Ballarpur Industries Limited has submitted to the Exchange, the financial results for the period ended September 30, 2023.
Awaiting price reaction for this filing.
Ballarpur Industries Limited (BILT) submitted long-pending consolidated financial results covering all four quarters of FY24 (Q1 ended June 30, 2023 through FY ended March 31, 2024), approved by the Board on June 17, 2025. The company emerged from a prolonged insolvency process (CIRP initiated Jan 17, 2020) and was acquired by Finquest Financial Solutions via an NCLT-approved resolution plan in March 2023. For Q1 FY24, total income was Rs 3,415 lakhs against expenses of Rs 6,895 lakhs, resulting in a net loss of Rs 559 lakhs and EPS of Rs (0.22). The auditor (Batliboi & Purohit, appointed Sep 10, 2024) issued a 'Disclaimer of Conclusion' citing 8+ qualifications, including inability to verify stores & spares of Rs 1,326.97 lakhs, missing bank reconciliations for 17 accounts, lack of reviewed subsidiary financials, and non-availability of historical records. Share capital was restructured from Rs 25,871 lakhs (Rs 2 face value) to Rs 5,500 lakhs (Rs 10 face value). New NCDs of Rs 326.25 crore (listed, 7% coupon) and Rs 94 crore (unlisted, 9% IRR) were issued as part of the resolution plan.
Highly negative signals for shareholders: the auditor flagged material uncertainty on going concern, issued a disclaimer of conclusion (most severe audit opinion), and the company continues to report losses with weak internal controls inherited from the insolvency transition. The results reflect a company in deep financial distress post-CIRP with significant uncertainty about its future viability.