Outcome for the Board Meeting for the quarter ended June 2024
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Awaiting price reaction for this filing.
Bhagawati Gas Limited has filed its unaudited financial results for the quarter ended June 30, 2024, which were approved at a board meeting on August 14, 2024. The company reported a net loss of around Rs. 11.12 lacs, compared to a small profit of Rs. 0.58 lacs in the same quarter last year. Revenue from operations appears to be nil, and the company now states it operates only in the 'Cleaning of Water Bodies' segment, a major shift from its earlier gases business. Other expenses include a Rs. 27.55 lakhs payment linked to re-listing efforts. The statutory auditor flagged three concerns in its limited review: advances and security deposits considered doubtful with no provisions, an unreceived bank balance confirmation of Rs. 52,807 from ICICI Bank, and a Rs. 235.23 lakhs disputed machinery payable dating back to 1994 with no supporting documents. The auditor also noted the equity is currently not listed on BSE.
Negative for shareholders — the company swung to a loss, operational revenue has dried up, and auditor concerns about doubtful advances and long-pending disputes are red flags for financial health. The re-listing-related spending suggests management is trying to revive the company, but execution risk remains high.