Outcome of Monitoring committee Meeting held on 29.05.2025, for approval of 2nd Quarter and Half Year Ended 30.09.2022 Unaudited Standalone & Consolidated Financial Results with Limited Review Report.
Awaiting price reaction for this filing.
Birla Cotsyn's Monitoring Committee approved unaudited standalone and consolidated financial results for Q2 and half-year ended September 30, 2022, along with a backlog of results stretching back to FY 2018-19. For the reporting period, the company had zero revenue from operations, with only Rs. 83.56 lakh of other income per quarter, leading to a standalone loss of Rs. 124.49 lakh in Q2 and Rs. 242.05 lakh in H1 FY23. Standalone net worth is deeply negative at Rs. -38,403 lakh, and operating cash flow is negative. The committee also approved Rs. 3 crore of working capital infusion, took note of NCLT's January 2025 approval of a Composite Scheme of Compromise and Arrangement, and resolved to challenge demands from MIDC, NSDL, CDSL, and BSE for the CIRP/liquidation period by filing an application at NCLT.
The key positive is the NCLT-approved revival scheme that allows financials to be drawn up on a going-concern basis and enables a Rs. 3 crore working capital infusion. However, shareholders should note the company has been effectively non-operational (zero revenue), has massively negative net worth, and faces ongoing disputes with regulators, so any recovery depends entirely on the acquirer restarting the business under the approved scheme.