The notes to accounts in this results gives detailed insights on the long due balance sheet clean up. Some interesting points being:
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In Q3, KHIL settled dues of two ARCs and 1 bank, difference between dues on books and settlement amount is 10 Cr accounted as exceptional items for this quarter
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After Q3, KHIL settled dues of two remaining ARCs for 123 Cr (book value of debt 220 Cr). Impact of 97 Cr to reflect this will be reflected in Q4
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Proposed sale of immovable property at Nagpur, 10 Cr gain on the books will be reflected in Q4
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NCDs were used for settling debt of KHIL, a subsidiary co. and a JV co. and providing loan to a co. belonging to promoter
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Co. signed term sheet for selling a hotel property (likely VITS Andheri), expecting completion in 12 months
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OHPPL: Debt of IARC was 188 Cr on books, co. has settled the same at an amount of 142 Cr subsequent to the quarter, it will be reflected in Q4.
In summary, lenders took haircut of Rs.143 Cr (97 Cr on Standalone & 46 Cr on subsidiary) which is 50% of the market cap!
Remaining debt on the books will be only around 300 Cr NCD and proceeds of around 130 Cr expected from VITS, Andheri will go towards reducing that as per credit reports. Remaining 170 Cr debt looks sustainable at around 70 Cr EBIDA/CFO from remaining property.
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