Hero Fincorp Limited Unlisted Shares Financial Reports

Hero Fincorp Limited Unlisted Shares

The document comprises several filings by Hero FinCorp Limited, related to financial results and compliance with regulatory requirements as of March 31, 2025. **Board Meeting Outcome (April 29, 2025)** * **Financial Results:** Hero FinCorp's Board of Directors approved the audited standalone and consolidated financial results for the quarter and fiscal year ending March 31, 2025. These results are published on the company website and as required by SEBI regulations. * **Dividend Recommendations:** A final dividend of Rs. 1.10 per equity share (face value Rs. 10) was recommended, pending shareholder approval. A dividend of Rs. 16.5 per Compulsorily Convertible Preference Share (Class A & B, face value Rs. 550) was also approved. * **Personnel Changes:** The resignations of Mr. Anurag Agarwal (Head – Internal Audit) and Ms. Srishti Sethi (Chief Risk Officer) were noted. * **Non-Convertible Debentures:** Approval was granted for a General Information Document (GID) concerning the issuance of Non-convertible Debentures. * **Audit Reports:** The auditor's reports, issued by M/s M M Nissim & Co. LLP and M/s Deloitte Haskins & Sells LLP, Joint Statutory Auditors, contained an unmodified opinion on the company's financial results. **Independent Auditor's Report: Standalone Financial Results** * **Opinion:** Deloitte Haskins & Sells LLP and M M Nissim & Co LLP audited the standalone financial results for the year ending March 31, 2025. They confirm that the results comply with SEBI regulations and present a true and fair view of the company's net profit, comprehensive income, and financial information, as per Indian Accounting Standards. * **Unaudited Results Conclusion:** Regarding the unaudited results for the quarter ending March 31, 2025, the review found no reason to believe that the information disclosed doesn't meet SEBI's regulatory requirements or contains material misstatements. * **Basis for Opinion:** The audit was conducted according to the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013. * **Other Matters:** The statement includes the results for the quarter ended March 31, 2025 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review. **Independent Auditor's Report: Consolidated Financial Results** * **Opinion:** The auditors provide an opinion on the consolidated financial results of Hero FinCorp Limited (Holding Company) and its subsidiary, Hero Housing Finance Limited, for the year ending March 31, 2025. The results comply with SEBI regulations and present a true and fair view, as per Indian Accounting Standards. * **Subsidiary Audit:** The report relies on the audit reports of other auditors for the subsidiary's financial statements. * **Other Matters:** The statement includes the results for the quarter ended March 31, 2025 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review. * **Details for consolidated financial results:** Total assets of Rs. 6,720.01 crores as at March 31, 2025 and total revenues of Rs. 203.81 crores and Rs. 762.58 crores for the quarter and year ended March 31, 2025 respectively, total net profit after tax of Rs. 16.56 crores and Rs. 51.10 crores for the quarter and year ended March 31, 2025 respectively and total comprehensive income of Rs. 14.87 crores and Rs. 49.66 crores for the quarter and year ended March 31, 2025 respectively and net cash flows of Rs. (69.33) crores for the year ended March 31, 2025. **Standalone and Consolidated Financial Results Details** * The statement includes detailed financial data, including revenue from operations (interest income, dividend income, profit on sale of investments, etc.), other income, expenses (finance costs, net loss on fair value changes, impairment on financial instruments, employee benefits expenses, depreciation and amortization, other expenses), profit before tax, tax expense, profit after tax, other comprehensive income/loss, and earnings per equity share. Numerical data is provided for the quarter ended December 31, 2024, March 31, 2024, March 31, 2025 and year ended March 31, 2025. * **Assets and Liabilities:** Details of assets and liabilities are disclosed as per SEBI regulations, including financial assets (cash, bank balances, receivables, loans, investments), non-financial assets, financial liabilities (trade payables, debt securities, borrowings), non-financial liabilities, and equity. **Additional Disclosures and Notes** * **NBFC Status:** Hero FinCorp is registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company. * **Accounting Standards:** The financial results are prepared according to Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013. * **Dividend Payment:** A dividend of 3% per Class A & Class B Cumulative Compulsorily Convertible Preference Shares was approved. * **COVID-19 Resolution Framework:** Disclosures are made regarding the implementation of a resolution framework for COVID-19 related stress. * **Loans Not in Default:** Details are provided for loans not in default acquired or transferred through assignment during the year. * **Equity Shares:** During the year ended March 31, 2025, the company issued and allotted 1,06,085 equity shares with the face of Rs. 10 each pursuant to the exercise of options under the Employee Stock Option Scheme. * **Compulsorily Convertible Preference Shares:** A description of how Compulsorily Convertible Preference Shares are treated under Ind AS 32. * **Initial Public Offering (IPO):** The Board of Directors of the Company and its Shareholders have approved a resolution towards listing of equity shares through an Initial Public Offer ("IPO") and accordingly have filed the Draft Red Herring Prospectus dated July 31, 2024 with the Securities and Exchange Board of India ("SEBI"). * **Business Segments:** The company operates primarily in the financing business within a single geographical segment (domestic). * **Commercial Papers:** The Company has listed Commercial Papers on National Stock Exchange (NSE). **Other Key Ratios and Information** * A table with details for various key ratios, including debt-equity ratio, debt service coverage ratio, net worth, current ratio, gross and net non-performing assets, and provision coverage ratio. **Related Party Disclosures** * Disclosures in compliance with Regulations 23(9) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the half year ended March 31, 2025. Includes relationship, names, and details of transactions with related parties. **Auditor's Certificate for Security Cover** * M/s MM Nissim & Co LLP provided an independent statutory auditor's certificate on the maintenance of security cover for listed non-convertible debt securities as of March 31, 2025, in compliance with Regulation 54 and 56(1)(d) of SEBI regulations. The company ensures maintenance of Asset Coverage Ratio and for preparation and maintenance of covenants list and compliance with such covenants on a continuous basis as per the debenture trust deed and all the relevant requirements of the SEBI circular, SEBI Regulations, Companies Act, 2013 and other applicable laws and regulations, as applicable. **Statement of Utilization of Issue Proceeds** * A statement regarding the utilization of issue proceeds from private placements of Non-Convertible Debentures (NCDs). All proceeds from issuances of NCDs have been utilized fully against the object of the Issue stated in the Prospectus/ Offer document without any deviation. In summary, the Hero FinCorp filings indicate regulatory compliance, financial performance for the fiscal year 2025, and transparency in disclosing related party transactions and debt security information. The company has obtained unmodified opinions from its auditors and provided detailed financial statements and key performance indicators.

