Financial Result for the 31st March 2022
Awaiting price reaction for this filing.
Bharati Defence and Infrastructure Ltd (formerly Bharati Shipyard) filed its unaudited financial results for the quarter and year ended March 31, 2022, along with a large backlog of quarterly results from June 2017 to March 2024, years after the period ended. The company, which underwent IBC liquidation from FY 2019-20 to January 2025 under a Resolution Professional and later a Liquidator, reported a net loss of Rs. 19,275.44 lakhs for FY22, wider than the Rs. 8,161.83 lakhs loss in FY21. Revenue from operations jumped sharply to Rs. 2,077.59 lakhs from Rs. 283.91 lakhs, but this spike was driven entirely by a one-time 'Other Operating Revenue' of Rs. 1,954.71 lakhs in Q4 FY22, while core sale of services actually declined. Shareholders' funds are deeply negative at Rs. (5,26,582.97) lakhs and operating cash flow turned negative at Rs. (198.21) lakhs versus a positive Rs. 1,457.89 lakhs in the prior year. The statutory auditor explicitly disclaimed any review opinion, stating the audit for FY22 was never conducted and that they did not perform a review per prescribed standards due to non-cooperation from the previous management.
The deeply eroded equity base, widening losses, and disclaimer from the new auditor highlight serious going-concern issues, and shareholders should treat these results with extreme caution. However, with liquidation concluded in January 2025 and new management now in control, the filing may represent the company clearing old obligations rather than reflecting ongoing operations.