INDIABULLS REAL ESTATE LIMITED Indiabulls Real Estate Limited
Statement of Unaudited Consolidated Financial Results for the quarter ended 30 June 2022
Rs. in Lakhs | ||||
3 months ended | Preceding 3 | Corresponding 3 | Previous year | |
Particulars | months ended | months ended | ended | |
30 June 2022 | ||||
31 March 2022 | 30 June 2021 | 31 March 2022 | ||
Unaudited | (Refer Note 3) | Unaudited | Audited |
- Income
a) | Revenue from operations | 15,153.53 | 25,292.86 | 51,971.31 | 144,478.06 |
b) | Other income | 1,265.27 | 1,956.82 | 1,231.81 | 9,658.65 |
Total income | 16,418.80 | 27,249.68 | 53,203.12 | 154,136.71 |
- Expenses
a) Cost of land, plots, constructed properties and others | 13,355.51 | 18,085.26 | 42,515.85 | 119,716.90 | |
b) | Employee benefits expense | 2,309.13 | 2,095.60 | 1,680.57 | 7,714.38 |
c) | Finance costs | 1,716.24 | 2,442.49 | 2,867.53 | 10,994.40 |
d) Depreciation and amortisation expense | 314.51 | 346.80 | 290.99 | 1,214.78 | |
e) | Other expenses | 3,135.60 | 5,918.55 | 3,713.59 | 17,195.82 |
Total expenses | 20,830.99 | 28,888.70 | 51,068.53 | 156,836.28 | |
3 (Loss)/profit before tax (1-2) | (4,412.19) | (1,639.02) | 2,134.59 | (2,699.57) |
- Tax expense
a) | Current tax expense - including earlier years | 662.38 | 279.27 | 303.67 | 1,230.49 |
b) | Deferred tax charge/(credit) | 101.65 | 4,157.22 | 1,344.29 | 9,798.84 |
5 Net (Loss)/profit after tax for the period/year (3-4) | (5,176.22) | (6,075.51) | 486.63 | (13,728.90) | |
6 Other comprehensive income | |||||
(i) | Items that will not be reclassified to profit or loss | (4,271.48) | (4,493.64) | 13,274.33 | 7,112.85 |
(ii) | Income tax relating to items that will not be reclassified to profit or loss | - | (0.68) | - | (0.68) |
(iii) | Items that will be reclassified to profit or loss | (123.76) | 1,464.98 | (1,474.83) | (1,152.50) |
(iv) | Income tax relating to items that will be reclassified to profit or loss | - | - | - | - |
Other comprehensive income | (4,395.24) | (3,029.34) | 11,799.50 | 5,959.67 | |
7 Total comprehensive income for the period/year (5+6) | (9,571.46) | (9,104.85) | 12,286.13 | (7,769.23) | |
Net Profit/(loss) attributable to : | |||||
Owners of the Holding Company | (5,195.86) | (5,980.97) | 476.24 | (13,673.21) | |
Non-controlling interests | 19.64 | (94.54) | 10.39 | (55.69) | |
Other comprehensive income attributable to : | |||||
Owners of the Holding Company | (4,395.24) | (3,029.34) | 11,799.50 | 5,959.67 | |
Non-controlling interests | - | - | - | - |
- Earnings per equity share (Face value of Rs. 2 per equity share)
(a) Basic (in Rs.) | (0.98) | (1.31) | 0.10 | (3.00) | |
(b) Diluted (in Rs.) | (0.98) | (1.31) | 0.10 | (3.00) | |
9 | Paid-up equity share capital (face value of Rs. 2 per equity share) | 10,797.51 | 9,059.81 | 9,030.77 | 9,059.81 |
10 | Other equity (including non-controlling interest) | 333,516.00 | |||
Notes to the consolidated financial results : |
- Indiabulls Real Estate Limited ('the Company' or 'the Holding Company') and its subsidiaries are together referred as 'the Group' in the following notes. The Holding Company conducts its operations along with its subsidiaries. The consolidated financial results are prepared in accordance with the recognition and measurement principles of Indian Accounting Standards as notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) as specified in Section 133 of the Companies Act, 2013.
- The consolidated financial results of the Group for the quarter ended 30 June 2022 have been reviewed by the Audit Committee and approved by the Board of Directors ('the Board') at its meeting held on 12 August 2022. These results have been subjected to a limited review by the Statutory Auditors.
