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 has submitted long-pending unaudited financial results for Q1 FY23 (quarter ended June 30, 2022), along with historical quarterly results from June 2017 to March 2024. The company went through Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation under the IBC, with the liquidation formally concluded in January 2025 and new management taking control thereafter. The newly appointed statutory auditors (AK Kocchar & Associates, appointed January 23, 2025) have issued a limited review report stating they did NOT conduct the review in accordance with prescribed standards (SRE 2410), and noted that the FY22-23 statutory audit was never conducted. The results show massive losses – a net loss of Rs. 1,338.70 lakhs for Q1 FY23 and Rs. 15,651.69 lakhs for FY22, with deeply negative reserves of Rs. (5,31,963.10) lakhs as of March 31, 2022. Revenue collapsed from Rs. 2,077.59 lakhs (FY22) to just Rs. 25.55 lakhs in Q1 FY23.
This is a highly negative disclosure for shareholders – the company has effectively just emerged from liquidation with wiped-out reserves and a history of non-cooperation from prior management that left financial records incomplete. The auditor's refusal to conduct a proper review and the absence of any statutory audit for FY23 means these figures carry very limited reliability. Investors should treat this stock with extreme caution given the severe going-concern risk, despite the change in management.