JBF Industries Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), has announced its audited financial results for the quarter and year ended March 31, 2025.

Key financial highlights for Q4 FY25 and FY25 (all figures in lakh, unless otherwise specified):

• Total income from operations for both the quarter and year ended March 31, 2025, was ₹0.
• The company reported a loss of ₹14 lakh for the quarter ended March 31, 2025, with an Earnings Per Share (EPS) of ₹0.02.
• For the full year ended March 31, 2025, the loss after tax was ₹527 lakh, resulting in a negative EPS of ₹(0.84).

Significant developments and auditor observations:

• The company was admitted into CIRP by the Hon'ble NCLT on January 25, 2024.
• Auditors have consistently highlighted a significant and material impact on the company's 'going concern' status due to its inability to sustain itself and generate revenues to meet financial commitments.
• JBF Industries has not provided interest at documented rates on its term loans, cash credit limits, and Cumulative Redeemable Preference Shares (CRPS) since April 17, 2023, aggregating to ₹2,47,379 lakh (Term Loan ₹64,121 lakh, Cash Credit ₹1,71,862 lakh, and CRPS ₹11,396 lakh). The aggregate unprovided interest as of March 31, 2025, amounts to ₹1,56,150 lakh.
• Manufacturing operations from all locations have been discontinued, and secured assets have been repossessed by lenders.
• The company issued a corporate guarantee of USD 463.58 million (equivalent to ₹3,77,581 lakh) to lenders of JBF Petrochemicals Limited (JPL), a step-down subsidiary. One lender invoked a guarantee of USD 252.00 million (equivalent to ₹1,85,155 lakh). The company disputes this invocation, citing the guarantee's validity up to one year from March 31, 2017. Multiple legal proceedings are ongoing, including before DRT Mumbai, DRAT, Gujarat High Court, and NCLT.
• Due to financial restructuring and non-receipt of audited financial statements from subsidiaries, the company has not prepared consolidated financial statements.
• There is no Chief Executive Officer (CEO), Chief Financial Officer (CFO), or Company Secretary (CS) & Compliance Officer for the company.
• An application by an operational creditor against JBF RAK LLC (UAE) for a claim of ₹12,848 lakh (USD 19,809,091.53) was dismissed by NCLT but contested by the creditor, and the matter is subjudice. The claim was also rejected by the Resolution Professional.
• Resolution plans have been received, but voting on them has been stayed by the Hon'ble NCLAT.