Indiabulls Real Estate : Quarterly Result September 2022

Rs. in Lakhs

Corresponding

Year to date

Year to date

3 months

figures for

figures for

Preceding 3

3 months

Previous year

Particulars

ended

current period

previous period

30 September

months ended

ended

ended

ended 30

ended

30 June 2022

30 September

31 March 2022

2022

30 September

September

2021

2022

2021

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

1

Income

a)

Revenue from operations

19,409.02

15,153.53

34,931.76

34,562.55

86,903.07

144,478.06

b)

Other income

880.62

1,265.27

3,193.00

2,145.89

4,424.81

9,658.65

Total income

20,289.64

16,418.80

38,124.76

36,708.44

91,327.88

154,136.71

2

Expenses

a) Cost of land, plots, constructed properties and others

592.41

13,355.51

27,526.04

13,947.92

70,041.89

119,716.90

b)

Employee benefits expense

3,100.88

2,309.13

1,806.51

5,410.01

3,487.08

7,714.38

c)

Finance costs

632.85

1,716.24

2,797.45

2,349.09

5,664.98

10,994.40

d) Depreciation and amortisation expense

307.43

314.51

291.37

621.94

582.36

1,214.78

e)

Other expenses

6,611.00

3,135.60

3,355.96

9,746.60

7,069.55

17,195.82

Total expenses

11,244.57

20,830.99

35,777.33

32,075.56

86,845.86

156,836.28

3

Profit/(loss) before tax (1-2)

9,045.07

(4,412.19)

2,347.43

4,632.88

4,482.02

(2,699.57)

4

Tax expense

a) Current tax expense - including earlier years

518.91

662.38

352.68

1,181.29

656.35

1,230.49

b)

Deferred tax charge/(credit)

2,854.38

101.65

1,430.14

2,956.03

2,774.43

9,798.84

5

Net profit/(loss) after tax for the period/year (3-4)

5,671.78

(5,176.22)

564.61

495.56

1,051.24

(13,728.90)

6

Other comprehensive income

(i) Items that will not be reclassified to profit or loss

2,080.97

(4,271.48)

(8,129.82)

(2,190.51)

5,144.51

7,112.85

(ii) Income tax relating to items that will not be reclassified to profit or

loss

-

-

-

-

-

(0.68)

(iii) Items that will be reclassified to profit or loss

1,935.34

(123.76)

(1,240.12)

1,811.58

(2,714.95)

(1,152.50)

(iv) Income tax relating to items that will be reclassified to profit or

loss

-

-

-

-

-

-

Other comprehensive income

4,016.31

(4,395.24)

(9,369.94)

(378.93)

2,429.56

5,959.67

7

Total comprehensive income for the period/year (5+6)

9,688.09

(9,571.46)

(8,805.33)

116.63

3,480.80

(7,769.23)

Net Profit/(loss) attributable to :

Owners of the Holding Company

5,654.51

(5,195.86)

553.52

458.65

1,029.76

(13,673.21)

Non-controlling interests

17.27

19.64

11.09

36.91

21.48

(55.69)

Other comprehensive income attributable to :

Owners of the Holding Company

4,016.31

(4,395.24)

(9,369.94)

(378.93)

2,429.56

5,959.67

Non-controlling interests

-

-

-

-

-

-

8

Earnings per equity share (Face value of Rs. 2 per equity share)

(a) Basic (in Rs.)

1.04

(0.98)

0.12

0.09

0.23

(3.00)

(b) Diluted (in Rs.)

1.04

(0.98)

0.12

0.09

0.23

(3.00)

9

Paid-up equity share capital (face value of Rs. 2 per equity share)

10,821.51

10,797.51

9,030.77

10,821.51

9,030.77

9,059.81

10

Other equity (including non-controlling interest)

333,516.00

Notes to the consolidated financial results :

1

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.

2

The consolidated financial results of the Group for the quarter and half year ended 30 September 2022 have been reviewed by the Audit Committee and approved by the Board

of Directors ('the Board') at its meeting held on 11 November 2022. These results have been subjected to a limited review by the Statutory Auditors.

3

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.

4

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.

