JBF Industries (514034) Q4 23/24 earnings summary

Executive summary

• FY24 revenue fell to ₹1.94 crore from ₹1,097.17 crore as manufacturing remained discontinued following the sale of secured assets; reported net loss was ₹10.64 crore.

• CIRP began on 25 Jan 2024; management of affairs transferred to the Resolution Professional and Board powers were suspended.

• Auditors highlighted material going-concern uncertainty, significant interest under-provision and unresolved legal claims; net worth was negative at ₹2,847.49 crore.

Financial highlights

• Revenue from operations ₹1.94 crore vs ₹1,097.17 crore YoY; other income ₹0.01 crore vs ₹12.35 crore.

• Reported loss before exceptional items and tax ₹4.83 crore; exceptional provision ₹2.37 crore; loss after tax ₹10.64 crore vs ₹1,853.46 crore in FY23.

• Reported finance cost was ₹0.09 crore vs ₹235.18 crore in FY23; FY24 interest was provided at Nil despite documented borrowing rates.

• Reported EPS was negative ₹1.30 vs negative ₹226.39 in FY23; if documented-rate interest had been recorded, FY24 loss after tax would have been ₹354.54 crore and EPS negative ₹43.30.

Outlook and guidance

• CIRP outcome and NCLT decisions are binding on stakeholders; future operations depend on the resolution process.

• No manufacturing operations are in place, with all locations discontinued from 1 Dec 2022 after secured assets were sold.