Hemisphere Properties India Limited has submitted to the Exchange, the financial results for the period ended March 31, 2025.
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Hemisphere Properties India Limited, a Government of India enterprise in the real estate business, has re-submitted its XBRL-formatted unaudited financial results for the quarter and half year ended September 30, 2024 after the exchange flagged a discrepancy in the original filing. The original results were approved by the board on November 11, 2024 and were subjected to a limited review by statutory auditor Aggarwal & Rampal. A key positive development is that Pune Municipal Authorities have tentatively approved the layout and FSI for the company's Bopkhel land parcel, with the company initiating the process for its development and monetization. However, the auditor flagged several concerns, including non-compliance with the requirement to appoint Independent Directors, a large outstanding stamp duty provision of Rs. 65,100 lacs (of which only about Rs. 1,090 lacs has been paid so far for Chennai and Kolkata land), and unrecognized property tax/urban land tax liability for the 53.04-acre Chennai land parcel. The filing also notes that various trade balances remain subject to confirmation and reconciliation.
The re-submission itself is a routine compliance step, but the auditor's qualifications around missing independent directors, a Rs. 64,009+ lacs unassessed stamp duty exposure, and unrecognized property tax liabilities could weigh on investor sentiment. The tentative Pune layout/FSI approval is a constructive development that may support future land monetization and revenue.