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 (formerly Bharati Shipyard) submitted unaudited financial results for the quarter ended June 30, 2023, along with restated historical unaudited results from June 2017 to March 2024, all approved in a board meeting on August 14, 2025. The company had gone through Corporate Insolvency Resolution Process (CIRP) and then liquidation from FY2019-20 to 2024, with liquidation formally concluded in January 2025 and new management taking over. For Q1 FY24, the company reported total income of Rs. 17,976.89 lakhs and a net profit of Rs. 16,942.08 lakhs (EPS Rs. 33.68), while the full year FY23 showed a massive loss of Rs. 36,209.26 lakhs driven by exceptional write-offs of Rs. 40,699 lakhs (stock write-off, fixed asset write-offs, and losses on asset sales). Reserves stood deeply negative at Rs. (5,78,167) lakhs. The new statutory auditors (AK Kocchar & Associates) disclaimed their review, stating they did not conduct the review per ICAI standards and that the statutory audit for FY2023-24 was never carried out due to lack of documentation during insolvency.
This is a high-risk filing for retail investors. The auditor has explicitly disclaimed assurance on these numbers, the company just emerged from liquidation, reserves are deeply negative, and the historical financials reflect a non-operational/winding-down business. The Q1 FY24 'profit' appears driven by one-time items rather than sustainable operations, and the restated historical results may not be comparable. Investors should treat these financials as unreliable and await audited post-restructuring numbers before drawing conclusions.