Ashiana Housing posts loss of Rs 4.16 crore in Q1 FY21

NEW DELHI: Ashiana Housing has reported net consolidated loss of Rs 4.16 crore in the first quarter of the financial year 2020-21. It had reported a loss of Rs 5.15 crore in corresponding quarter previous fiscal, the company said in a BSE filing.

The company’s net consolidated income stood at Rs 24.94 crore in Q1 FY21, a dip of 62 per cent from Rs 66.27 crore in similar quarter last year.

Its outstanding liability towards Indiabulls Asset Reconstruction Company as per books of accounts as on June 30 2020 is Rs 176.43 crore (including interest). Indiabulls ARC had taken over the symbolic possession of certain mortgaged properties of the company in 2019, it said in the regulatory filing.

The company’s restaurant under hospitality division has been temporary shut down due to Covid-19 pandemic but does not have any significant impact on the financial statements. NCLT order dated July 11, 2019 is not complied with for February to June 2020 relating to repayment of Public Deposit accepted by the company.

In a recent separate regulatory filing, the company had informed that it has defaulted on payment of interest/repayment of principal amount on Rs 179.26 crore (principal + interest) from Indiabulls Commercial Credit.

Total financial indebtness of the company including short-term and long-term debt is Rs 665.29 crore.