icfl consol · accordingly, as per the requirement of ind-as 109, financial instruments, eligible...

For year ended For year ended

31 March 2020 31 March 2019 31 March 2020 31 March 2019

(Refer note 13) (Refer note 13) (Audited) (Audited)

1 Revenue from operations

Interest income 75,443.55 88,322.01 1,75,944.98 1,46,704.91

Dividend income 4,934.94 2,485.58 4,934.94 2,534.78

Fees and commission income 5,308.52 6,417.61 9,138.64 11,833.11

Net gain on fair value changes - (665.11) - 753.47

Net gain on derecogntion of financial assets 39,880.51 2,979.61 61,669.04 2,979.61

Total revenue from operations 1,25,567.52 99,539.70 2,51,687.60 1,64,805.88

2 Other income - - - 196.13

3 Total revenue (1+2) 1,25,567.52 99,539.70 2,51,687.60 1,65,002.01

4 Expenses

Finance costs 33,394.47 37,637.68 73,966.08 55,947.78

Net loss on fair value changes 2,709.50 - 1,415.20 -

Impairment on financial assets 67,813.11 6,545.97 81,625.21 10,301.34

Employee benefits expense 19,194.43 14,540.18 41,784.53 22,992.60

Depreciation and amortisation 4,272.92 1,102.65 7,802.00 1,890.83

Other expenses 20,180.57 12,991.56 40,133.55 20,529.89

Total expenses 1,47,565.00 72,818.04 2,46,726.57 1,11,662.44

5 Profit/(Loss) before tax (3-4) (21,997.48) 26,721.66 4,961.03 53,339.57

6 Tax expense:

a) Current tax (Refer to note 6) (3,358.95) 6,271.68 1,186.31 15,530.01

b) Deferred tax (credit)/charge (Refer to note 6) (3,747.67) 359.19 (1,650.74) (2,209.84)

Total tax expense (7,106.62) 6,630.87 (464.43) 13,320.17

7 Net profit/(Loss) after tax (5-6) (14,890.86) 20,090.79 5,425.46 40,019.40

8 Other comprehensive income

i. Items that will not be reclassified to profit or loss 52.11 (81.69) (85.81) (44.57)

ii. Income tax relating to items that will not be reclassified to profit or loss (13.11) 28.43 21.60 15.58

iii. Items that will be reclassified to profit or loss (Refer to note 11) (520.84) - 1,059.00 -

iv. Income tax relating to items that will be reclassified to profit or loss 131.08 - (266.53) -

Total other comprehensive income (350.76) (53.26) 728.26 (28.99)

9 Total comprehensive income (7+8) (15,241.62) 20,037.53 6,153.72 39,990.41

10 Paid-up equity share capital (face value of Rs. 10 each per equity share) 6,118.80 6,118.80 6,118.80 6,118.80

11 Other equity as per Statement of Assets and Liabilities 4,17,654.95 4,30,694.06

12 Earnings per share (EPS) (face value of Rs. 10 each per equity share)

*(EPS for the half year not annualised)

- Basic (amount in Rs.) (24.34)* 34.68* 8.87 79.49

- Diluted (amount in Rs.) (24.34)* 31.67* 8.87 71.66

Indiabulls Consumer Finance Limited(Formerly known as IVL Finance Limited)

(CIN: U74899DL1994PLC062407)

Statement of Audited Standalone Financial Results for the year ended 31 March 2020

(Amount in Rs. Lakh)

Statement of Audited Standalone Profit and Loss for the year ended 31 March 2020

For six months endedParticulars

Notes to the Audited Standalone Financial Results:

As at As at

31 March 2020 31 March 2019

(Audited) (Audited)

