Audited Results March 2024
Awaiting price reaction for this filing.
Poddar Housing and Development filed its FY24 audited results at a board meeting held on April 29, 2025, notably delayed from the normal timeline. Revenue from operations more than doubled to Rs 58.09 crore (standalone) from Rs 26.29 crore in FY23. Despite the topline jump, the company posted a standalone net loss of Rs 32.43 crore, narrower than the Rs 46.57 crore loss in FY23. Total expenses remained high at Rs 115.10 crore, weighed down by Rs 77.32 crore in finance costs. The auditor issued an unmodified opinion but highlighted multiple emphasis-of-matter items: NCLT petitions filed by Indiabulls Housing Finance and STCI Finance, unpaid NCDs of about Rs 150 crore (including redemption premium), unpaid statutory liabilities (TDS of Rs 3.18 crore), and unpaid employee dues of Rs 2.13 crore. Management noted very minimal operations during the year and is working on restarting activities.
The company is in deep financial stress — revenue grew but losses continue, leverage is extreme (borrowings of ~Rs 465 crore against equity of ~Rs 88 crore), and large debt defaults are under NCLT scrutiny. Shareholders face high uncertainty; the stock carries significant risk until the NCLT petitions, NCD defaults, and operational restart are resolved.