BF Utilities Limited has informed the Exchange regarding Re-appointment of Ms G. D. Apte & Co as Statutory Auditors of the company w.e.f. April 01, 2026 for the second term of 5 consecutive years subject to approval by the Members of the Company at the ensuing 26th AGM of the Company.
BFUTILITIE · price
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BF Utilities reported a weak Q3 FY26 with revenue from operations falling to Rs 345.79 lakhs (vs Rs 797.15 lakhs in Q2 FY26) and a net loss of Rs 233.43 lakhs, compared to a profit of Rs 178.77 lakhs in the previous quarter. The loss includes an exceptional charge of Rs 218.12 lakhs due to the impact of new Labour Codes on gratuity and leave encashment. For the nine-month period, however, the company remains profitable with a net profit of Rs 587.46 lakhs. The Board re-appointed G.D. Apte & Co as statutory auditors for a second 5-year term (FY26-27 to FY30-31), subject to shareholder approval. The auditor issued a qualified conclusion flagging three concerns: a Rs 500 crore plus 18% IRR arbitration claim at SIAC against the company as a promoter of step-down subsidiary NECE, uncertainty over Rs 26.07 crore investment in NHDL whose toll operations ended in Sept 2024, and a Rs 37 crore interest-free advance to NECE outstanding for over 14 years with no impairment provision.
Shareholders should note the significant litigation overhang — a Rs 500 crore arbitration claim with 18% interest is potentially material and could affect the stock negatively if it progresses unfavorably. The auditor's qualified opinion on multiple items (arbitration, NHDL investment, and a 14-year-old unrecovered advance) is a governance red flag that warrants investor attention, though the nine-month profit picture remains positive.