NRB Industrial Bearings Limited (NIBL) has announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024. The company also disclosed key management changes and ongoing corporate developments.
Key Financial Highlights
Standalone Financial Performance (₹ in Lakhs)
Particulars
Q3 FY25
Q2 FY25
Q3 FY24
9M FY25
9M FY24
FY24 (Audited)
Revenue from Operations
1,685.28
1,636.24
1,797.96
4,763.48
5,446.06
7,311.15
Other Income
55.06
53.60
67.35
115.06
140.90
183.89
Total Income
1,740.34
1,689.84
1,865.31
4,878.50
5,586.95
7,495.04
Total Expenses
2,305.21
2,437.39
2,498.46
6,998.18
7,068.19
10,118.30
Loss Before Tax
(564.87)
(747.55)
(633.15)
(2,119.69)
(1,881.23)
(2,616.79)
Loss After Tax
(564.87)
(747.55)
(633.15)
(2,119.60)
(1,881.23)
(2,616.79)
Comprehensive Income
(572.62)
(755.30)
(640.90)
(2,122.89)
(1,904.48)
(2,759.50)
Consolidated Financial Performance (₹ in Lakhs)
Particulars
Q3 FY25
Q2 FY25
Q3 FY24
9M FY25
9M FY24
FY24 (Audited)
Revenue from Operations
1,685.28
1,636.24
1,797.96
4,763.48
5,446.06
7,311.15
Other Income
55.06
53.60
67.35
115.06
140.50
183.89
Total Income
1,740.34
1,689.84
1,865.31
4,878.54
5,586.96
7,495.08
Total Expenses
2,305.21
2,237.39
2,498.46
6,998.18
7,468.15
10,118.30
Loss Before Tax
(564.87)
(747.55)
(633.15)
(2,119.69)
(1,881.23)
(2,616.79)
Loss After Tax
(564.87)
(747.55)
(633.15)
(2,119.60)
(1,881.23)
(2,616.79)
Loss after Share of Associates
(547.30)
(737.67)
(632.19)
(2,086.87)
(1,871.51)
(2,599.70)
Comprehensive Income
(555.53)
(744.90)
(639.05)
(2,111.56)
(1,892.10)
(2,744.78)
Observations:
The company reported a decline in revenue YoY for both standalone and consolidated results.
Losses widened YoY but improved marginally QoQ.
Comprehensive losses increased, reflecting continued operational challenges.
Corporate Announcements & Developments
Key Management Changes
Vikas Mandalwar has been promoted from General Manager (Accounts) to Chief Financial Officer (CFO) and Senior Management Personnel of the company, effective February 5, 2025. Mr. Mandalwar, a Chartered Accountant with 18 years of experience, has been with NIBL since 2014, managing finance, taxation, and compliance functions.
Mallika Sahney has been promoted from AGM – Strategy to Assistant Vice President – Strategy.
Strategic Updates
The company continues to operate with a net current liability position of ₹4,450.17 lakhs and a negative net worth of ₹5,768.94 lakhs, indicating financial stress.
A family settlement agreement was executed among the promoters of the NRB Group and NIBL Group on January 20, 2025.
As part of this settlement, NIBL entered into an Inter-Company Agreement with NRB Bearings Limited, which includes:
Relinquishing the right to use certain immovable property.
Implementing mutual non-solicitation provisions.
Regulating the rights to use intellectual property.
Subject to shareholder and regulatory approvals.
Legal and Regulatory Developments
A Corporate Insolvency Resolution Process (CIRP) application under Section 7 of the Insolvency and Bankruptcy Code, 2016, has been filed against the company before the NCLT (Mumbai Bench).
The company is reviewing the case and believes the claims are not tenable.
Strategic Outlook
Operational Focus: Management aims to improve profitability through higher sales and cost reductions.
Financial Stability: The promoter director has assured financial support to meet operational and financial obligations.
Legal Clarity: The NCLT case remains a risk, but the company is confident in addressing it.
Conclusion
NRB Industrial Bearings Ltd. faces financial and operational hurdles, but strategic restructuring efforts and promoter-backed financial support provide a potential path for recovery. Investors should closely monitor the company’s financial restructuring, legal developments, and performance improvements in upcoming quarters.
