BF Utilities Limited posts Q2 results; Profit/Loss reported alongside limited review findings

BF Utilities Limited posts Q2 results; Profit/Loss reported alongside limited review findings​

BF Utilities Limited has disclosed its Unaudited Standalone Financial Results for the quarter ended June 30, 2026. The company's Board of Directors reviewed and approved these results, which were subjected to a limited review by Statutory Auditors G. D. Apte & Co., Chartered Accountants.

The company recorded a total revenue of 659.63 Rs. in Lakhs for the quarter. Total expenses amounted to 1,160.55 Rs. in Lakhs. The results showed a profit/loss before tax and exceptional items of (500.92) Rs. in Lakhs. Following a marginal tax expense of 2.06 Rs. in Lakhs, the company registered a net loss for the period amounting to (502.98) Rs. in Lakhs.

The financial performance details for the quarter ended June 30, 2026, are summarized below:

Segment Performance and Financial Position​

Segment-wise results highlight that the Wind Mills segment generated 659.55 Rs. in Lakhs in revenue, recording a profit/loss before tax and interest of (580.87) Rs. in Lakhs. The company's total net revenue across all segments amounted to 659.55 Rs. in Lakhs for the quarter.

Financial metrics show that BF Utilities Limited maintains equity capital of 1,883.38 Rs. in Lakhs. Management noted that a subsidiary, Nandi Highway Developers Limited (NHDL), successfully concluded its toll operations effective September 07, 2024. The company reported having provided an advance of 3,700 Lakhs to NECE, a step-down subsidiary, for the acquisition of land parcels, which is considered good and recoverable.

Auditor Review Highlights​

The Independent Auditor's review report included qualifications regarding certain matters concerning the company’s financial stability and operational risks.

Key concerns noted by the auditors include:

• Litigation Risk: A notice of arbitration has been filed before the Singapore International Arbitration Centre (SIAC) by Claimants—including AIRRO Mauritius Holdings V, an investor in Nandi Economic Corridor Enterprises Ltd. (NECE)—against Sponsors and Promoters concerning alleged breaches of SHA. The Claimants sought damages equal to investment of Rs. 500 Crore along with 18% IRR thereon from the date of investment, alongside a claim for INR 70.90 Crores related to shares acquired by AIRRO Mauritius Holdings V.
• Advance Impairment: An interest-free advance of Rs. 3,700 Lakhs provided to NECE for land acquisition is outstanding for more than fifteen years, and due to the substantial delay in identifying and allotting the land parcels, the auditors are unable to ascertain the nature or present status of the utilization of this advance.
• Subsidiary Status: The audit noted that the toll operations of NHDL concluded, rendering it unable to determine if an impairment provision was necessary regarding the company’s investment in equity shares of NHDL, given that there is no operating revenue post-completion of tenure.

The management stated that based on legal advice, these ongoing litigations do not warrant recognition of any provision in the books of account as at June 30, 2026, although the company will continue to monitor the situation and carry out necessary accounting adjustments if advised.

BFUTILITIE Stock Price Movement​

BF Utilities Limited sheds value as of 1:40 PM, with shares sliding to ₹527.3 after dropping 5.89% in live trading. The equity has seen robust market activity, logging a volume of 287,401 shares during this period.