Consolidated Financial Results for quarter and year ended March 31, 2024
Awaiting price reaction for this filing.
Ballarpur Industries' board approved its delayed FY24 consolidated results on June 17, 2025, more than a year after the period ended. The company emerged from a long corporate insolvency resolution process after being acquired by Finquest Financial Solutions via an NCLT-approved plan in March 2023. For Q1 FY24 (June 30, 2023), it reported total income of Rs 3,415 lakhs against expenses of Rs 6,895 lakhs, resulting in a net loss of Rs 559 lakhs (EPS of minus Rs 0.22). The new auditor, Batliboi & Purohit (appointed September 10, 2024), issued a Disclaimer of Opinion citing more than 10 unresolved qualifications — missing bank reconciliations, unsigned subsidiary financials, unrecovered inventory records, MSME vendor identification issues, and absence of comparative figures. The auditor also flagged a material uncertainty on the company's ability to continue as a going concern. As part of restructuring, the share capital was cut from Rs 25,871 lakhs to Rs 5,500 lakhs, and the company issued NCDs worth Rs 326.25 crore (secured, 7%) and Rs 94 crore (unsecured, 9% IRR).
This is a deeply negative filing for shareholders. The auditor's disclaimer means the FY24 numbers cannot be relied upon as accurate, and the going-concern warning raises serious doubts about the company's survival. Combined with the massive capital erosion, delayed filing, and unresolved audit qualifications, retail investors should treat the stock with extreme caution.