- Figures for the quarter ended 31 March 2022 represent the balancing figures between the audited figures for the full financial year and published reviewed year to date figures upto third quarter of the financial year.
- The management has made an assessment of the Impact of COVID-19 on the Group's operations, financial performance and position as at and for the quarter ended 30 June 2022 and has concluded that the impact is primarily on the operational aspects of the business. In making the assessment management has considered the recoverability of trade receivables, investment and other assets and also considered the external and internal information available up to the date of approval of these financial results Including status of existing and future customer orders, cash flow projections etc. and concluded that there is no significant Impact which is required to be recognized in the financial results. Accordingly, no adjustments have been made to the financial results.
- Code on Social Security, 2020 ('Code') has been notified in the Official Gazette of India on 29 December 2020, which could impact the contributions of the Group towards certain employment benefits. Effective date from which changes are applicable is yet to be notified and the rules are yet to be framed. Impact, if any, of change will be assessed and accounted for in the period of notification of relevant provisions.
- The Group's primary business segment is reflected based on principal business activities carried on by the Group. As per Indian Accounting Standard 108 as notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in Section 133 of the Companies Act, 2013, the Group operates in one reportable business segment i.e. real estate project advisory and construction and development of infrastructure/real estate projects and is primarily operating in India and hence, considered as single geographical segment.
- Previous period/year numbers have been regrouped/reclassified wherever considered necessary.
Indiabulls Real Estate Limited
Statement of Unaudited Standalone Financial Results for the quarter ended 30 June 2022
Rs. in Lakhs | |||||
3 months ended | Preceding 3 | Corresponding 3 | Previous year | ||
Particulars | months ended | months ended | ended | ||
30 June 2022 | |||||
31 March 2022 | 30 June 2021 | 31 March 2022 | |||
Unaudited | (Refer Note 3) | Unaudited | Audited | ||
1 Income | |||||
a) | Revenue from operations | - | - | - | 0.29 |
b) | Other income | 343.68 | 200.95 | 342.94 | 1,048.49 |
Total income | 343.68 | 200.95 | 342.94 | 1,048.78 |
- Expenses
a) | Cost of sales/services | - | - | - | - |
b) | Employee benefits expense | 437.65 | 165.41 | 113.20 | 697.55 |
c) | Finance costs | 1,058.57 | 1,282.92 | 1,187.67 | 4,608.14 |
d) Depreciation and amortisation expense | 59.41 | 87.93 | 20.20 | 186.77 | |
e) | Other expenses | 248.63 | 233.98 | 531.79 | 1,082.43 |
Total expenses | 1,804.26 | 1,770.24 | 1,852.86 | 6,574.89 | |
3 Loss before tax (1-2) | (1,460.58) | (1,569.29) | (1,509.92) | (5,526.11) |
- Tax expense
a) | Current tax expense - including earlier years | - | - | - | - |
b) | Deferred tax (credit)/charge | 7.40 | (20.27) | 13.94 | 114.64 |
5 Loss after tax for the period/year (3-4) | (1,467.98) | (1,549.02) | (1,523.86) | (5,640.75) |
- Other comprehensive income
(i) | Items that will not be reclassified to profit or loss | (4,271.48) | (4,497.31) | 12,047.75 | 6,126.61 |
(ii) | Income tax relating to items that will not be reclassified to profit or loss | - | 2.37 | - | 2.37 |
Other comprehensive income | (4,271.48) | (4,494.94) | 12,047.75 | 6,128.98 | |
7 Total comprehensive income for the period/year (5+6) | (5,739.46) | (6,043.96) | 10,523.89 | 488.23 |
- Earnings per equity share (Face value of Rs. 2 per equity share)
(a) Basic (in Rs.) | (0.28) | (0.34) | (0.34) | (1.24) | |
(b) Diluted (in Rs.) | (0.28) | (0.34) | (0.34) | (1.24) | |
9 | Paid-up equity share capital (face value of Rs. 2 per equity share) | 10,797.51 | 9,059.81 | 9,030.77 | 9,059.81 |
Ratios & other disclosures | |||||
10 | Debt equity ratio | 0.05 | 0.08 | 0.06 | 0.08 |
11 | Debt service coverage ratio | (0.02) | (0.22) | (0.02) | (0.06) |
12 | Interest service coverage ratio | (0.40) | (0.22) | (0.27) | (0.21) |
13 | Outstanding redeemable preference share | - | - | - | - |
14 | Capital Redemption Reserve | 2,200.92 | 2,200.92 | 2,200.92 | 2,200.92 |
15 | Debenture Redemption Reserve | - | 5,625.00 | 27,062.50 | 5,625.00 |
16 | 712,080.33 | 633,763.51 | 642,724.20 | 633,763.51 | |
