Financial results declared in pursuance for implementation of Resolution plan as approved by NCLT
Awaiting price reaction for this filing.
BKM Industries (formerly Manaksia Industries) has finally filed its Q3 FY23 results more than three years late, as the company was under Corporate Insolvency Resolution Process (CIRP) with management vested in the Resolution Professional. The company reported zero revenue from operations for the quarter and nine months ended December 2022, as manufacturing activities were not operational. It posted a standalone loss of Rs. 54 lakhs for the quarter and Rs. 837 lakhs for the nine-month period, compared to a full-year FY22 loss of Rs. 1,492 lakhs. Total borrowings stand at Rs. 13,182 lakhs against equity of just Rs. 1,250 lakhs, and operating cash flow remained negative at Rs. 72 lakhs for the quarter. The results have been limited-review audited, and figures were recast using bank statements and previous auditor data per CIRP requirements.
This is essentially a backward-looking regulatory filing tied to a concluded insolvency process — it does not reflect current business performance, as the company had no operations during the reported period. Existing shareholders should be cautious: the stock remains in a highly distressed state with zero revenue, deep losses, and an extreme debt-to-equity position, and the meaningful impact will depend on the revival plan under the NCLT-approved resolution framework.