The Exchange had sought clarification from Bharat Seats Limited for the quarter ended 31-Mar-2025 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: -1. The company has not submitted declaration in case of unmodified opinion(s) The response of the Company is enclosed.
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Awaiting price reaction for this filing.
NSE sought clarification from Bharat Seats on its Q4 FY25 results filing under SEBI LODR Regulation 33, flagging two issues: non-submission of a legible/machine-readable copy and absence of an unmodified opinion declaration. The company responded by submitting the readable audited results and confirming that S.R. Batliboi & Co. LLP issued an unqualified (unmodified) audit opinion. The auditor's report includes an emphasis of matter on an Income Tax search conducted in FY24, with demand orders of Rs. 2,243.72 lakhs (excl. penalties) for AY 2014-15 to 2024-25 and a penalty demand of Rs. 524.28 lakhs; the company has filed appeals. FY25 financials show revenue rising ~21% to Rs. 1,28,882 lakhs and net profit growing ~30% to Rs. 3,270 lakhs, with EPS at Rs. 5.21. The board also recommended a final dividend of Rs. 1.10/share (55%), following a 1:1 bonus issue completed in December 2024.
The filing closes a procedural compliance gap with the exchange and confirms a clean audit, which is mildly positive. However, the Rs. 2,768 lakh cumulative income tax demand remains a key overhang, and shareholders should track the appeal outcome. Underlying business performance is strong with ~30% profit growth and a healthy dividend.