Consolidated Financial Result for quarter ended June 30, 2023

Ballarpur Industries submitted its consolidated Q1 FY24 results (quarter ended June 30, 2023) on June 17, 2025 — over two years late. The company underwent Corporate Insolvency Resolution Process (CIRP) from January 2020 and was acquired by Finquest Financial Solutions under a resolution plan approved by NCLT in March 2023, with a new board taking charge in June 2023. Total income for the quarter stood at Rs 3,415 lakhs against total expenses of Rs 6,895 lakhs, resulting in a loss after tax of Rs 559 lakhs (negative EPS of Rs 0.22). The auditor, Batliboi & Purohit (appointed September 10, 2024), issued a Disclaimer of Opinion citing 8 qualifications due to missing records, unsigned subsidiary financials, and absent bank confirmations from the previous management era. The auditor also flagged a material uncertainty on going concern, though new management believes NCD proceeds and asset sales will support continued operations. No comparative figures for prior periods were provided.