Results: A company in the midst of PMC scam reports losses worth Rs 13,996.62 crore in FY 2020

Troubled company Housing Development and Infrastructure Limited (HDIL), which is in midst of the Punjab and Maharashtra Cooperative Bank (PMC) scam, has reported a total income of Rs 424.59 crore for FY 2020, a drop of 29.38 per cent. In 2019, the total income of the real estate company stood at Rs 601.20 crore.

Meanwhile, the company reported a loss of Rs 13,996.62 crore in FY 2020 before taxation. The loss after taxation was Rs 13,967.30 crore in FY 2020, a slump of 245 per cent. In 2019, the company’s profit after taxation stood at Rs 96.18 crore. The rise in losses of the company was mainly seen in the fourth quarter of FY 2020 at Rs 13,422.11 crore.

The company’s total expense for FY 2020 stood at Rs 1,017.5 crore, as per the company’s filling in the exchange.

As per the statement of assets and liabilities, as of March 2020, the company has liabilities worth Rs 6,214.97 crore.

HDIL is undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of Insolvency and Bankruptcy Code (IBC). Meanwhile, HDIL promoters Rakesh Wadhawan and his son Sarang are accused in the multi-crore PMC fraud case. Over 73 per cent of the PMC Bank’s loan exposure was to HDIL as per reports.