Financial Result for 30th June, 2017
Awaiting price reaction for this filing.
Bharati Defence and Infrastructure Ltd has submitted its unaudited financial results for the quarter ended June 30, 2017, along with historical quarterly results from June 2017 to March 2024. The filing comes more than eight years late because the company went through the insolvency process under IBC, faced liquidation completed in June 2024, and was subsequently taken over by new management. For Q1 FY2018, revenue from operations stood at Rs 476.69 lakhs against a net loss of Rs 3,779.77 lakhs. For FY2017 (year ended March 2017), the company reported a net loss of Rs 52,999.75 lakhs after booking massive exceptional items such as work-in-progress write-offs, impairment of fixed assets, and provisions for doubtful debts aggregating to over Rs 46,000 lakhs. The previous statutory auditor declined to sign the earlier financial statements citing insufficient documentation.
Shareholders should treat these results with significant caution — the company carries deeply negative reserves of Rs 4,79,612.58 lakhs, enormous debt-servicing costs (finance cost of Rs 2,180 lakhs in a single quarter), and the current auditor explicitly states it did not perform a standard review under ICAI norms. The new management is essentially reassembling incomplete historical records, making the numbers low-quality and not directly comparable to a going-concern business.