Updated Unaudited Financial Results (Standalone) for quarter and half year ended September 30, 2024 post attaching Statement of Asset and Liabilities & Cash Flow Statements
Awaiting price reaction for this filing.
Bheema Cements has refiled its Q2 FY25 (quarter ended September 30, 2024) unaudited results to include the Balance Sheet and Cash Flow Statement that were accidentally left out of the earlier February 2025 PDF submission; the underlying numbers are unchanged. The company reported virtually no operating revenue (just ₹0.96 lakh for H1 FY25) against total expenses of ₹1,483 lakhs, resulting in a net loss of ₹1,636 lakhs and an EPS of ₹(5.02). The auditor issued a qualified conclusion, flagging that the company has not repaid financial creditors (Union Bank of India, JM Financial ARC) as per NCLAT orders, and stated that these conditions create a material uncertainty about the company's ability to continue as a going concern. Additionally, the company has not paid annual listing fees and SEBI has suspended trading in the stock for penal reasons.
This is a deeply concerning filing for shareholders: the company is loss-making with near-zero revenue, carries extremely high leverage (current borrowings of ~₹19,992 lakhs against total equity of ~₹2,663 lakhs), and carries an explicit going-concern warning from auditors while its shares are already suspended from trading, leaving shareholders with very limited liquidity and meaningful solvency risk.