NITCO Financial Result Updates for period ended December 31, 2021

NITCO Financial Result Updates for period December 31, 2021

NITCO Financial Result Updates: Reviewed the accompanying Statement of unaudited standalone financial results of NITCO Limited for the quarter ended December 31, 2021.

  • There is a default in repayment of term loan from JMFARC (JM Financial Asset Reconstruction Company Limited) of Rs.234.53 crore as of 31st December 2021.
  • JMFARC is also having a right to revoke the waiver of Rs.546 cr already given in case of default.
  • The company is continuously making operating cash losses. As of 31st December 2021, there is a negative net worth of Rs. 178.66 crore of the group.
  • The lockout was declared in one of the main Tile Manufacturing units of the Company situated in Alibag in January 2020.

They did not review the interim financial statements/ financial results of 1 subsidiary and 13 fellow subsidiaries included in the consolidated unaudited financial results, whose interim financial statements/ financial results reflect total assets of Rs. 6,452 .08 lacs as of December 31, 2021.

Total revenue of Rs. 39.90 lacs and total net loss after tax of Rs.4.39 lacs and total net loss after comprehensive Income of Rs. 4.39. Lacs, for the quarter ended 31st December; 2021, as considered in the Statement.

List of entities consolidated:

Subsidiaries
  • Nitco Realties Private Limited
Fellow Subsidiaries
  • Maxwealth Properties Pvt. Ltd.
  • Meghdoot Properties Pvt. Ltd.
  • Roaring- Lion Properties Pvt. Ltd.
  • Feel Better Housing Pvt. Ltd.
  • Quick-Solution Properties Pvt. Ltd.
  • Silver-Sky Real Estates Pvt. Ltd.
  • Opera Properties Pvt. Ltd.
  • Ferocity Properties Pvt. Ltd.
  • Glamorous Properties Pvt. Ltd.
  • Nitco IT Parks Pvt. Ltd.
  • Nitco Aviation Pvt. Ltd.
  • Aileen Properties Pvt. Ltd.
  • Quick Innovation lab Pvt ltd

About NITCO Limited

NITCO Ltd Symbol: NITCO

Industry: Furniture Home Furnishing Flooring

Date of Listing (NSE): 21-Mar-2006

Sectoral Index: NIFTY 500

Learn More

Link: Trading News

Source: NSE, BSE

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