Binny Limited, the Chennai-based real estate company established in 1799, has completed the mandatory newspaper publication of its unaudited financial results for the quarter ended September 30, 2024. The company published the results extract in Business Standard (English) and Makkalkural (Tamil) newspapers on March 6, 2026, in compliance with Regulation 47 of SEBI Listing Regulations.

Financial Performance Overview

The company's financial performance for the half-year period showed mixed results compared to the previous year:

For the quarter ended September 30, 2024, the company reported a net profit of ₹244.01 lakhs with revenue from operations of ₹836.99 lakhs. The quarterly performance showed earnings per share of ₹1.09 on a face value of ₹5 per share.

Regulatory Compliance and Publication

Pursuant to Regulation 47 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Binny Limited submitted the newspaper publication copies to BSE Limited on March 6, 2026. The company's scrip code is 514215, and it maintains its registered office at No.1, Cooks Road, Perambur, Chennai - 600 012.

Revenue Recognition and Joint Development Agreement

The revenue from operations for the period consists primarily of amounts recognized under the Second Amended and Reinstated Joint Development Agreement dated August 6, 2025, totaling ₹2,784.09 lakhs during the quarter and half-year ended September 30, 2024. This settlement was facilitated through a Special Committee headed by Hon'ble Retired Justice Bhaskar, which appointed independent valuers for comprehensive valuation.

The agreement structure includes:

• 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 development, SPR Construction Pvt Ltd will settle ₹30,000 lakhs in addition to ₹62,351.95 lakhs as the company's share, determined through Discounted Cash Flow (DCF) valuation methodology.

Balance Sheet Position

The company's balance sheet as of September 30, 2024, reflects a strong asset base:

Settlement Scheme Implementation

The company continues implementing its settlement scheme with Mohan Breweries and Distilleries Limited (MBDL), approved by public shareholders on October 9, 2021. Key developments include:

• Windmill Land: Out of 850 acres, 800 acres sold for ₹31 crores with balance 50 acres under sale
• Chengalpet Land: Sale deeds executed for entire 112.72 acres for ₹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 model

Legal Proceedings and Recovery Actions

Binny Limited has initiated insolvency proceedings under the Insolvency and Bankruptcy Code against RRB Energy Limited for recovery of ₹2,918.05 lakhs plus 24% annual interest, totaling ₹6,061.05 lakhs. The National Company Law Tribunal (NCLT), New Delhi, admitted the application with the next hearing scheduled for March 27, 2026.

Auditor Qualifications

The independent auditor's review report contains qualified conclusions regarding several matters including unregistered land parcels worth ₹26,765.00 lakhs, revenue recognition issues with Sanklecha Infra Projects Private Ltd involving ₹1,912 lakhs, and school operation revenue under Joint Development Agreement with SPR Constructions Private Limited.

The Board of Directors approved these results on March 4, 2026, with the company operating solely in the real estate business segment according to Ind AS 108 requirements.