Audited Financial Results March 2024
Awaiting price reaction for this filing.
Poddar Housing and Development reported audited FY24 results with revenue from operations more than doubling to Rs. 58.09 crore (standalone) from Rs. 26.29 crore in FY23. However, the company continued to post a net loss of Rs. 42.43 crore, though narrower than Rs. 46.57 crore in FY23. Finance costs surged to Rs. 77.32 crore from Rs. 40.18 crore. Auditor Bansal Bansal & Co. gave an unmodified opinion but flagged multiple emphasis-of-matter issues: NCLT petitions filed by Indiabulls Housing Finance and STCI Finance, unpaid Non-Convertible Debentures of Rs. 150 crore including redemption premium, overdue interest of Rs. 17.54 crore on loans, unpaid statutory liabilities (TDS of Rs. 3.18 crore), and unpaid employee dues of Rs. 2.13 crore. Total borrowings of approximately Rs. 465 crore stand against equity of just Rs. 87 crore, indicating a severely stretched balance sheet.
Severe financial distress signals — NCLT petitions from two major creditors and Rs. 150 crore of unpaid NCDs raise serious going-concern and insolvency risks for shareholders. Stock is likely to remain under heavy pressure pending resolution of lender actions and management's plan to restart operations.