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SERVICES LIMITEDMain BoardEquity2024-04-012025-03-312025-05-022025-04-28INRLakhsHalf YearlyYearlyMulti segment2025-05-0215:30:002025-05-0218:45:00trueCash Flow IndirectStatement on impact of audit qualification2024-10-012025-03-31AuditedConsolidated12034390000059159500052644000000184767800059960800024472860000009744390002850450001130750006322800000321000057204200020110390004362470000436247000233330002978590003211920001150550000000115055000-2368300091372000118376000-332100094689000-3317000121637700020.20.2000.20.2For Notes please refer our detailed results published on BSE and NSE on 02 May 2025. <BR> 2024-04-012025-03-31AuditedConsolidated2657718000001180513000109460000011000039477020009211300004868832000002000000019017530006419840003013670003673250000055611900012201900005008738000-1399060000-139906000129512000407068000536580000-6764860000000-676486000-6697292000-7373778000-548176000-128310000-7119121000-2546570001216377000200.950.95000.950.95Other expenses572042000Other expenses122019000026544350004078424000049658400001280048300063505700053843500021203418000317575700046827200063372900003919800001598170000534700067971600015236900050953900001611315600037316574000121637700027141852000283582290004099470002876817600000673620000036818300028545400045224640000025736870007817150000109470002488080000471493000731248000854839800037316574000Financing, Digital wallet services and related activities1259048000E-Commerce and related activities0Broking and related activities598133000Real Estate development and related activities13170000Asset reconstruction and related activities321389000Others32241000Financing, Digital wallet services and related activities2583826000E-Commerce and related activities251000Broking and related activities1336307000Real Estate development and related activities25027000Asset reconstruction and related activities639544000Others735120002223981000465846700037630300071076500018476780003947702000Financing, Digital wallet services and related activities499583000E-Commerce and related activities24628000Broking and related activities53808000Real Estate development and related activities342363000Asset reconstruction and related activities-95164000Others0Financing, Digital wallet services and related activities743513000E-Commerce and related activities-212484000Broking and related activities244350000Real Estate development and related activities321446000Asset reconstruction and related activities-569823000Others0825218000527002000220865000461610000168106000205298000436247000-139906000Financing, Digital wallet services and related activities15205548000E-Commerce and related activities0Broking and related activities6916284000Real Estate development and related activities7262274000Asset reconstruction and related activities4107977000Others033492083000382449100037316574000Financing, Digital wallet services and related activities1499642000E-Commerce and related activities0Broking and related activities1854292000Real Estate development and related activities443732000Asset reconstruction and related activities199083000Others0399674900045516490008548398000Items that will not be reclassified to profit or loss-21054000-21054000Items that will not be reclassified to profit or loss-22008000-22008000-3150000-3294000Items that will be reclassified to profit or loss-5779000-5779000Items that will be reclassified to profit or loss-8454023000-84540230000-1775445000-23683000-6697292000686423000-1329170004882300000008835440000-406511000000301367000556119000-5144100005607890000-13410000263075800010261000-109460000000-8540480000-1139150000-127905600004963380002584308000-1753770000984291000000-51175400000000024707000003601000000000000000000002335300052380400000000001014459000017268420001782820000000-8906650006174300004344300066087300019935620002654435000AuditedQualified opinionHem Sandeep & Cotrue2027-03-3148688320004868832000135062040005008738000-7398507000-676486000-12.57-0.953731657400037316574000854839800085483980002808846000028088460000Other comprehensive incomeOther comprehensive income24729000-6697292000Following qualification has been given by the Auditors in the audit report on Consolidated Financial Statements of the Company for the year ended March 31, 2025: <br></br> <br></br> As explained in Note 7 to the accompanying Statement, the Group has recorded impairment losses resulting from decline in some of its subsidiaries businesses and assets of trusts whose financial information is included in the Consolidated Financial Results. Management intends to grow its real estate business and has, on a prudent approach, re-assessed the recoverability of certain financial assets and has accordingly, recorded provisions for impairment due to expected credit loss of Rs. 47,448.40 Lakhs (net of deferred tax) to other comprehensive income and has recorded a provision of impairment loss of Rs. 19,771.80 Lakhs (net of deferred tax) to other comprehensive income on account of impairment of certain non-financial assets. <br></br> <br></br> <br></br> a) We reproduce hereunder the Basis for qualified opinion issued by the respective independent auditors of the following subsidiary companies, on the annual financial statements for the year ended March 31, 2025, to the extent the same are found significant as per the Guidance issued by the Institute of Chartered Accountants of India, from time to time and which also forms the basis for qualified opinion in our audit report on the accompanying Statement: <br></br> <br></br> <br></br> In respect of Indiabulls Nests Limited (formerly known as Indiabulls Distribution Services Limited) vide their audit report dated May 1, 2025 - As explained in Note 27 to the accompanying Financial Statements, the Company has recorded impairment loss due to