Financial Result for the 31st March, 2023
Awaiting price reaction for this filing.
Bharati Defence and Infrastructure Ltd (formerly Bharati Shipyard) has submitted its unaudited financial results for FY23, more than two years after the year-end, following the conclusion of its liquidation process in January 2025. The company went through CIRP and then liquidation under IBC from FY20 to Jan 2025, with the new management now in control. Revenue from operations jumped to ₹186.45 crore (FY23) from ₹20.78 crore (FY22), but almost entirely due to 'Other Operating Income,' while core sale of services fell to ₹50.51 lakh from ₹122.88 lakh. The company reported a net loss of ₹362.09 crore (FY23) versus ₹192.75 crore (FY22), worsened by massive exceptional items totaling ₹386.99 crore, including stock write-offs of ₹272.66 crore and loss on fixed asset sales. Reserves are deeply negative at approximately ₹5,780 crore against equity share capital of ₹50.30 crore.
The auditor explicitly disclaimed any review or audit opinion, citing incomplete financial records from the IBC period and lack of procedures performed — a serious red flag for shareholders. With deeply negative net worth, a history of liquidation, and qualified auditor disclaimers, the stock remains highly speculative and risky despite the change in management.