Bkm Industries Limited has submitted to the Exchange, the financial results for the period ended September 30, 2022.
Awaiting price reaction for this filing.
BKM Industries Limited has finally filed its Q2 FY23 (quarter ended September 30, 2022) financial results, more than three years late, because the company was under Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code. The NCLT has since approved a Resolution Plan granting the company relief from past non-compliances. The company reported zero revenue from operations for the quarter, as manufacturing activities were not operational during the period. The company posted a net loss of Rs. 57 lakhs for the quarter (loss per share of Rs. 0.09), bringing the half-year loss to Rs. 115 lakhs. The balance sheet shows severe financial stress with current borrowings of Rs. 12,411 lakhs against total equity of just Rs. 1,304 lakhs, resulting in a debt-to-equity ratio of roughly 10:1. Operating cash flow was negative at Rs. 51 lakhs, and assets/liabilities were recasted using bank statements and the previous auditor's balance sheet.
This is a very old, delayed filing of weak results from a company that was in insolvency — shareholders should note that operations were completely shut down, the company continues to report losses, and debt far exceeds equity. The NCLT-approved Resolution Plan may have stabilized the company, but these legacy results reflect a period of severe financial distress rather than current performance.