You are here: Home » Companies » Results
Business Standard

Debt-laden Reliance Home Finance Q4 net loss balloons to Rs 4,522 crore

Debt-laden Reliance Home Finance (RHFL) on Friday reported ballooning of its net loss to Rs 4,522.19 crore for the quarter ended March 2022.

Topics
Reliance Home Finance | Q4 Results

Press Trust of India  |  New Delhi 

The numbers don’t look better if lenders and insurance companies are excluded from the sample
For the full year FY22, company's net loss stood at Rs 5,439.60 crore, a rise of over three times from the preceding year's loss of Rs 1,520 crore.

Debt-laden (RHFL) on Friday reported ballooning of its net loss to Rs 4,522.19 crore for the quarter ended March 2022.

It had posted a net loss of Rs 444.62 crore in the same period a year ago.

Total income during January-March quarter of 2021-22 fell to Rs 16.35 crore as against Rs 162.08 crore in the same period of 2020-21, said in a regulatory filing.

For the full year FY22, company's net loss stood at Rs 5,439.60 crore, a rise of over three times from the preceding year's loss of Rs 1,520 crore.

Income during the year plunged by 65 per cent to Rs 294 crore from Rs 840 crore.

The home finance company of the Anil Ambani-promoted ADAG group has defaulted in payment of borrowing obligations totalling Rs 10,123 crore as of March 31, 2022. The company's assets cover has also fallen below 100 per cent of outstanding debentures amounting to Rs 5,967 crore.

The company's lender consortium led by Bank of Baroda has entered into an inter-creditor agreement (ICA) for arriving at a debt resolution plan.

As per the plan, the lead bank and ICA lenders invited expressions of interest and evaluated the bids received, following which Authum Investment & Infrastructure (Authum) was selected as the final bidder in June 2021.

The implementation of the resolution plan of the successful bidder is subject to various approvals, including from debenture holders, shareholders and regulatory authorities, as well as vacation of existing legal injunctions on the company.

In one of the matters before the Bombay High Court, the debenture trustee IDBI Trusteeship Services has called a meeting on May 13, 2022 of all the debenture holders to consider and approve the resolution plan.

The net worth of the company as of March 31, 2022 stands eroded to (-) Rs 5,481.56 crore, while the earnings per share stood at (-) Rs 112.15.

Stock of ended at Rs 3.78 apiece on BSE, down by 2.33 per cent from the previous close.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, May 06 2022. 21:02 IST
RECOMMENDED FOR YOU
.