Outcome of Monitoring Committee meeting held on 29.05.2025, for approval of 2nd Quarter and half year ended 30.09.2019 unaudited Standalone & consolidated Financial Results with limited ....
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Birla Cotsyn's Monitoring Committee, on May 29, 2025, approved a backlog of quarterly and annual financial results spanning FY2018-19 through FY2024-25, with this disclosure specifically covering the unaudited standalone and consolidated results for Q2 and half-year ended September 30, 2019. The company, which has been under liquidation since September 2019 (after CIRP commenced in November 2018), reported zero revenue from operations for the September 2019 quarter and just Rs 581.55 lakhs for the half-year (down sharply from Rs 2,716.79 lakhs a year earlier). It posted a standalone loss of Rs 9,883.41 lakhs for the half-year, driven largely by Rs 9,236 lakhs in finance costs. Reserves are deeply negative at about Rs (55,496) lakhs consolidated, and the company plans to file an interlocutory application before NCLT against demands raised by MIDC, NSDL, CDSL and BSE for the CIRP/liquidation period. The committee also approved infusion of Rs 3 crore working capital under the composite scheme already cleared by NCLT.
Backlog approval of these stale results is procedural but highlights the financial devastation — revenue has collapsed, the company is loss-making with negative net worth, and operating cash flows are negative. For shareholders, the only positive is that an NCLT-approved revival scheme and a small Rs 3 crore working capital infusion provide a sliver of hope for restarting operations, though meaningful recovery remains highly uncertain.