A ASSETS

1 Financial assets

Cash and cash equivalents 1,96,686.93 93,078.55

Bank balances other than cash and cash equivalents 33,798.54 14,538.84

Loans 4,17,954.54 10,50,813.31

Investment 1,93,991.46 57,663.38

Other financial assets 52,199.87 4,789.32

Total financial assets 8,94,631.34 12,20,883.40

2 Non-financial assets

Current tax assets (net) (Refer to note 6) 9,093.74 713.51

Deferred tax assets (net) (Refer to note 6) 4,799.08 3,393.28

Investment accounted for using equity method - 3,570.43

Property, plant and equipment 6,308.34 3,093.33

Right-of-use assets (Refer to note 3) 22,095.04 -

Intangible assets under development 542.56 246.07

Other intangible assets 4,879.56 5,184.96

Other non-financial assets 12,031.36 8,688.92

Total non-financial assets 59,749.68 24,890.50

Total Assets 9,54,381.02 12,45,773.90

B LIABILITIES AND EQUITY

LIABILITIES

1 Financial liabilities

Derivative financial instruments - 209.42

Payables

Trade payables

(i) Dues of micro enterprises and small enterprises - -

(ii) Other than micro enterprises and small enterprises 6,323.52 5,804.12

Other payables

(i) Dues of micro enterprises and small enterprises - -

(ii) Other than micro enterprises and small enterprises 3,009.50 1,819.40

Debt securities 79,677.24 1,73,486.15

Borrowings (other than debt securities) 3,95,620.33 5,82,825.41

Lease liabilities (Refer to note 3) 23,343.26 -

Others financial liabilities 15,827.93 41,227.20

Total financial liabilities 5,23,801.78 8,05,371.70

2 Non-financial liabilities

Provisions 2,441.36 1,067.53

Other non-financial liabilities 4,364.13 2,521.81

Total non-financial liabilities 6,805.49 3,589.34

3 EQUITY

Equity share capital 6,118.80 6,118.80

Other equity 4,17,654.95 4,30,694.06

Total equity 4,23,773.75 4,36,812.86

Total liabilities and equity 9,54,381.02 12,45,773.90

Particulars

Note 1 : Statement of Standalone Assets and Liabilities as at 31 March 2020

(Amount in Rs. Lakh)

2

3

4

5

6

7

8

9

10

11

12 During the year ended 31 March 2020, the Company has issued and allotted non-convertible debentures as follows:

NSE BSE

Non-convertible debentures- Public issue through tranche III prospectus* 8,343.84 06 September 2019 09 September 2019 09 September 2019

Non-convertible debentures- Public issue through tranche II prospectus* 8,476.44 27 June 2019 28 June 2019 28 June 2019

Non-convertible debentures- Privately placed* 25,000.00 24 April 2019 02 May 2019 02 May 2019

Further, pursuant to the Reserve Bank of India’s circulars dated 27 March 2020 and 23 May 2020 allowing lending institutions to offer moratorium to

borrowers on payment of instalments falling due between 1 March 2020 and 31 August 2020, the Company has extended/will be extending moratorium to

its borrowers in accordance with its Board approved policy. In management's view, providing moratorium to borrowers based on RBI directives, by itself is

not considered to result in a significant increase in credit risk (“SICR") for such borrowers. Accordingly, considering the unique and widespread impact of

COVID-19 pandemic, the Company has estimated expected credit losses based on the information available at this point in time to reflect, among other

things, the deterioration in the macro-economic factors. Given the dynamic nature of the pandemic situation, these estimates are based on early indicators,

subject to uncertainty and may be affected by the severity and duration of the pandemic, including governmental and regulatory measures and its effect on

economy, the business and the financial metrics of the Company. The actual outcome could be different from that estimated by the Company.

The Board of Directors of the Company at its meeting held on 23 January 2020 has declared and paid an interim dividend of Rs. 19 per fully paid up equity

shares.

The Company has elected to exercise the option permitted under section 115 BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws

(Amendment) Ordinance, 2019. Accordingly, the Company has re-measured its deferred tax assets/liabilities as at 31 March 2020 basis the rate prescribed in

the aforesaid section.

The Novel Corona virus (COVID-19) pandemic (declared as such by the World Health Organisation on 11 March 2020), has contributed to a significant

decline and volatility in global and Indian markets, and a significant decrease in economic activity. On 24 March 2020, the Government of India announced a

nation-wide lockdown till 14 April 2020, which was extended till 31 May 2020 through subsequent announcements, to contain the spread of the virus. This

has led to significant disruptions and dislocations for individuals and businesses, impacting Company's regular operations and financial metrics including

lending and collection activities due to inability of employees to physically reach borrowers.

During the year ended 31 March 2020, the Company has further acquired 9% equity stake of "TranServ Limited” (formerly known as "TranServ Private

Limited"). Further, subsequent to 31 March 2020, the Company has further acquired the remaining 58% stake in TranServ Limited making it wholly owned

subsidiary of the Company.

During the year ended 31 March 2020, the Company has invested 50,000.06 lakh in Compulsorily Convertible Debentures ("CCDs‟) of its subsidiary

Indiabulls Distribution Services Limited (“IDSL‟), bearing coupon rate of 10% per annum. The CCDs are convertible into equity shares of IDSL at the option

of the Company on or before completion of 24 months from the date of subscription. Further, the Company has invested Rs. 45,000.12 lakh in the equity

shares of IDSL and acquired 86% equity stake of IDSL.

The Chief Operating Decision Maker ("CODM") reviews operations and makes allocation of resources at the Company level. Therefore, operations of the

Company fall under "finance and allied activities" business only, which is considered to be the only reportable segment in accordance with the provision of

Ind AS 108 - "Operating Segment”.