Hero Fincorp Limited Unlisted Shares

The document is an independent auditor's report on the standalone and consolidated financial results of Hero FinCorp Limited for the year ended March 31, 2024. It includes statements of assets, liabilities, and cash flows, along with detailed notes and disclosures as required by the Securities and Exchange Board of India (SEBI) Listing Regulations. Price Waterhouse LLP and B R Maheswari & Co LLP are the chartered accountants conducting the audit. **Opinion:** The auditors express an unmodified opinion that the standalone and consolidated financial results present a true and fair view in accordance with applicable accounting standards, Reserve Bank of India (RBI) guidelines, and other accounting principles generally accepted in India, and in compliance with Regulation 52 of the Listing Regulations. **Basis for Opinion:** The audit was conducted in accordance with Standards on Auditing (SAs) specified under Section 143(10) of the Companies Act, 2013 and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India (ICAI). The auditors have fulfilled their ethical responsibilities and believe the audit evidence obtained is sufficient and appropriate to provide a basis for their opinion. **Board of Directors' Responsibilities:** The Board of Directors is responsible for the preparation of the financial results, ensuring they give a true and fair view of the company's financial performance, assets, liabilities, and cash flows. This includes maintaining adequate accounting records, selecting appropriate accounting policies, making reasonable judgments and estimates, and implementing adequate internal financial controls. The Board is also responsible for assessing the company's ability to continue as a going concern. **Auditor's Responsibilities:** The auditor's objectives are to obtain reasonable assurance about whether the financial results are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes their opinion. This involves identifying and assessing the risks of material misstatement, designing and performing audit procedures, obtaining an understanding of internal control, evaluating the appropriateness of accounting policies, and concluding on the appropriateness of the Board's use of the going concern basis of accounting. **Key Financial Data (Standalone):** * **Total Revenue from Operations:** ₹7,755.24 Crore (March 31, 2024) vs ₹6,003.77 Crore (March 31, 2023) * **Profit Before Tax:** ₹925.20 Crore (March 31, 2024) vs ₹712.60 Crore (March 31, 2023) * **Net Profit After Tax:** ₹601.92 Crore (March 31, 2024) vs ₹457.33 Crore (March 31, 2023) * **Total Assets:** ₹48,565.27 Crore (March 31, 2024) vs ₹40,130.63 Crore (March 31, 2023) * **Earnings per Share (Basic):** ₹10.12 (March 31, 2024) vs ₹35.92 (March 31, 2023) **Key Financial Data (Consolidated):** * **Total Revenue from Operations:** ₹8,290.90 Crore (March 31, 2024) vs ₹6,401.60 Crore (March 31, 2023) * **Profit Before Tax:** ₹960.55 Crore (March 31, 2024) vs ₹735.22 Crore (March 31, 2023) * **Net Profit After Tax:** ₹637.05 Crore (March 31, 2024) vs ₹479.95 Crore (March 31, 2023) * **Total Assets:** ₹53,204.66 Crore (March 31, 2024) vs ₹43,451.22 Crore (March 31, 2023) * **Earnings per Share (Basic):** ₹10.59 (March 31, 2024) vs ₹37.70 (March 31, 2023) **Other Matters:** The standalone and consolidated annual financial results include the results for the quarter ended March 31, 2024, which are the balancing figures between the audited figures for the full financial year and the published unaudited year-to-date figures up to the third quarter. **Disclosure Regarding Compulsorily Convertible Preference Shares (CCPS):** The company had classified CCPS as a financial liability, following Ind AS 32. If these CCPS were classified as equity, profit after tax and total equity would be higher, and subordinated liabilities would be lower. **Related Party Transactions:** Annexure 2 contains disclosures in compliance with Regulations 23(9) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the half year ended March 31, 2024 including information on related party transactions, relationship with the listed entity and its subsidiary, nature of the transaction, transaction value, outstanding balances, loan details and purpose of funds utilisation by the ultimate recipient. **Key Ratios:** Annexure 1 provides key financial ratios, including debt-equity ratio, debt service coverage ratio, net worth, and gross/net non-performing assets percentages, as required by Regulation 52(4) of the SEBI regulations. **Dividend Recommendation:** The Board of Directors has recommended a final dividend of ₹10 per equity share of ₹10 each (i.e. 100%), subject to shareholders' approval. The board of directors has also approved payment of dividend of 3% per Class A & Class B Cumulative Compulsorily Convertible Preference Shares of face value of ₹550 each. **Auditor's Conclusion:** The auditors conclude that the consolidated financial results present a true and fair view of the Group's financial position and performance for the year ended March 31, 2024. The report and opinion remain unmodified. The report has been prepared for the express purpose of filing with the National Stock Exchange of India Limited (NSE).