5

Balance Sheet as at 30 September 2022 (Consolidated - Unaudited)

Rs. in Lakhs

As at

As at

Particulars

30 September

31 March

2022

2022

(Unaudited)

(Audited)

ASSETS

Non-current assets

Property, plant and equipment and intangible assets

Property, plant and equipment

3,028.06

3,630.37

Intangible assets

5.55

12.88

Investment property

5,965.49

6,002.66

Financial assets

Investments

57,760.03

19,969.31

Other financial assets

1,582.53

6,407.13

Deferred tax assets (net)

7,540.78

10,496.81

Non-current tax assets (net)

8,922.66

11,996.32

Other non-current assets

6,539.79

6,831.07

Total of non-current assets

91,344.89

65,346.55

Current assets

Inventories

524,978.57

552,105.54

Financial assets

Investments

11,071.32

6,961.64

Trade receivables

14,846.14

27,342.35

Cash and cash equivalents

2,205.68

5,000.41

Other bank balances

15,286.97

7,065.51

Loans

291.70

277.79

Other financial assets

97,542.91

99,176.83

Other current assets

15,198.87

11,796.67

Assets classified as held for sale

3.75

3.75

Total of current assets

681,425.91

709,730.49

Total of Assets

772,770.80

775,077.04

EQUITY AND LIABILITIES

Equity

Equity share capital

10,821.51

9,059.81

Instruments entirely in the nature of equity

42,500.00

42,500.00

Other equity

373,217.44

289,925.35

Total of Equity (for controlling shareholders of Holding Company)

426,538.95

341,485.16

Non-controlling interests

1,127.56

1,090.65

Total of Equity

427,666.51

342,575.81

Liabilities

Non-current liabilities

Financial liabilities

Borrowings

25,781.00

34,513.80

Lease liabilities

903.69

1,249.41

Provisions

1,148.05

1,256.21

Other non-current liabilities

16,842.32

16,910.94

Total of non-current liabilities

44,675.06

53,930.36

Current liabilities

Financial liabilities

Borrowings

42,183.26

96,459.77

Lease liabilities

729.85

668.44

Trade payables

Total outstanding dues of micro enterprises and small enterprises

154.61

415.59

Total outstanding dues of creditors other than micro enterprises and small enterprises

26,549.14

34,012.17

Other financial liabilities

5,471.27

10,566.53

Other current liabilities

223,521.74

233,798.26

Provisions

611.44

1,764.05

Current tax liabilities (net)

1,207.92

886.06

Total of current liabilities

300,429.23

378,570.87

Total of Equity and Liabilities

772,770.80

775,077.04

6

Cash flow statement for the period ended 30 September 2022 (Consolidated - Unaudited)

Rs. in Lakhs

Year to date

Year to date

figures for

figures for

current period

previous period

ended

ended

30 September

30 September

2022

2021

(Unaudited)

(Unaudited)

A Cash flow from operating activities:

Profit before tax

4,632.88

4,482.02

Adjustments for:

Interest expenses

2,150.39

5,633.63

Interest expense on taxation

61.30

23.38

Depreciation and amortization expenses

621.94

582.36

Other borrowing costs

20.76

7.97

Proceed from sale of subsidiaries (Net)

(21,005.10)

-

(Profit) / Loss or write off on sale of property, plants and equipment

-

(4.47)

Interest income

(1,652.62)

(1,210.85)

Excess provision/liabilities written back

(168.30)

-

Provision for employee benefits

(108.17)

63.80

Share based payment expense

692.14

125.01

Amounts written off

173.90

490.54

Income on fair valuation of financial assets

-

(0.22)

Profit on sale of investments in mutual funds (net)

(310.93)

(88.51)

Loss on sale of investments in bonds (net)

66.28

-

Operating (loss) / profit before working capital changes and other adjustments:

(14,825.53)

10,104.66

Working capital changes and other adjustments:

Inventories

(9,389.22)

53,196.02

Trade receivables

12,496.21

(15,103.26)

Other current and non-current assets

(3,111.84)

96.50

Other current and non-current financial assets

3,434.82

(2,762.46)

Trade payables

(7,724.01)

