Financial Result for 30th September 2017
Awaiting price reaction for this filing.
Bharati Defence and Infrastructure Ltd has finally filed its unaudited financial results for Q2 FY2017 (quarter ended September 30, 2017) and H1 FY2017, roughly 8 years late, after completing its IBC liquidation process in January 2025. For Q2 FY2017, revenue from operations collapsed to Rs 68.10 lakhs from Rs 192.65 lakhs in the same quarter the previous year, and the company reported a loss of Rs 2,390.72 lakhs (EPS of Rs -4.75). For the full FY2017 (year ended March 2017), the company posted a staggering loss of Rs 1,77,700.71 lakhs after massive exceptional write-offs including Rs 15,137.68 lakhs for work-in-progress, Rs 13,331.56 lakhs impairment of fixed assets, Rs 7,159.65 lakhs provision for doubtful debts, and others. Shareholders' funds were deeply negative at Rs -4,80,402.93 lakhs and operating cash flow was negative at Rs -2,025.68 lakhs. The newly appointed statutory auditors (AK Kocchar & Associates, appointed January 2025) explicitly disclaimed any review opinion, stating the results were not prepared in accordance with applicable accounting standards and may contain material misstatements.
This is an extremely delayed and highly negative filing. Shareholders should note the company was insolvent with completely eroded equity, had to undergo liquidation, and the auditors refused to give any clean comfort on these numbers. The stock carries extreme risk and these results should not be relied upon for investment decisions.