Eldeco Housing and Industries

Can anyone explain the above resolution in simple language?
Is the company loaning to the promoter? If yes why? What kind of business is this ? Also, how is 5/6th of surplus related to 60% in the surplus?

• Revenue Rs. 109Cr in FY18 vs Rs. 127Cr in FY22.

• PAT Rs. 24Cr in FY18 vs Rs.50.8Cr in FY22.
  Is it sustainable to grow profit without growing revenue in this industry?
  Last 5 Quarters PAT and PAT margin has been falling.
  35 Subsidiaries and only 6 are profitable. Omni Farms Pvt. Ltd is the only big subsidiary.
  Can’t really understand the competence of the company?
  In my view, the company is just selling high-priced real estate. The company is just creating many subsidiaries with negative reserves and unproductive assets.
  Really doubt the company’s ability in cost-cutting measures and expertise in the technicality of building real estate. I am unable to see how these subsidiaries are maintained and why they are so unproductive.

• Standalone vs Consolidated difference in inventories is 42%.

• Standalone vs Consolidated difference in PAT TTM is 20%.

Disclosure. Invested unsatisfied with my investment. Really doubt the real estate industry. Can’t understand the business model? The company seems shady.