Financial Result for 31st December 2022
Awaiting price reaction for this filing.
Bharati Defence and Infrastructure Ltd has filed its unaudited financial results for the quarter ended 31 December 2022, nearly three years late, as part of clearing backlogs following its emergence from liquidation. The company went through CIRP from FY16 to FY20 and then liquidation until January 2025, after which new management took control. For Q3 FY23, the company reported a net profit of Rs. 4,888.02 lakhs on total income of Rs. 5,771.72 lakhs, with the bulk of revenue coming from an unusual 'Other Operating Revenue' of Rs. 5,277.50 lakhs compared to only Rs. 21.14 lakhs in the previous quarter. For the nine months ended December 2022, the company swung to a profit of Rs. 2,469.43 lakhs from a loss of Rs. 3,623.80 lakhs in the prior year period. However, reserves stand at a deeply negative Rs. 5,31,963 lakhs. Critically, the statutory audit for FY23 was never conducted, and the limited review report explicitly states the auditors did not perform the review per ICAI standards and provide no assurance on accuracy or completeness.
These results carry very low reliability — the auditor disclaimers any assurance and notes the statutory audit was never done due to missing records and non-cooperation. The headline profit is driven by a one-off-looking spike in 'Other Operating Revenue' rather than core operations. Shareholders should treat these numbers with extreme caution as the company is essentially rebuilding from liquidation with massive negative reserves.