17 | Net profit after tax | (1,467.98) | (1,549.02) | (1,523.86) | (5,640.75) |
18 | Earnings per share (Basic) | (0.28) | (0.34) | (0.34) | (1.24) |
19 | Earnings per share (Diluted) | (0.28) | (0.34) | (0.34) | (1.24) |
20 | Current Ratio | 8.48 | 5.45 | 7.61 | 5.45 |
21 | Long term debt to working capital | 0.06 | 0.19 | 0.10 | 0.19 |
22 | Bad debt to account receivable ratio | - | - | - | - |
23 | 0.99 | 0.99 | 0.90 | 0.99 | |
24 | Total Debt to Total Assets Ratio | 0.04 | 0.07 | 0.06 | 0.07 |
25 | - | - | - | - | |
26 | Inventory turnover ratio | - | - | - | - |
27 | 0% | 0% | 0% | 0% | |
28 | Net profit margin | -427% | -771% | -444% | -538% |
Notes to the standalone financial results:
- The standalone financial results of Indiabulls Real Estate Limited ('IBREL' or 'the Company') for the quarter ended 30 June 2022 have been reviewed by the Audit Committee and approved by the Board of Directors ('the Board') at its meeting held on 12 August 2022. These results have been subjected to a limited review by the Statutory Auditors of the Company.
- The standalone financial results are prepared in accordance with the recognition and measurement principles of Indian Accounting Standards as notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) as specified in Section 133 of the Companies Act, 2013.
- Figures for the quarter ended 31 March 2022 represent the balancing figures between the audited figures for the full financial year and published reviewed year to date figures upto third quarter of the financial year.
-
During second quarter of the previous year, the Board of Directors of the Company had considered and approved the proposal of merger of NAM Estates Private Limited ("NAM Estates") and Embassy One Commercial Property Development Private Limited ("NAM Opco") both Embassy group entities with the Company ("Amalgamation"). The proposed Amalgamation will be achieved through a cashless composite scheme of amalgamation of NAM Estates and NAM Opco into the Company, in accordance with Section 230-232 of the Companies Act, 2013 read with the rules framed thereunder, as amended, and the Securities and Exchange Board of India circular no. CFD/DIL3/CIR/2017/21 dated 10 March 2017, as amended and other applicable regulations and provisions, subject to necessary statutory and other approvals ("Scheme"). Upon effectiveness of the Scheme, IBREL will issue its equity shares, in accordance with the approved share swap ratios, to the shareholders of NAM Estates and NAM Opco, which will include Embassy promoter and promoter entities, Embassy institutional investors and other shareholders. For the proposed Amalgamation and arriving to share swap ratio, IBREL is valued at Rs 92.50 per share. During the last quarter of the previous year, the Scheme had been granted approval by Competition Commission of India ("CCI") and SEBI/Stock exchanges. During the third quarter of the previous year, the Company had filed the requisite joint application with jurisdictional bench of NCLT, for its approval to the Scheme of Merger.
During the third quarter of the previous year, the Hon'ble National Company Law Tribunal, Chandigarh Bench ("NCLT"), NCLT vide its order dated 23 December 2021, had directed the Company to convene a meeting of its shareholder on 12 February 2022, through Video Conference/Other Audio Visual Means, under the Chairmanship of NCLT appointed Chairperson, to seek approval of shareholders of the Company to the proposed Scheme of Merger.
The Equity shareholders of the Company, at their meeting held on 12 February 2022, have approved, with requisite majority, the proposed Scheme of Amalgamation of NAM Estates Private Limited, Embassy One Commercial Property Developments Private Limited and Indiabulls Real Estate Limited and their respective shareholders and creditors.
The merger is in final stages and the next hearing is scheduled to take place on 08 September 2022.
- During the previous quarter, the Board of Directors of the Company at its meeting held on January 5, 2022, considered and approved the request from the then existing Promoters, at that time belonging to the 'Promoter and Promoter Group' category of the Company ('Outgoing Promoters'), for reclassification of them from 'Promoter and Promoter Group' category to 'Public' category, subject to necessary approvals from the shareholders of the Company and Stock Exchanges, under the provisions of the Listing Regulations.
During the quarter, the Company has received the requisite approvals and the then existing Promoter shareholding has been classified to Public category.
