NewsEarningsIndia Home Loan Limited Reports Q1 Results, Schedules AGM, and Appoints New Secretarial AuditorIndia Home Loan Limited Reports Q1 Results, Schedules AGM, and Appoints New Secretarial Auditor
India Home Loans reported a net profit of ₹0.09 crore for Q1 ended June 30, with EPS at ₹0.01. The company's net worth stood at ₹38.37 crore. Key financial ratios include a Debt Equity Ratio of 1.25 and Gross NPA Ratio of 3.34%. The 35th AGM is scheduled for September 17 via video conferencing. M/s. Himanshu Gajra & Co. has been appointed as Secretarial Auditor for a five-year term. Statutory auditors emphasized the need for further revenue increase and noted the company's practice of possessing collaterals under the SARFAESI Act.
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India Home Loans , a prominent player in the housing finance sector, has announced its unaudited financial results for the first quarter ended June 30, along with several key corporate decisions. The company's Board of Directors convened on August 12 to approve these matters.
Financial Performance
For the quarter ended June 30, India Home Loans reported a net profit after tax of ₹0.09 crore, with earnings per share (EPS) standing at ₹0.01. The company's net worth was reported at ₹38.37 crore.
Key financial ratios for the quarter include:
| Metric | Value |
|---|---|
| Debt Equity Ratio | 1.25 |
| Total Debts to Total Assets | 48.34% |
| Operating Margin | 1.16% |
| Net Profit Margin | 0.22% |
| Gross NPA Ratio | 3.34% |
| Net NPA Ratio | 2.40% |
Annual General Meeting
The Board has scheduled the company's 35th Annual General Meeting (AGM) for September 17. In line with ongoing digital trends, the AGM will be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM), adhering to the guidelines issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India (SEBI).
Appointment of Secretarial Auditor
In a move to strengthen its corporate governance practices, India Home Loans has appointed M/s. Himanshu Gajra & Co., Practising Company Secretaries (C.P. No. 25306), as the Secretarial Auditor of the company. This appointment is subject to shareholder approval and is for a term of five years, extending until the financial year 2029-30.
M/s. Himanshu Gajra & Co. is recognized for its expertise in corporate governance and compliance, with a track record of serving diverse sectors including non-banking, IT, pharmaceuticals, FMCG, and infrastructure.
Auditor's Review
H K Shah & Co., Chartered Accountants, the statutory auditors of the company, conducted a limited review of the quarterly results. While they found no material misstatements, they emphasized two key points:
- The need for further revenue increase, despite an improving going-concern view of the company.
- The company's practice of possessing collaterals to mitigate risks on financial assets, as per the powers conferred under the SARFAESI Act.
Outlook
India Home Loans' financial results reflect a challenging quarter with modest profitability. The company's focus on improving its financial position is evident, though the auditors have highlighted the need for revenue growth. The appointment of a new secretarial auditor for a five-year term suggests a commitment to maintaining robust corporate governance practices.
As the company prepares for its upcoming AGM, stakeholders will be keen to see how India Home Loans plans to address the need for revenue growth and manage its asset quality in the coming quarters.
Historical Stock Returns for India Home Loans
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.15% | +2.35% | +12.05% | +21.92% | +11.11% | -5.24% |
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