Religare Enterprises reports Rs64 crore loss in Q4

New Delhi: Financial services firm Religare Enterprises on Thursday reported a 27% jump in its standalone net loss at Rs64.33 crore in the quarter to March 2017-18.

It had registered a net loss of Rs50.59 crore in the corresponding January-March period of 2016-17. Total income on standalone basis during the quarter under review stood at Rs13.26 crore against Rs1.82 crore in the same period a year ago.

For the full fiscal (2017-18), its net loss came in at Rs110.18 crore against a loss of Rs159.24 crore in the preceding fiscal, the company said in a regulatory filing. Total income (standalone) during 2017-18 was Rs71 crore, up from Rs35.09 crore in FY 2016-17.

On a consolidated basis, the company reported a net loss of Rs1,192.50 crore during the fiscal ended March 2018, against Rs174.27 crore in the previous year. Consolidated income during the year also fell to Rs2,693.14 crore as against Rs3,841.02 crore.

The company said it made provisions of Rs82.76 crore during the year ended March 2018 against non-performing assets on inter corporate loan given and advance given for settlement of corporate guarantee given to banks.

In a matter related with certain fixed deposits (FDs) made by its subsidiary Religare Finvest Ltd (RFL) with Lakshmi Vilas Bank, it said the bank through a letter in February purported “to allude to certain loans disbursed by LVB to third parties allegedly in consideration of security of the RFL’s FDs with LVB”.

“By means of this letter, LVB also purported to call upon RFL to execute the security documentation in connection with the alleged loans,” it said, adding it was informed expressly to the bank that RFL was not party to any loans that were allegedly sanctioned on granted by LVB to any third party.

It said the subsidiary has filed a suit for recovery of the FDs aggregating to Rs79,144.77 lakh appropriated by the bank before the Delhi High Court. The company’s auditor said that “pending disposal of the case, we are unable to comment on the status and classification.” Stock of the company closed 2.12% down at Rs50.90 apiece on the BSE.