary.
The unusually long reporting delay, a heavily qualified audit opinion, and shareholder-driven moves to remove two independent directors point to serious governance and financial concerns that shareholders should weigh carefully - the auditor's report also flags past SEBI orders on fund diversion that remain under litigation at SAT.