BF Utilities Limited has informed the Exchange regarding Outcome of Board Meeting held on April 09, 2025
BFUTILITIE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
BF Utilities Limited's board approved consolidated financial results for Q3 FY25 (quarter ended Dec 31, 2024). Revenue from operations stood at Rs. 20,983.50 lakhs, down ~5% from Rs. 22,134.03 lakhs in the previous quarter. Profit after tax was Rs. 8,392.70 lakhs (down from Rs. 9,100.61 lakhs QoQ), translating to an EPS of Rs. 9.21. For the nine-month period, revenue surged to Rs. 64,695.55 lakhs and PAT to Rs. 25,430.29 lakhs (vs Rs. 25,067.41 lakhs and Rs. 7,603.78 lakhs a year ago), though this is largely due to full-year consolidation of step-down subsidiary NECE. The toll operations of material subsidiary NHDL ended on September 7, 2024 after the concession agreement expired, removing a key revenue stream. Significantly, the statutory auditor G.D. Apte & Co. issued an ADVERSE CONCLUSION, flagging that Rs. 31,130 lakhs of equity in NECE should have been classified as a financial liability due to a disputed buyback obligation (with minimum 18% IRR) owed to an investor.
The adverse audit opinion is a serious concern — it means the financial results may not reflect the true financial position, especially given the disputed put option which could materially impact equity and liabilities. Loss of NHDL's toll revenue is a structural negative for future earnings. Shareholders should monitor the NECE investor dispute closely as it could result in significant financial liability.