Pursuant to Regulation 33(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Audited financial results (Standalone) of the Company for the quarter/year ....
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Ind Bank Housing Ltd, a subsidiary of Indian Bank, reported audited standalone results for FY25 showing zero revenue from operations and a net loss of Rs 30.71 lakhs, narrower than the Rs 69.05 lakhs loss in FY24. The company's housing finance licence was cancelled by RBI in September 2023, and the Board has already given in-principle approval for winding up under Section 271 of the Companies Act, subject to shareholder and regulatory clearances. The statutory auditor flagged a 'Material Uncertainty Related to Going Concern,' noting cumulative losses and deeply negative shareholders' equity of around Rs 120.87 crores. Other income was Rs 27.65 lakhs versus Rs 30.13 lakhs last year, total expenses fell to Rs 58.36 lakhs from Rs 99.18 lakhs, and operating cash flow remained negative at Rs -34.07 lakhs. The auditor also noted that the company has no internal audit system and has not been repaying its Rs 129 crore term loan from parent Indian Bank.
Very negative for shareholders. The company is essentially in wind-down mode with no operating business, deeply negative net worth, defaulted parent-bank loans, and an active proposal to wind up the company — equity holders are highly likely to face a total loss. The stock is illiquid and largely a speculative shell at this point.