Company’s Rs23 cr loan overdue turns NPA
HYDERABAD: The financial liabilities have started pinching the bottom line of the hospitality major, Country Club Hospitality and Holidays Ltd, formerly Country Club (India) Ltd, with the company posting 77.20 per cent increase in its loss for the quarter ending March 31, 2019 to Rs7.85 crore from Rs4.43 crore for the same quarter last year.
During the three-month period, the finance cost has increased by 76.25 per cent – from Rs7.83 crore to Rs13.80 crore. For the full year, the loss for the standalone operations grew from Rs17.25 crore to Rs21.92 crore. The consolidated loss of the group also reported an increase of 11.23 per cent for the full year as it increased from Rs48.25 crore to Rs53.67 crore.
While the company witnessed a drop in standalone revenue from Rs236.80 crore to Rs214.68 crore during the year, the consolidated revenue also fell by 20 per cent – from Rs332.43 crore to Rs266.57 crore.
The auditors of the Country Club’s accounts emphasised the company’s failure in repayment of its statutory dues towards TDS, GST, PF, E5I and PT for the year ended March 31,.2019, amounting to Rs24.78 crore.
The company has also delayed the repayment of dues to its financial lenders for the FY 2018-19. The company has a loan overdue for an amount of Rs22.88 crore as on March 31, 2019 which has been reported as NPA by two of its lenders.