Effective 1 April 2019, the Company adopted Ind AS 116, Leases has been implemented in the preparation and presentation of the financial statements. The

accounting standard has been applied to all contracts having lease components existing on 1 April 2019 using the modified retrospective method.

Accordingly, comparative information has not been restated. The lease liability has been measured at present value of remaining lease payments discounted

using the incremental borrowing rate as the date of initial application and Right of Use asset is measured at an amount equal to lease liability, adjusted by

the amount of any prepaid or accrued lease payments relating to that lease recognized in the balance sheet immediately before the date of initial application.

On date of initial application, the adoption of new standard resulted in recognition of right of use Rs. 22,103.21 lakh and a lease liability of Rs. 21,888.32 lakh.

These standalone financial results of Indiabulls Consumer Finance Limited ('ICFL', 'the Company') for the year ended 31 March 2020 have been reviewed by

the Audit Committee and subsequently approved at the meeting of the Board of Directors held on 25 June 2020. These results have been prepared in

accordance with the requirement of Regulation 52 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements)

Regulations, 2015, (as amended).

Amount

(Rs. in lakh) Particulars Date of issue

During the year ended 31 March 2020, the Company has acquired 100% holding in equity shares of Indiabulls Investment Advisors Limited ("IIAL"),

(erstwhile fellow subsidiary of the Company) from Indiabulls Ventures Limited for consideration of Rs. 550.00 lakh and accordingly IIAL become a wholly

owned subsidiary of the Company. Subsequent to this, the Company has further invested Rs. 35,000.00 lakh in the equity share capital of IIAL.

* These NCDs are secured by way of first ranking pari passu charges on present and future receivables current assets (including investments of the

Company, owned by the Company) and accrued interest thereon.

Date of listing

During the year ended 31 March 2020, the Company has entered into series of bilateral assignment transactions against outstanding loan portfolio. In the

light of this, the management has concluded that the business model for loan against property, business installments loan and personal loan has changed

from "hold to collect" to "hold to collect and sell". Accordingly, as per the requirement of Ind-AS 109, Financial Instruments, eligible portfolio of loans

outstanding has been fair valued and a gain of Rs. 1,059.00 lakh has been recognised in other comprehensive income.

In addition to above, The Company has also evaluated impact of this pandemic on impairment of financial assets based on internal and external information

available up to the date of approval of financial results. However, the impact assessment of COVID-19 is an ongoing process and the Company will continue

to monitor any material changes in the future conditions.

13

14

15 Figures for previous year/period have been regrouped, wherever necessary to make them comparable to current period.

Registered Office: M-62 & 63, First Floor, Connaught Place, New Delhi - 110001

(CIN: U74899DL1994PLC062407)

Place : Mumbai Pinank Shah

Date : 25 June 2020 CEO & Whole Time Director

For and on behalf of Board of Directors

Based on the revised income tax return filed by the Company for the Assessment Year 2019-20, the amount of current tax expense and deferred tax charge for

the year ended 31 March 2019 have been re-grouped.

Figures for six months ended 31 March 2020 and 31 March 2019 represent the balancing figures between audited figures for the financial year and published

reviewed year to date figures up to first six months of the respective financial year.

A Credit Rating of the Debentures and change in Credit Rating (if any):

CARE Ratings Limited Public Issue Non convertible debenture

CARE AA- ; Stable[Double A Minus; Outlook: Stable]

Privately Placed Non convertible debenture

CARE AA- ; Stable[Double A Minus; Outlook: Stable]

B Asset Cover available, in case of non-convertible debt securities:

Not Applicable being a Non-Banking Financial Company registered with Reserve Bank of India.

C Debt-Equity Ratio as on 31 March 2020: 0.91 times

D

Details of non-convertible debenture

10.6% Secured redeemable non-convertible debenture

(ISIN- INE614X07100)10.75% Secured redeemable non-convertible debenture

(ISIN- INE614X07027)Non-convertible debentures redeemable at premium

(ISIN- INE614X07035)







Non-convertible debentures redeemable at premium




Not applicable during year ended

31 March 2020


31 March 2020



14 November 2019 14 November 2019

18 December 2019 18 December 2019


31 March 2020


31 March 2020

08 March 2020 07 March 2020

08 March 2020 07 March 2020


31 March 2020


31 March 2020



08 May 2019 08 May 2019

08 June 2019 07 June 2019

08 July 2019 06 July 2019


08 January 2020 07 January 2020


31 March 2020


31 March 2020



08 February 2020 06 February 2020


08 August 2019

08 September 2019 07 September 2019

08 October 2019 07 October 2019


08 August 2019

07 October 2019



31 March 2020


31 March 2020

08 March 2020 07 March 2020

08 March 2020 07 March 2020

Additional disclosures as per regulation 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,

2015:



08 May 2019 08 May 2019

08 June 2019 07 June 2019

08 July 2019 06 July 2019

08 August 2019

Previous due date for the payment of interest and whether the same has been paid or not for the year ended on 31 March 2020 are as under:

Due Date for Payment of Interest Date of Payment of Interest


08 March 2020 07 March 2020

08 August 2019

08 September 2019 07 September 2019

08 October 2019

























05 December 2019


06 February 2020


31 March 2020


31 March 2020


31 March 2020


31 March 2020


31 March 2020


31 March 2020



31 March 2020


31 March 2020




06 December 2019

05 February 2020

06 March 2020 05 March 2020





06 December 2019


06 March 2020 05 March 2020


31 March 2020


31 March 2020


31 March 2020


31 March 2020


31 March 2020


31 March 2020

05 December 2019



31 March 2020


31 March 2020


31 March 2020


31 March 2020



27 March 2020 26 March 2020



27 July 2019 26 July 2019

27 August 2019 27 August 2019

27 September 2019





27 March 2020 26 March 2020



27 September 2019



31 March 2020


31 March 2020


31 March 2020


31 March 2020

27 September 2019





31 March 2020


31 March 2020

27 July 2019 26 July 2019

27 August 2019 27 August 2019

27 September 2019

Details of Non-Convertible Debenture Principal amount

(Rs. in Lakh)

Due Date for

Payment



17,500.00 14 November 2019



37,747.10



2,465.79



3,249.81



7,553.69



2,358.42



4,700.84



2,607.12



1,937.76



15,000.00 14 November 2019



10,000.00 18 December 2019



1,241.54



718.22



348.00



1,237.09



1,220.95



427.80



1,564.25



1,280.03



438.56



5,903.47



121.29



48.10



297.04



224.70



85.56



379.07



1,180.99



103.62

14 November 2019

Not applicable during

year ended 31 March

2020


31 March 2020

14 November 2019

18 December 2019

Not applicable during

year ended 31 March

2020


31 March 2020

Date of Payment

Previous due date for the payment of principal and whether the same has been paid or not for the year ended 31 March 2020 are as under:

Details of Non-Convertible Debenture

Principal amount/

interest amount

(Rs. in Lakh)

Due Date for

Payment

Type

(Principal / Interest)

Status

17,500.00 14 November 2019 Principal Paid

1,165.71 14 November 2019 Interest Paid

37,747.10 08 May 2021 Principal Not yet due

4,057.81 08 March 2020 Interest Paid

4,057.81 08 March 2021 Interest Not yet due

678.16 08 May 2021 Interest Not yet due


611.57 08 May 2021Premium on

redemptionNot yet due


56.39 08 May 2019 Interest Paid

28.63 08 June 2019 Interest Paid

27.70 08 July 2019 Interest Paid

28.63 08 August 2019 Interest Paid

28.63 08 September 2019 Interest Paid

27.70 08 October 2019 Interest Paid

28.63 08 November 2019 Interest Paid

27.70 08 December 2019 Interest Paid

28.63 08 January 2020 Interest Paid

28.63 08 February 2020 Interest Paid

26.78 08 March 2020 Interest Paid

28.65 08 April 2020 Interest Not yet due


28.71 08 June 2020 Interest Not yet due

27.78 08 July 2020 Interest Not yet due

28.71 08 August 2020 Interest Not yet due

28.71 08 September 2020 Interest Not yet due

27.78 08 October 2020 Interest Not yet due

28.71 08 November 2020 Interest Not yet due

27.78 08 December 2020 Interest Not yet due

28.71 08 January 2021 Interest Not yet due

28.71 08 February 2021 Interest Not yet due

25.93 08 March 2021 Interest Not yet due





















915.77 08 May 2022Premium on








Next due date and amount for the payment of interest/ Principal along with the amount of interest and the redemption amount of non-convertible debentures:







4,700.84 08 March 2024 Principal Not yet due

82.35 08 May 2019 Interest Paid

41.81 08 June 2019 Interest Paid



































































1,329.81 08 March 2024Premium on


15,000.00 14 November 2019 Principal Paid

10,000.00 18 December 2019 Principal Paid



1,241.54 31 July 2020 Principal Not yet due

136.69 31 July 2020Premium on


718.22 27 June 2021 Principal Not yet due




75.11 27 June 2021Premium on


1,237.09 27 June 2022 Principal Not yet due


































































5,903.47 10 October 2020 Principal Not yet due

649.97 10 October 2020Premium on


121.29 06 September 2021 Principal Not yet due




10.22 06 September 2021Premium on






























































1,180.99 06 September 2024 Principal Not yet due













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icfl consol · accordingly, as per the requirement of ind-as 109, financial instruments, eligible...

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