(1,219.66)

Other current and non-current financial liabilities

(6,550.26)

(35,266.96)

Other current and non current liabilities and provisions

(11,329.46)

(35,118.39)

Cash (used in) / generated from operating activities

(36,999.29)

(26,073.55)

Income taxes refund / (paid) (net)

3,435.72

656.10

Net cash (used in) / generated from operating activities (A)

(33,563.57)

(25,417.45)

B Cash flow from investing activities:

Purchase of property, plant and equipment, investment property and intangible assets (including capital advances)

(14.31)

(9.87)

Proceeds from sale of property, plant and equipment and intangible assets

-

9.36

Movement in fixed deposits (net)

(3,771.98)

(416.28)

Proceed from sale of subsidiaries (Net)

61,275.89

-

Purchase of non-current investments

(46,150.00)

-

Proceed from sale of non-current investments

5,804.49

1,551.25

Proceed from asset held for sale

-

9,000.12

Purchase of current investments (net)

(3,798.75)

(3,167.44)

Inter-corporate loans (given) / received back (net)

(11.04)

17,930.90

Interest received

622.72

1,377.68

Net cash generated from investing activities (B)

13,957.02

26,275.72

C Cash flow from financing activities:

Proceeds from issue of equity share capital (including securities premium)

84,073.88

-

Repayment of borrowings to banks

-

(18,456.00)

Proceeds from issue of debentures

20,000.00

30,000.00

Redemption of debentures

(31,700.00)

(19,800.00)

Proceeds from borrowings from financial institutions

-

141,200.00

Repayment of borrowings from financial institutions

(51,200.00)

(125,920.00)

Interest and other borrowing costs paid

(3,965.01)

(9,553.49)

Payment of lease liabilities

(396.23)

(71.17)

Net cash generated from / (used in) financing activities (C)

16,812.64

(2,600.66)

D Cash & cash equivalents of subsidiaries disposed off

(0.82)

-

E Net (decrease)/increase in cash and cash equivalents (A+B+C+D)

(2,794.73)

(1,742.39)

F Cash and cash equivalents at the beginning of the period

5,000.41

8,116.09

G Cash and cash equivalents at the end of the period (E+F)

2,205.68

6,373.70

Rs. in Lakhs

Corresponding

Year to date

Year to date

3 months

figures for

figures for

Preceding 3

3 months

Previous year

Particulars

ended

current period

previous period

30 September

months ended

ended

ended

ended 30

ended

30 June 2022

30 September

31 March 2022

2022

30 September

September

2021

2022

2021

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

1

Income

a)

Revenue from operations

278.37

-

0.29

278.37

0.29

0.29

b)

Other income

527.21

343.68

228.65

870.89

571.58

1,048.49

Total income

805.58

343.68

228.94

1,149.26

571.87

1,048.78

2

Expenses

a)

Cost of sales/services

-

-

-

-

-

-

b)

Employee benefits expense

766.47

437.65

237.95

1,204.12

351.15

697.55

c)

Finance costs

740.10

1,058.57

1,038.02

1,798.67

2,225.69

4,608.14

d) Depreciation and amortisation expense

55.04

59.41

22.99

114.45

43.19

186.77

e)

Other expenses

292.63

248.63

124.04

541.26

655.83

1,082.43

Total expenses

1,854.24

1,804.26

1,423.00

3,658.50

3,275.86

6,574.89

3

Loss before tax (1-2)

(1,048.66)

(1,460.58)

(1,194.06)

(2,509.24)

(2,703.99)

(5,526.11)

4

Tax expense

a) Current tax expense - including earlier years

-

-

-

-

-

-

b)

Deferred tax (credit)/charge

14.41

7.40

(11.15)

21.81

2.79

114.64

5

Loss after tax for the period/year (3-4)

(1,063.07)

(1,467.98)

(1,182.91)

(2,531.05)

(2,706.78)

(5,640.75)

6

Other comprehensive income

(i) Items that will not be reclassified to profit or loss

2,080.97

(4,271.48)

(7,885.80)

(2,190.51)

4,161.95

6,126.61

(ii) Income tax relating to items that will not be reclassified to profit or

-

-

-

-

-

2.37

Other comprehensive income

2,080.97

(4,271.48)

(7,885.80)

(2,190.51)

4,161.95

6,128.98

7

Total comprehensive income for the period/year (5+6)

1,017.90

(5,739.46)

(9,068.71)

(4,721.56)

1,455.17

488.23

8

Earnings per equity share (Face value of Rs. 2 per equity share)

(a) Basic (in Rs.)