expected credit loss of Rs. 15,947.22 lakhs (net of deferred tax) to Other Comprehensive income, instead of debiting the same to the Statement of Profit and Loss, which is not in accordance with the applicable Ind AS and consequently, the Companys loss after tax is understated and other comprehensive loss is overstated by the aforesaid amount. There is no resultant impact on the carrying value of the total equity, assets and liabilities of the Company <br></br> <br></br> In respect of Indiabulls Urbanresidency Limited (formerly known as Indiabulls Investment Advisors Limited) vide their audit report dated May 1, 2025: As explained in Note 32 to the accompanying Financial Statements, the Company has recorded an impairment loss due to expected credit loss of Rs. 2,712.59 lakhs (net of deferred tax) to Other Comprehensive income, instead of debiting the same to the Statement of Profit and Loss, which is not in accordance with the applicable Ind AS and consequently, the Companys the profit after tax is overstated and other comprehensive loss is overstated by the aforesaid amount. There is no resultant impact on the carrying value of the total equity, assets and liabilities of the Company. <br></br> <br></br> In respect of Transerv Limited vide their audit report dated May 1, 2025 As explained in Note 26 to the accompanying Financial Statements, the Company has recorded impairment of unamortised cost of cards and unamortised customer acquisition costs of Rs. 9,532.89 lakhs (net of related deferred tax) to Other Comprehensive income instead of debiting the same to the Statement of Profit and Loss, which is not in accordance with the applicable Ind AS and consequently, the Companys the loss after tax is understated and other comprehensive loss is overstated by the aforesaid amount. There is no resultant impact on the carrying value of the total equity, assets and liabilities of the Company. <br></br> <br></br> In respect of Dhani Loans and Services Limited vide their audit report dated May 2, 2025- As more fully explained in Note 45 to the accompanying standalone financial statements, the company has created a provision for impairment losses on certain non-financial assets amounting to Rs.4,123.21 Lakhs (Net of deferred tax) and derecognized certain financial assets amounting to Rs.14,118.57 Lakhs (Net of deferred tax). These amounts have been debited to other Comprehensive Income (OCI) instead of debiting the same to the Standalone Statement of Profit and Loss, which is not in strict accordance with the applicable India Accounting Standards (IndAS) and other applicable regulations. This indicates that if these were debited to the Standalone Statement of Profit and Loss for the year ended March 31 2025, the company would have reported a net loss (after tax) of Rs. 7145.85 Lakhs. Consequently, the Profit After tax for the year ended March 31 2025 has been overstated by the aforesaid amount. <br></br> <br></br> In respect of Indiabulls Cityheights Limited (formerly known as Dhani Healthcare Limited) vide their audit report dated April 30, 2025 -Based on information provided to us by management, the Company has recorded impairment of certain non-financial assets, of Rs. 6,115.70 lakhs (net of deferred tax) and impairment loss due to expected credit loss of Rs. 239.12 (net of deferred tax), to Other Comprehensive income instead of debiting the same to the Statement of Profit and Loss, which is not in accordance with the applicable Ind AS and consequently, the Companys the loss after tax is understated and other comprehensive loss is overstated by the aforesaid amount. There is no resultant impact on the carrying value of the total equity, assets and liabilities of the Company. <br></br> <br></br> b) As explained in Note 7 to the accompanying Statement, the Group has recorded impairment loss of Rs.14,430.90 lakhs in respect of valuation of assets of five trusts included in the Statement, to Other Comprehensive income, instead of debiting the same to the Consolidated Statement of Profit and Loss, which is not in accordance with the applicable Ind AS and accordingly, the Groups loss after tax is understated and other comprehensive loss is overstated by the aforesaid amount for the year ended March 31, 2025. There is no resultant impact on the carrying value of the total equity, assets and liabilities of the Group. <br></br> <br></br> Consequently, the Groups net loss after tax is understated by Rs. 67,220.20 lakhs (net of deferred tax) and other comprehensive loss is overstated by the aforesaid amount. There is no resultant impact on the carrying value of the total equity, assets and liabilities of the Group. <br></br> Qualified opinionWhether appeared first timeThe Group has recorded impairment losses resulting from decline in some of its subsidiaries businesses and assets of trusts whose financial information is included in the Consolidated Financial Results. <br></br> <br></br> Management intends to grow its real estate business and has, on a prudent approach, re-assessed the recoverability of certain financial assets and has accordingly, recorded provisions for impairment due to expected credit loss of Rs. 47,448.40 Lakhs (net of deferred tax) to other comprehensive income and has recorded a provision of impairment loss of Rs. 19,771.80 Lakhs (net of deferred tax) to other comprehensive income on account of impairment of certain non-financial assets for the year from April 1, 2024 to March 31, 2025. Also, there is no resultant impact on the carrying amount of the total equity, total comprehensive income, total assets and total liabilities of the Company due to this exceptional treatment. <br></br> Not applicableNot applicableNot applicableDivyesh B. ShahRajeev Lochan AgrawalAishwarya KatochHem Sandeep & Co.Gurugram2025-05-02