Reliance Home Finance Q4 net loss balloons to Rs 4,522 cr

Reliance Home Finance Q4 net loss balloons to Rs 4,522 cr

The debt-laden home finance firm of the Anil Ambani-promoted ADAG group had posted a net loss of Rs 444.62 crore in the same period a year ago.

AgenciesUpdated: Friday, May 06, 2022, 11:09 PM IST
article-image
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, Reliance Home Finance said in a regulatory filing. |

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

The debt-laden home finance firm of the Anil Ambani-promoted ADAG group 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, Reliance Home Finance 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 percent to Rs 294 crore from Rs 840 crore.

The 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 Reliance Home Finance ended at Rs 3.78 apiece on BSE, down by 2.33 per cent from the previous close.

(With PTI inputs)

RECENT STORIES

The Storm On Wheels: Suzuki Launches V-STROM 800DE

The Storm On Wheels: Suzuki Launches V-STROM 800DE

With 1,59,000 Cases, Maharashtra, India's Richest State Has The Highest Number Of Bank Frauds:...

With 1,59,000 Cases, Maharashtra, India's Richest State Has The Highest Number Of Bank Frauds:...

Deepinder Goyal Net Worth: Zomato Boss Net Worth About ₹2,570 Cr, Check Out His Fleet Of Luxury...

Deepinder Goyal Net Worth: Zomato Boss Net Worth About ₹2,570 Cr, Check Out His Fleet Of Luxury...

Lamborghini Unveils First Logo Redesign In 20 Years

Lamborghini Unveils First Logo Redesign In 20 Years

King Of Crypto In Jail: Sam Bankman-Fried Imprisoned For 25 Years

King Of Crypto In Jail: Sam Bankman-Fried Imprisoned For 25 Years