Hero Fincorp Limited Unlisted Shares

February 5, 2024, Hero FinCorp Limited submitted to the National Stock Exchange of India Limited the outcome of its Board meeting held on the same day, regarding the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”). The Board considered the following: * Unaudited Financial Results of the Company for the third quarter and nine months ended December 31, 2023, along with the Limited Review Report of Joint Statutory Auditors, as reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company under Regulation 52 of SEBI Listing Regulations. Total Income (i + ii) for the quarter ended December 31, 2023 was 1,998.17 in Crore compared to 1,552.39 in Crore for the quarter ended December 31, 2022. Total income (i + ii) for the nine months ended December 31, 2023 was 5,676.71 in Crore compared to 4,369.97 in Crore for the nine months ended December 31, 2022. Profit before tax (iii - iv) for the quarter ended December 31, 2023 was 285.80 in Crore compared to 149.41 in Crore for the quarter ended December 31, 2022. Profit before tax (iii - iv) for the nine months ended December 31, 2023 was 712.47 in Crore compared to 393.49 in Crore for the nine months ended December 31, 2022. * Statement of disclosures pursuant to Regulation 52(4) of the SEBI Listing Regulations. Key ratios included in the disclosure are: Debt equity ratio (no. of times) of 6.95, Total debts to total assets (%) of 84.49, Net profit margin (%) of 10.03, Gross non performing assets (%) of 4.74, Net non performing assets (%) of 2.30, Provision coverage ratio (%) of 52.62, Capital to risk weighted assets ratio (%) of 16.72, and Liquidity Coverage Ratio (%) of 178.84. * Declaration w.r.t. Statement of Material Deviations under Regulation 52(7) and 52(7A) of SEBI Listing Regulations. No NCDs were issued during the quarter, hence, Not Applicable. * Security Cover details of Non-Convertible Debt Securities for the quarter ended December 31, 2023 under Regulation 54 of SEBI Listing Regulations. B R Maheswari & Co LLP, Chartered Accountants, certified that the total assets of the listed entity provide adequate coverage of 1.29 times through pari-passu charge creation on the interest and principal. They have examined the compliances made by the listed entity in respect of the covenants/terms of the issue of the listed debt securities (NCD's) and certify that such covenants/terms of the issue have been complied by the listed entity. * Take note of Resignation of Mr. Matthew Russell Michelini (DIN: 0009692765), Non - Executive Director of the Company with effect from close of business hours of February 05, 2024. * Take note of Resignation of Mr. Vivek Chaand Sehgal (DIN: 00291126), Independent Director of the Company with effect from close of business hours of February 05, 2024. * Appointment of Ms. Anuranjita Kumar (DIN: 05283847) as an Additional Director (Non - Executive Independent) for the period of 3 years commencing from February 05, 2024 upto February 04, 2027, not liable to retire by rotation, subject to approval of the members. Ms. Kumar is a human resource veteran with over 25 years of experience working across the globe managing various assignments, including senior human resource roles in Asia, North America and Europe, through her stints at Citi Bank, Royal Bank of Scotland, and P&G. She is now the Founder and CEO for We-ACE. The Board meeting commenced at 02:30 P.M. and concluded at 05:00 P.M. (commenced at 01:00 P.M. and concluded at 3:30 P.M. Dubai Standard Time). Price Waterhouse LLP and B R Maheswari & Co LLP performed a review of the accompanying unaudited standalone financial results of Hero FinCorp Limited for the quarter ended December 31, 2023 and the year to date results for the period April 01, 2023 to December 31, 2023. Based on the review conducted, nothing has come to their attention that causes them to believe that the accompanying Statement has not been prepared in accordance with the applicable accounting standards and other recognised accounting practices and policies.