The Company has declared it''s financials in pursuance of implementation of Resolution Plan as approved by NCLT.
Awaiting price reaction for this filing.
BKM Industries has finally filed its financial results for the quarter ended 30 June 2023, nearly three years late, as part of completing compliance steps under its NCLT-approved Resolution Plan after exiting the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code. The company reported zero revenue from operations and only Rs. 3 lakhs of other income, with total expenses of Rs. 29 lakhs, resulting in a net loss of Rs. 26 lakhs (EPS of Rs. -0.04) for the quarter. Manufacturing activities were not operational during the period. Total assets stood at Rs. 17,873 lakhs, but the balance sheet shows serious stress: current borrowings of Rs. 12,411 lakhs against total equity of just Rs. 1,177 lakhs, meaning debt is over 11 times equity. Operating cash flow was negative at Rs. -26 lakhs for the quarter. Results were recasted based on bank statements and information provided by the Resolution Professional, with only a limited review carried out by statutory auditors.
For shareholders, this is a high-risk situation. The company has emerged from insolvency but has no operating revenue, is heavily indebted, and continues to report losses, raising serious going-concern doubts. Recovery depends entirely on the successful implementation of the Resolution Plan; investors should expect continued volatility and treat the stock with extreme caution until operations actually restart.