Financial Result for 30th June, 2018
Awaiting price reaction for this filing.
Bharati Defence and Infrastructure Ltd (formerly Bharati Shipyard) has finally filed its unaudited results for Q1 FY19 (quarter ended June 2018) in August 2025, more than seven years late, after a prolonged insolvency and liquidation process. The company underwent Corporate Insolvency Resolution Process (CIRP) from FY 2015-16 to FY 2019-20, which failed, and was then placed in liquidation until January 2025 when new management took control. Revenue from operations for Q1 FY19 stood at Rs. 1,617.21 lakhs versus Rs. 476.69 lakhs in Q1 FY18, showing sharp growth of over 200% year-on-year. However, the company reported a net loss of Rs. 595.94 lakhs in Q1 FY19, though much narrower than the Rs. 3,779.77 lakhs loss in Q1 FY18. Full year FY18 losses were massive at Rs. 10,650.79 lakhs, and reserves are deeply negative at approximately Rs. 4,902 crores. The statutory auditor, AK Kocchar & Associates (newly appointed on 23 January 2025), explicitly stated they did not perform an independent review per ICAI standards, citing incomplete and inconsistent financial records from the liquidation period.
This filing is largely a procedural cleanup after the company's exit from liquidation rather than fresh operating news, and shareholders should treat it with caution given the auditor's disclaimer of review. The deeply negative reserves and the auditor's explicit non-assurance mean the numbers are not independently verified, making it difficult to rely on them for investment decisions. The stock is likely to remain highly speculative and illiquid.