Binny Limited has announced its unaudited financial results for the quarter ended December 31, 2024, demonstrating strong operational performance despite ongoing regulatory challenges. The Chennai-based real estate company, established in 1799, reported significant improvements across key financial metrics during the third quarter of fiscal year 2025.

Financial Performance Highlights

The company's financial performance showed marked improvement during Q3FY25. Key metrics demonstrate the company's operational strength:

For the nine-month period ended December 31, 2024, Binny Limited reported total revenue from operations of ₹3,986.58 lakhs and a net profit of ₹1,640.48 lakhs. The company's paid-up equity share capital remained stable at ₹1,115.97 lakhs with a face value of ₹5 per share.

Revenue Recognition and Joint Development Agreement

A significant portion of the company's revenue stems from its Second Amended and Reinstated Joint Development Agreement dated August 6, 2025. The revenue recognition of ₹3,986.58 lakhs during the nine-month period relates to this agreement. The settlement was determined by a Special Committee headed by Hon'ble Retired Justice Bhaskar, which appointed independent valuers for comprehensive valuation.

The development project encompasses two phases:

• Phase I: Up to 53.18 lakh sq. ft. of saleable area settled through lump sum payment
• Phase II: Balance saleable area from total 120 lakh sq. ft. developed under area sharing model

Under Phase I, SPR Construction Private Limited will settle ₹30,000 lakhs in addition to ₹62,351.95 lakhs as the company's share, determined through Discounted Cash Flow methodology.

Auditor Qualifications and Regulatory Issues

The independent auditor's review report by Venkatesh & Co. contained several material qualifications that investors should note:

The company has filed insolvency proceedings against RRB Energy Limited before the National Company Law Tribunal, New Delhi, seeking recovery of ₹2,918.05 lakhs plus 24% annual interest, totaling ₹6,061.05 lakhs.

Settlement Scheme Implementation

Binny Limited continues implementing its settlement scheme with Mohan Breweries and Distilleries Limited, approved by shareholders on October 9, 2021. Key developments include:

• Windmill Land: 800 acres of 850 acres sold for ₹31 crores, with 50 acres remaining
• Chengalpet Land: Sale deeds executed for 112.72 acres at ₹22,205.67 lakhs following Securities Appellate Tribunal directions
• Valasaravakkam Land: 12.43 acres valued at ₹26,500 lakhs planned for residential development under Joint Development Agreement

The company maintains that the settlement scheme stands fully implemented, with necessary affidavits filed before the Securities Appellate Tribunal.

Subsidiary Divestment Progress

Binny Limited has partially divested its subsidiary Binny New Re-energy Limited to Shajahan Group for ₹5.50 crores. The buyer has paid ₹3.14 crores, and the company transferred 55% shareholding on May 24, 2024. The remaining 45% shares will transfer upon full payment receipt.

Regulatory Compliance

Pursuant to Regulation 47 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published its unaudited financial results extract in Business Standard (English) and Makkalkural (Tamil) newspapers on March 19, 2026. The Board of Directors approved these unaudited financial results on March 17, 2026, following Audit Committee recommendation.

The company operates exclusively in the real estate business segment according to Indian Accounting Standard 108 on Operating Segments.