(0.20)

(0.28)

(0.26)

(0.47)

(0.60)

(1.24)

(b) Diluted (in Rs.)

(0.20)

(0.28)

(0.26)

(0.47)

(0.60)

(1.24)

9

Paid-up equity share capital (face value of Rs. 2 per equity share)

10,821.51

10,797.51

9,030.77

10,821.51

9,030.77

9,059.81

Ratios & other disclosures

10

Paid up debt capital / outstanding debt

28,342.15

33,002.82

40,260.65

28,342.15

40,260.65

51,100.44

11

Debt equity ratio (in times)

0.04

0.05

0.06

0.04

0.06

0.08

12

Debt service coverage ratio (in times)

(0.06)

(0.02)

(0.15)

(0.03)

(0.03)

(0.06)

13

Interest service coverage ratio (in times)

(0.44)

(0.40)

(0.15)

(0.41)

(0.22)

(0.21)

14

Outstanding redeemable preference share

-

-

-

-

-

-

15

Capital Redemption Reserve

2,200.92

2,200.92

2,200.92

2,200.92

2,200.92

2,200.92

16

Debenture Redemption Reserve

-

-

6,875.00

-

6,875.00

5,625.00

17

Net worth

714,222.15

712,080.33

633,780.49

714,222.15

633,780.49

633,763.51

18

Net profit after tax

(1,063.07)

(1,467.98)

(1,182.91)

(2,531.05)

(2,706.78)

(5,640.75)

19

Earnings per share (Basic)

(0.20)

(0.28)

(0.26)

(0.47)

(0.60)

(1.24)

20

Earnings per share (Diluted)

(0.20)

(0.28)

(0.26)

(0.47)

(0.60)

(1.24)

21

Current Ratio (in times)

11.40

8.48

6.87

11.40

6.87

5.45

22

Long term debt to working capital (in times)

-

0.06

0.10

-

0.10

0.19

23

Bad debt to account receivable ratio (in %)

-

-

-

-

-

-

24

Current liability ratio (in times)

0.99

0.99

1.00

0.99

1.00

0.99

25

Total Debt to Total Assets Ratio (in times)

0.04

0.04

0.06

0.04

0.06

0.07

26

Debtor turnover ratio (in times)

-

-

-

-

-

-

27

Inventory turnover ratio (in times)

-

-

-

-

-

-

28

Operating margin (in %)

34.56%

0.00%

0.05%

24.22%

0.05%

0.00%

29

Net profit margin (in %)

(131.96)%

(427.00)%

(516.69)%

(220.23)%

(473.31)%

(538.00)%

Notes to the standalone financial results:

1

The standalone financial results of Indiabulls Real Estate Limited ('IBREL' or 'the Company') for the quarter and half year ended 30 September 2022 have been reviewed by the

Audit Committee and approved by the Board of Directors ('the Board') at its meeting held on 11 November 2022. These results have been subjected to a limited review by the

Statutory Auditors of the Company.

2

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.

3

Balance Sheet as at 30 September 2022 (Standalone - Unaudited)

Rs. in Lakhs

As at

As at

Particulars

30 September

31 March

2022

2022

(Unaudited)

(Audited)

ASSETS

Non-current assets

Property, plant and equipment

426.87

539.22

Financial assets

Investments

391,000.29

385,439.23

Other financial assets

41.54

5,038.14

Deferred tax assets (net)

141.59

163.40

Non-current tax assets (net)

4,114.93

4,106.13

Other non-current assets (net)

