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UTILITIES LIMITEDMain BoardEquity2024-04-012025-03-312025-05-292025-05-23INRLakhsQuarterlyFourth quarterMulti segment2025-05-2911:15:002025-05-2913:30:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNANAfalsetrue2025-02-13http://www.bfutilities.com/pdf/Policies%20and%20Terms/Related%20Party%20Transaction%20Policy%2013022025.pdffalsefalseNA2025-01-012025-03-31AuditedStandalone236870009861000335480000038200049830001000166100023892000309190002629000026290002324000-402000192200007070000000707000-1193000-48600018833800050.020.02000.020.02Notes: <BR> <BR> 1 The above standalone financial results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 29 May, 2025. These results have been audited by the statutory auditors of the company. <BR> <BR> 2 Financial results of the Company have been prepared in accordance with the Indian Accounting Standards (IND AS) as prescribed under section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting standard) Rule 2015 (as amended). <BR> <BR> 3 Management review of certain litigations by and against the Company does not warrant recognition of any provision in the books of account as at 31 March, 2025. The Company, shall continue the review in future and if required carry out the necessary accounting adjustments. <BR> <BR> One of the investors of Nandi Economic Corridor Enterprises Limited (NECE), a step-down subsidiary of the Company, has in terms of Shareholders’ Agreement (SHA) dated 24th December 2010, exercised a default put option of its equity shares held in NECE, on the Company, which the Company has denied as wrongful, and has rejected and disputed its invocation. As on the date of approval of these financial statements, the purchase price of such shares of NECE cannot be estimated since invocation of the put option is under dispute. <BR> <BR> 4 The toll operations of one of our Material Subsidiaries viz. Nandi Highway Developers Limited (NHDL) have successfully concluded w.e.f. September 07, 2024, due to end of term of Concession agreement dated February 05, 1998 and Supplementary agreement dated June 21, 2024 between NHDL, Government of India and Government of Karnataka. Considering the future business plans by the management of NHDL and positive net worth of NHDL, the assets in the said subsidiary are considered good. <BR> <BR> 5 The Company has given Rs 3700 Lakhs to NECE, a step-down subsidiary, as Advance towards acquisition of land parcels, which NECE Confirms on quarterly basis during the Audit / Limited Review of Financial Statements / Results. The Company is of the opinion that the advance is good and recoverable. <BR> <BR> 6 Nandi Infrastructure Corridor Enterprise Ltd. (NICE), Nandi Economic Corridor Enterprises Ltd. (NECE) and Nandi Highway Developers Ltd. (NHDL) which are the subsidiaries of the Company, have not yet submitted the audited financial statements for the year ended 31 March, 2025, to the Company. The Company will publish consolidated financial results for the quarter and year ended 31 March, 2025, once the audited financial statements of all the above-mentioned subsidiaries are made available to the Company. <BR> <BR> 7 Figures for the quarter ended 31 March, 2025 and 31 March, 2024 represent the difference between audited figures for the financial year and the limited reviewed figures for the nine months period ended on 31 December, 2024 and 31 December, 2023 respectively. <BR> <BR> <BR> 8 The Company has reclassified previous period’s / year’s figures to conform to current period’s classification. The impact of such reclassification / regrouping is not material to the financial results. <BR> <BR> For BF Utilities Ltd. <BR> <BR> <BR> <BR> B S Mitkari <BR> Whole Time Director <BR> DIN: 03632549 <BR> Pune – 29 May, 2025.2024-04-012025-03-31AuditedStandalone185836000230987000416823000009300023327000130006844000171511000201788000215035000021503500055509000-3060005520300001598320000000159832000164000159996000188338000514545130004.244.24004.244.24Other Expenses23892000Other Expenses17151100025236000000000011087840000017851700012873010001926100037000000017017980004140001621000046710003451080000262740003776740000514700038323500000208503300018833800014545130001642851000164285100000002101010002101010004190000002105200001050000001020000317260003274600018110001395570006410008673000047340000231662000004421820002085033000Wind Mills33545000Infrastructure0Wind Mills224088000Infrastructure192718000335450004168060000033545000416806000Wind Mills4863000Infrastructure-1206000Wind Mills31419000Infrastructure1897660003657000221185000100013000102700061370002629000215035000Wind Mills670805000Infrastructure1406410000207721500078180002085033000Wind Mills331476000Infrastructure0331476000570600033718200009300000-6420000-1736500000022280000-1060000068440000-69000074000000000000-50000000-17118200043853000-1877340000-38111000547970000-23678900000000000058500000000000000000000187734000303920000319910002495320000000000002500000000000-25000000-122570000-12257000169280004671000Gain /(loss) on remeasurement of defined benefit plan-1560000Gain /(loss) on fair valuation of financial instruments-396000-1956000Gain /(loss) on remeasurement of defined benefit plan-1369000Gain /(loss) on fair valuation of financial instruments1014000-355000-763000-51900000-1193000164000BF UTILITIES LIMITED******Bharat Forge Limited******Enterprise under Common controlSale of goods or services500000000Approved4543900000BF UTILITIES LIMITED******Bharat Forge Limited******Enterprise under Common controlAny other transactionRembursement of Expenses200000000Approved3676900000Nandi Economic Corridore Enterprises Limited******Mr. Shivkumar Kheny******KMP subsidiaryAny other transactionIncludes Rent and Remunerations10000000Approved119700000Nandi