Consolidated Financial Results for quarter ended December 31, 2023
Awaiting price reaction for this filing.
The board of Ballarpur Industries Ltd (BILT) approved multiple delayed consolidated financial results on June 17, 2025 — covering Q1 FY24 (June 2023), Q2 FY24 (Sept 2023), Q3 FY24 (Dec 2023), and FY24 (March 2024) — filed more than a year late. The company had emerged from insolvency (CIRP initiated January 2020) with Finquest Financial Solutions as the successful resolution applicant in March 2023, with a new board seated in June 2023. For Q1 FY24, the company reported total income of Rs. 3,415 lakhs and a net loss of Rs. 559 lakhs. Share capital was restructured from Rs. 25,871 lakhs (Rs. 2 face value) to Rs. 5,500 lakhs (Rs. 10 face value). Post-takeover, the new management raised Rs. 326.25 crore in listed secured NCDs (7% coupon, 3-year) and Rs. 94 crore in unlisted unsecured NCDs (9% IRR, 5-year). Auditor Batliboi & Purohit, appointed September 10, 2024, issued a disclaimer of opinion citing 8 qualifications, including missing bank reconciliations for 22 accounts, no financial data from key subsidiaries, absence of inter-company eliminations, no comparative period data, MSME compliance gaps, and unverified inventory of Rs. 1,326.97 lakhs.
Shareholders should treat these results with caution — the auditor explicitly flagged a 'material uncertainty relating to going concern' and could not form any opinion due to severe information gaps from subsidiaries and prior management. The company is loss-making, heavily indebted with Rs. 420+ crore of NCDs against Rs. 55 crore equity, and the new management is still working through a messy post-insolvency transition, though the resolution plan provides a path to solvency through asset sales and NCD funding.