Financial Result for the 30th September, 2023
Awaiting price reaction for this filing.
Bharati Defence and Infrastructure Ltd has filed its long-pending financial results for Q2 and H1 FY24 (period ended September 30, 2023), nearly two years late, following the completion of its IBC liquidation process in January 2025. Revenue from operations for the quarter was nil, with only Rs 17.17 lakhs of other income, and the company posted a net loss of Rs 2,195.71 lakhs for the quarter (EPS of Rs -4.37). The half-year results show Rs 14,746.38 lakhs profit driven by a Rs 17,593.44 lakhs one-time other operating revenue entry. The balance sheet reveals severely negative shareholders' funds of Rs 5,58,040.55 lakhs against total assets of Rs 6,43,125.08 lakhs, with current liabilities of Rs 12,00,860.10 lakhs. Operating cash flow for H1 FY24 was negative at Rs 9,178.97 lakhs. The auditor explicitly states the review was not conducted in accordance with SRE 2410, and notes that the statutory audit for FY 2023-24 was never carried out due to insufficient documentation during the IBC/liquidation period.
This is a deeply distressed filing showing a company emerging from insolvency with wiped-out equity, nil operational revenue, and an auditor who has disclaimed performing a proper review. Existing shareholders face extreme dilution risk and effectively worthless equity, while the stock remains highly speculative until the new management demonstrates actual business revival.