Infrastructure Corridore Enterprises Limited******Nandi Engineering Limited******Enterprise under Common controlInterest paid50000000Approved2560200000Nandi Economic Corridore Enterprises Limited******India International Infrastructure Engineers Limited******Enterprise under Common controlAny other transactionProfessional Fees50000000Approved1062000000BF UTILITIES LIMITED******Mr. B. S. Mitkari******KMPRemuneration30000000Approved6299000-2400000Nandi Highway Developers Limited******Mr. N. Bala Krishna******Key management personnel of entity or parentRemuneration30000000Approved63000000Nandi Highway Developers Limited******Mr. Shivkumar Kheny******KMP subsidiaryRemuneration30000000Approved1922000000Nandi Economic Corridore Enterprises Limited******Mr. Ashokkumar Kheny******KMP subsidiaryRemuneration100000000Approved2402400000Nandi Economic Corridore Enterprises Limited******Mr. Ashokkumar Shetty******KMP subsidiaryRemuneration20000000Approved1042500000Nandi Economic Corridore Enterprises Limited******Mr. N. Balaji Naidu******KMP subsidiaryRemuneration10000000Approved463000000BF UTILITIES LIMITED******Mr. Babasaheb N. Kalyani******Non Executive, Non- Independent Director, PromoterAny other transactionSitting Fees1000000Approved9000000BF UTILITIES LIMITED******Mr. Amit B. Kalyani******Non Executive, Non- Independent Director, Promoter GroupAny other transactionSitting Fees1000000Approved7500000BF UTILITIES LIMITED******Mr. S. K. Adivarekar******Independent DirectorAny other transactionSitting Fees1000000Approved6000000BF UTILITIES LIMITED******Ms. Aarti A. Sathe******Independent DirectorAny other transactionSitting Fees1000000Approved9000000BF UTILITIES LIMITED******Mr. J. K. Hemade******Independent DirectorAny other transactionSitting Fees1000000Approved7500000Nandi Highway Developers Limited******Mr. Ashokkumar Kheny******DirectorAny other transactionSitting Fees & Commission15000000Approved10500000Nandi Highway Developers Limited******Mr. A. B. Shiv Subramanayam******Independent Director of subsidiaryAny other transactionSitting Fees & Commission10000000Approved10500000BF UTILITIES LIMITED******BF Investment Limited******Enterprise under Common controlLoan10000000Approved25000000-130000000-105000000Loan00Unsecuredworking capitalLoan repaidBF UTILITIES LIMITED******Bharat Forge Limited******Enterprise under Common controlAny other transactionSecurity Deposit10000000Approved0-200000000-200000000Nandi Infrastructure Corridore Enterprises Limited******Nandi Engineering Limited******Enterprise under Common controlAny other transactionCumulative Redeemable Preference Shares30000000Approved0-404900000-430500000Nandi Infrastructure Corridore Enterprises Limited******Nandi Engineering Limited******Enterprise under Common controlAny other transactionAdvance Given30000000Approved0245700000245700000Advance00Unsecuredworking capitalNandi Economic Corridore Enterprises Limited******BF Investment Limited******Enterprise under Common controlLoan20000000Approved0-600680000-634770000Loan00Unsecuredworking capitalNandi Infrastructure Corridore Enterprises Limited******BF Investment Limited******Enterprise under Common controlLoan20000000Approved0-30000000-30000000Loan00Unsecuredworking capitalNandi Highway Developers Limited******AKK Entertainment Limited******Enterprise under Common controlAny other transactionPurchase of Preference Shares50000000Approved09853000098530000Nandi Highway Developers Limited******Ashok Kheny Infrastructure Limited******Enterprise under Common controlAny other transactionPurchase of Preference Shares30000000Approved01421400014214000Nandi Economic Corridor Enterprises Ltd.******Nandi Engineeing Ltd.******Enterprise under Common controlLoan50000000Approved0-1163527000-1163527000Loan00Unsecuredworking capitalNandi Economic Corridor Enterprises Ltd.******India International Infrastructure Engineers Limited******Enterprise under Common controlAny other transactionAdvance15000000Approved109500070000008095000Advance00Unsecuredworking capitalNandi Highway Developers Limited******Karanja Project Management Consultancy LLP******Owned by KMP of subsidiaryAdvance10000000Approved029020002902000Advance00Unsecuredworking capitalNandi Highway Developers Limited******JAYPATRI INVESTMENTS PVT LTD******Enterprise under Common controlAny other transactionAdvance to supplier50000000Approved03037600030376000Nandi Highway Developers Limited******Nandi Infrastructure Capital Co. Ltd.******Enterprise under Common controlAny other transactionAdvance to supplier10000000Approved0-676000-676000211550000AuditedQualified opinion G. D. Apte and Co.true2026-11-30416823000461823000201788000571788000159832000-210680004.24-5.58208503300017150330004421882000442188200016428510001272851000The interest free advance of Rs. 3,700 lacs given by the Company to its step-down subsidiary viz. Nandi Economic Corridor Enterprises Ltd (NECE), for acquisition of land parcels is outstanding for more than fourteen years. In view of substantial delay in identification and allotment of the land parcels, we are unable to ascertain the nature and present status of utilisation of the advance by NECE. Further, the Company has not recognised provision for impairment in its financial statements in accordance with Ind AS 36, Impairment of Assets. <br></br> Qualified opinionWhether appeared first timeThe Company has given Rs 3700 Lakhs to NECE, a step-down subsidiary, as Advance towards acquisition of land parcels, which NECE Confirms on quarterly basis during the Audit / Limited Review of Financial Statements / Results. The Company is of the opinion that the advance is good and recoverable. <br></br> NANARefer Qualified Opinion above <br></br> B. S. MitkariB. S. MitkariS. K. AdivarekarAnagha M. NanivadekarPune2025-05-29