- During the quarter, pursuant to the approval of the board of directors of the Company (the 'Board'), at its meeting held on December 22, 2021, and the shareholders of the Company, at their Extra-ordinary General Meeting held through video conferencing / other audio-visual means facility on February 7, 2022, the Fund Raising Committee of the Board (the 'Committee'), at its meeting held on April 12, 2022 approved the issue and allotment of 8,55,59,435 Equity Shares to QIBs at the issue price of Rs. 101.10 per Equity Share (including a premium of Rs. 99.10 per Equity Share), aggregating to Rs. 8,65,00,58,878.50 (Rs Eight Hundred Sixty Five Crores Fifty Eight Thousand Eight Hundred Seventy Eight and Fifty Paisa only), pursuant to the Issue. Pursuant to the allotment of Equity Shares in the Issue, the paid-up Equity Share capital stands increased to Rs. 1,08,33,50,662 consisting of 54,16,75,331 Equity Shares.
- In continuation of the announcement made by the Company on January 25, 2022, wherein the Company had entered into a term sheet dated the same day with a third party relating to a disposal ("Disposal") of our interest in a land parcel at Sector 106, Gurgaon. Subsequently on April 8, 2022, the Company had entered into a share purchase agreement with the relevant party relating to the aforementioned Disposal, which is subject to the satisfaction of certain conditions precedent. The proposed consideration for the Disposal amounted to approximately Rs. 58,000 lakh, subject to necessary adjustment(s), if any, upon completion.
- During the quarter, the Company's registered office was changed within the city.
- During the quarter, some of the eligible employees holding Share appreciation rights ('SARs') exercised their SARs to receive the appreciation against such SARs. The employee welfare trust which held 3,125,164 equity shares of the Company sold 1,325,164 equity shares, during the quarter, in the open market and passed on the benefit to the Company which in turn passed on the benefit to the eligible employees.
- During the quarter, two wholly owned direct subsidiaries of the Company have been voluntarily dissolved and have been struck off from the register of companies maintained by the Registrar of Companies.
- Subsequent to the quarter end, Nilgiri Infrastructure Development Limited, Company's wholly owned subsidiary, has divested its 100% stake in its subsidiary namely Chloris Real Estate Limited, which owns small land parcel at Sector 99, Gurugram, Haryana, to a third party buyer for an aggregate consideration of Rs. 1,685 lakh. With this, Chloris Real Estate Limited ceased to be subsidiary of the Company.
- The management has made an assessment of the Impact of COVID-19 on the Company's operations, financial performance and position as at and for the quarter ended 30 June 2022 and has concluded that the impact is primarily on the operational aspects of the business. In making the assessment management has considered the recoverability of trade receivables, investment and other assets and also considered the external and internal information available up to the date of approval of these financial results Including status of existing and future customer orders, cash flow projections etc. and concluded that there is no significant Impact which is required to be recognized in the financial results. Accordingly, no adjustments have been made to the financial results.
- Code on Social Security, 2020 ('Code') has been notified in the Official Gazette of India on 29 December 2020, which could impact the contributions of the Company towards certain employment benefits. Effective date from which changes are applicable is yet to be notified and the rules are yet to be framed. Impact, if any, of change will be assessed and accounted for in the period of notification of relevant provisions.
- The listed non convertible debentures of the Company are secured by way of first mortgage/charge on the Company and its subsidiaries properties and security cover thereof exceeds 100% of the principal amount of the said debentures.
- There is no material deviation in the use of the proceeds of issue of non convertible debts from the objects stated in the respective offer documents.
- The Company's primary business segment is reflected based on principal business activities carried on by the Company. As per Indian Accounting Standard 108 as notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in Section 133 of the Companies Act, 2013, the Company operates in one reportable business segment i.e. real estate project advisory and construction and development of infrastructure/real estate projects and is primarily operating in India and hence, considered as single geographical segment.
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Previous period/year numbers have been regrouped/reclassified wherever considered necessary.
Registered Office : Office No 01-1001, WeWork, Blue One Square, Udyog Vihar Phase 4 Rd, Gurugram, Haryana 122016
Corporate Identity Number (CIN) : L45101HR2006PLC095409
FOR AND ON BEHALF OF BOARD OF DIRECTORS
Place : Gurugram | Mehul Johnson |
Date : 12 August 2022 | Joint Managing Director |
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Indiabulls Real Estate Ltd. published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 09:52:02 UTC.
