BSEBharati Defence and Infrastructure LtdHighNeutral
Announced Tue, 23 Sept, 2025 · 18:00 IST

Financial Result for 31st December 2020

Going ConcernQualified OpinionEmphasis Of MatterRevenue DeclinePat NegativeResults RestatedResults View source PDFExplain this filing
Price reaction

Awaiting price reaction for this filing.

AI summary

Bharati Defence and Infrastructure Ltd (formerly Bharati Shipyard) filed unaudited results for Q3 FY21 (Dec 2020) and nine-month period on August 14, 2025 — a delay of nearly 4.5 years. The company underwent Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation (FY 2019-20 to 2024), with the liquidation order issued in January 2025 and new management taking control thereafter. The statutory audit for FY 2020-21 was never conducted due to incomplete and inconsistent financial records. The newly appointed auditor (AK Kocchar & Associates, effective January 23, 2025) explicitly disclaimed that the review was not performed in accordance with ICAI Standards. For Q3 FY21, the company reported a net loss of Rs. 1,276.21 lakhs on revenue of Rs. 74.50 lakhs (down from Rs. 90.49 lakhs in the previous quarter). Nine-month losses stood at Rs. 3,537.16 lakhs. Reserves were deeply negative at Rs. (5,04,525.78) lakhs as of March 2020, reflecting legacy insolvency-era liabilities.

Likely market impact

This is a post-liquidation compliance catch-up filing rather than actionable financial information. The auditor's disclaimer, absence of statutory audit, and massive negative reserves signal serious going-concern and historical governance issues. Shareholders should treat these numbers as historical record-keeping rather than a basis for current valuation.