Mac Charles India Ltd — Board Meeting, 16-05-2025: Board Meeting

Mac Charles (India) Limited has announced a board meeting to approve the financial results for the quarter and half-year. The board approved the annual Secretarial Compliance report and appointed Ernst & Young LLP as Internal Auditor for FY 2025-26 and Mr. Umesh Parameshwar Maskeri as Secretarial Auditor for five years, subject to shareholder approval. Walker Chandiok & Co LLP has been re-appointed as Statutory Auditors for a second five-year term, pending shareholder approval. The board also approved an increase in sitting fees and the restructuring of certain Non-Convertible Debentures (NCDs). The audited standalone financial results reported a loss of ₹590.75 million for the year, with a total comprehensive loss of ₹587.91 million. Consolidated results showed a larger loss of ₹1,057.77 million, impacted by land purchase and related costs. The company maintained a debt-equity ratio with borrowings standing at ₹10,467.50 million. It has issued secured NCDs amounting to ₹3,200 million, with no deviations in the use of proceeds. The loan-to-value (LTV) ratio was reported at 15.32%, well within the covenant limit of 66.66%. The guarantor, Embassy Property Developments Pvt Ltd, reported a net worth of ₹23,826.30 million, exceeding the minimum required. No defaults on loans or debt securities were reported. All financial covenants and other compliance conditions related to the NCDs were met as per auditor certification. The company has extended significant inter-corporate loans to its wholly owned subsidiary, Mac Charles Hub Projects Pvt Ltd, totaling ₹1,058.02 million net of repayments. Overall, the company continues to invest in real estate projects through subsidiaries, with stable compliance and no adverse financial covenant breaches.