Financial Result for 30th September 2020
Awaiting price reaction for this filing.
Bharati Defence and Infrastructure Ltd has filed long-pending unaudited financial results for the quarter and half year ended September 30, 2020 (Q2/H1 FY21), bundled with backdated results from June 2017 through March 2024. The company had gone through the Corporate Insolvency Resolution Process (CIRP) and was under liquidation under the IBC, which was formally concluded in January 2025, after which new management assumed control. Revenue from operations for H1 FY21 was just Rs. 129.01 lakhs with a loss of Rs. (2,260.95) lakhs; full-year FY20 revenue was Rs. 263.39 lakhs against a loss of Rs. (6,281.25) lakhs. The balance sheet is deeply distressed, with negative shareholders' equity of about Rs. (5,01,406.60) lakhs and total liabilities far exceeding assets. The statutory auditor (AK Kocchar & Associates) explicitly stated that the review was NOT conducted in accordance with the Standards on Review Engagements and that no review-based assurance could be obtained, and noted that the statutory audit for FY21 was never carried out.
This is a high-risk disclosure: years of filings have been bunched together after a liquidation event, and shareholders face massive accumulated losses, deeply negative equity, and a non-standard auditor review that offers no assurance on the numbers. The new management is essentially restarting disclosures, so expect significant volatility, possible trading restrictions, and queries from exchanges rather than a clear fundamental picture.