Financial Result for the 30th June, 2023
Awaiting price reaction for this filing.
Bharati Defence and Infrastructure Ltd filed its unaudited financial results for Q1 FY24 (quarter ended June 30, 2023), along with restated results spanning Q2 FY18 through Q4 FY24, on August 14, 2025 — a delayed filing. The company went through the Corporate Insolvency Resolution Process (CIRP) and subsequently liquidation from FY20 to 2024, which was formally concluded in January 2025, after which new management took control. For Q1 FY24, the company reported revenue of Rs. 17,593.44 lakhs (almost entirely from 'Other Operating Revenue' with zero revenue from ship or rig manufacturing) and a net profit of Rs. 16,942.08 lakhs. In contrast, the full-year results show massive losses: FY23 net loss of Rs. 36,209.26 lakhs and FY24 net loss of Rs. 38,678.69 lakhs, driven by exceptional items like a Rs. 27,265.99 lakh closing stock write-off and Rs. 7,329.12 lakh loss on sale of fixed assets. Reserves are deeply negative at Rs. (5,78,167.05) lakhs, and basic EPS for FY24 was Rs. (76.90). The statutory auditors explicitly stated they did not conduct the review in accordance with ICAI standards due to incomplete and inconsistent financial records, and statutory audit for FY24 was never carried out.
The stock remains highly risky for investors — the company emerged from liquidation with deeply negative reserves, no completed statutory audit, and financials based on unaudited, inconsistently maintained records. The auditors disclaim review-based assurance, meaning the reported numbers carry low reliability. Shareholders should treat the dramatic Q1 FY24 profit as questionable given the absence of audited backing and the one-time nature of the revenue.