Result for the quarter ended December 31, 2023
Awaiting price reaction for this filing.
Talwalkars Better Value Fitness Ltd has filed its Q3 FY24 results (December 2023 quarter) with a severe qualification from its auditor. The company underwent Corporate Insolvency Resolution Process (CIRP) from January 2021 and Liquidation proceedings from April 2022, during which operational activities were suspended. The current management acquired the company in November 2024 but did not have access to complete books of accounts, vouchers, or servers for the historical period. As a result, the financial statements have been reconstructed on a best-effort basis. Revenue from operations was zero for all periods due to suspended operations. The company reported a net loss of Rs 827 lakhs for Q3 FY24 (only depreciation expenses of Rs 827 lakhs). The auditor issued a disclaimer of conclusion, unable to verify or confirm any financial balances due to complete non-availability of primary books. Additionally, pursuant to NCLT Order dated February 26, 2026, all pre-transfer liabilities were extinguished and existing equity share capital stands cancelled.
This is a highly distressed filing with no operational revenue and a disclaimer audit opinion. The company has been revived through insolvency proceedings, but the historical financials carry no reliability. Shareholders from the pre-acquisition period have lost their equity as it was cancelled. New investors should await Q4 FY24 or FY25 results under the new management for meaningful financial data.