Financial Result for 31st March 2018
Awaiting price reaction for this filing.
Bharati Defence and Infrastructure Ltd (formerly Bharati Shipyard) filed long-pending unaudited financial results for Q2 FY2019 (quarter ended December 31, 2018) and nine months ended December 31, 2018, along with results for the period June 2017 to March 2024. The company reported a net loss of Rs. 2,042.38 lakhs for Q2 FY2019 and Rs. 4,440.06 lakhs for 9M FY2019, with total revenue from operations of just Rs. 58.86 lakhs in the quarter. The full-year FY2018 net loss was Rs. 10,650.79 lakhs with EPS of (Rs. 377.34). The company went through Corporate Insolvency Resolution Process (CIRP) and then liquidation from FY 2019-20 to 2024, which concluded in January 2025 with new management taking control. The new auditor, AK Kocchar & Associates (appointed January 23, 2025), explicitly stated it did NOT conduct the review per ICAI standards and noted the statutory audit for FY2018-19 was never carried out, flagging that the results may not comply with applicable accounting standards and could contain material misstatements.
This is a deeply negative filing — massive accumulated losses, essentially zero revenue, negative reserves of over Rs. 8,050 crore, and an auditor who has essentially disclaimed the reliability of the numbers. The company only recently emerged from liquidation under new management, so shareholders should view this as a back-door relisting scenario with significant uncertainty about historical financials and the company's viability going forward.