0.52

-

Total of non-current assets

395,725.74

395,286.12

Current assets

Inventories

90.19

90.19

Financial assets

Investments

4,921.96

-

Cash and cash equivalents

122.45

1,187.01

Other bank balances

5,644.38

639.06

Loans

337,198.44

288,798.60

Other financial assets

5.99

5.18

Other current assets

1,430.09

1,815.34

Assets classified as held for sale

3.75

3.75

Total of current assets

349,417.25

292,539.13

Total of Assets

745,142.99

687,825.25

EQUITY AND LIABILITIES

Equity

Equity share capital

10,821.51

9,059.81

Other equity

703,400.64

624,703.70

Total of equity

714,222.15

633,763.51

Liabilities

Non-current liabilities

Financial liabilities

Lease liabilities

235.39

323.49

Provisions

28.51

60.91

Total of non-current liabilities

263.90

384.40

Current liabilities

Financial liabilities

Borrowings

28,342.15

51,100.44

Lease liabilities

171.65

157.97

Other financial liabilities

2,034.75

2,151.26

Other current liabilities

22.52

266.58

Provisions

1.09

1.09

Current tax liabilities (Net)

84.78

-

Total of current liabilities

30,656.94

53,677.34

Total of Equity and Liabilities

745,142.99

687,825.25

4

Cash flow statement for the period ended 30 September 2022 (Standalone - Unaudited)

Rs. in Lakhs

Year to date

Year to date

figures for

figures for

current period

previous period

Particulars

ended

ended 30

30 September

September

2022

2021

(Unaudited)

(Unaudited)

Cash flow from operating activities:

Loss before tax

(2,509.24)

(2,703.99)

Adjustments for:

Interest on borrowings

1,775.01

2,223.65

Depreciation and amortisation expenses

114.45

43.19

Interest on lease liabilities

23.67

0.31

Income on fair valuation of financial assets

(1.96)

-

Interest on income tax refund

-

(55.67)

Interest income

(612.32)

(427.32)

Provision for employee benefits

13.06

2.28

Share based payment expense

109.47

125.01

Balances written off

173.90

481.08

Profit on sale of investments in subsidiary

(278.37)

(0.29)

(Profit)/loss on sale of investments (net)

(253.30)

(59.05)

Loss on sale of Bonds

66.28

-

Operating loss before working capital changes and other adjustments:

(1,379.35)

(370.80)

Working capital changes and other adjustments:

Other current and non-current assets

(30.28)

1.70

Other current and non-current financial assets

(0.81)

9.22

Other current and non-current financial liabilities

(8.63)

12.16

Other current liabilities

(289.52)

4.47

Cash used in operating activities

(1,708.59)

(343.25)

Income taxes refund / (paid) - net

(8.80)

672.16

Net cash (used in) / generated from operating activities (A)

(1,717.39)

328.91

B Cash flow from investing activities:

Purchase of property, plant and equipment and intangible assets (including capital advances)

(2.10)

-

Proceeds from sale of bond

5,804.49

-

Investment in bond

(46,150.00)

-

(Investment in) / Proceeds from sale of mutual funds (net)

(4,920.00)

59.05

Profit from sale of investments - mutual funds (net)

253.30

0.92

Profit from sale of subsidiary

32,503.03

-

Proceeds from assets held for sale

-

9,000.12

Inter-corporate loans and advances received back/given to subsidiary companies (net)

(48,391.98)

5,966.92

Interest received

900.24

672.43

Net cash (used in) / generated from investing activities (B)

(60,003.02)

15,699.44

C Cash flow from financing activities:

Proceeds from issue of equity share capital (including securities premium)

85,407.11

-

Redemption of debentures

(22,500.00)

(12,000.00)

Inter-corporate borrowings taken

49.50

2.00

Inter-corporate borrowings repaid

(324.50)

(68.65)

Interest paid on borrowings

(1,866.17)

(2,396.00)

Payment of lease liabilities

(110.09)

(10.50)

Net cash generated from / (used in) financing activities (C)

60,655.85

(14,473.15)

D Net (decrease) / increase in cash and cash equivalents (A+B+C)

(1,064.56)

1,555.20

E Cash and cash equivalents at the beginning of the period

1,187.01

645.70

Cash and cash equivalents at the end of the period (D+E)

122.45

2,200.90