Bharati Defence and Infrastructure Limited has informed the Exchange regarding Board meeting held on August 14, 2025.
Awaiting price reaction for this filing.
Bharati Defence and Infrastructure Limited held a board meeting on August 14, 2025 (3:00 p.m. to 11:00 p.m.) and approved unaudited financial results for the quarter ended June 30, 2025, along with a back-series of unaudited quarterly results spanning June 2017 to March 2024. The company, formerly Bharati Shipyard Limited, underwent Corporate Insolvency Resolution Process (CIRP) from FY 2015-16 to FY 2019-20 and then liquidation until January 2025, after which new management assumed control. The statutory auditor, AK Kocchar & Associates (newly appointed January 23, 2025), explicitly stated they did NOT conduct the review per ICAI Standards due to incomplete records from the liquidation period, and gave no assurance on accuracy or completeness. Historical figures show massive accumulated losses with reserves at negative Rs. 5,31,963 lakhs as of March 31, 2022, though Q3 FY23 (Dec 2022) shows revenue of Rs. 5,294.79 lakhs and a profit before tax of Rs. 4,888.02 lakhs, almost entirely from other operating income.
This is a highly unusual filing with the auditor disclaiming any assurance on the numbers. Investors should treat the historical financials as unreliable. The negative reserves and liquidation history signal serious financial distress, though new management and recent revenue from operations suggest an attempted restart. Stock price risk is high given the lack of audited data and the scale of legacy losses.