Revised outcome of the Meeting of the Board of Directors held on June 17, 2025
Awaiting price reaction for this filing.
Ballarpur Industries (BILT) submitted a revised board outcome correcting a clerical error, clarifying that audited results pertain to FY ended March 31, 2024 (not 2025). The company is filing long-pending consolidated results for Q1, Q2, Q3 and full year FY24 (June 2023 to March 2024), delayed because the company was under NCLT insolvency proceedings until March 2023 when Finquest Financial Solutions acquired it. For Q1 FY24, the company reported total income of ₹3,415 lakhs against a net loss of ₹564 lakhs (EPS of -₹11.22). The auditor (Batliboi & Purohit, newly appointed in September 2024) issued a Disclaimer of Conclusion on these results citing 10 qualifications including unverifiable store valuations, missing bank reconciliations, unsigned subsidiary accounts, MSME vendor compliance gaps, and inability to confirm going concern of subsidiaries. The auditor explicitly flagged a 'Material Uncertainty relating to Going Concern.' The company raised funds via NCDs (₹326.25 crore listed at 7% coupon, plus unlisted NCDs at 9% IRR) post the resolution plan and reduced share capital from ₹25,871 lakhs to ₹5,500 lakhs as part of restructuring.
This is a catch-up filing of severely delayed results with a disclaimer of opinion from auditors, signalling serious governance and financial reporting concerns at BILT. Shareholders should note the going concern uncertainty, continued losses, and the fact that these results are being filed more than a year late due to the company's troubled history under IBC — making the stock high-risk despite the post-resolution restructuring.