Financial Result for the 31st March, 2024
Awaiting price reaction for this filing.
Bharati Defence and Infrastructure Ltd (formerly Bharati Shipyard) filed its unaudited results for FY24 showing a massive net loss of ₹2,52,210 lakhs, compared to a loss of ₹36,209 lakhs in FY23. Revenue from operations fell to ₹17,593 lakhs from ₹18,645 lakhs. The results are burdened by huge exceptional write-offs: closing stock written off ₹2,09,644 lakhs, fixed assets written off ₹28,994 lakhs, and loss on sale of work-in-progress ₹8,846 lakhs. The statutory audit for FY24 was never conducted because the company was under liquidation under the IBC, with the Resolution Professional facing non-cooperation from the previous promoters and management. The new auditors (AK Kocchar & Associates) have explicitly disclaimed any review or audit opinion, stating they did not perform the review as required under standard review procedures. Liquidation was completed in early 2025, and a new management team led by Sandeep Agarwal has taken control.
Shareholders face extreme distress — reserves are deeply negative at around ₹(8,05,000) lakhs, the company is effectively restarting after liquidation, and the auditor has given no opinion on these numbers. The stock carries very high risk; the filing mainly clears historical regulatory backlogs rather than reflecting any operational recovery.