Peninsula Land, an Ashok Piramal Group unit, on Friday, said the company has defaulted on the repayment of principal and interest worth Rs 5.28 crore to the state lender, State Bank of India.

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The company was supposed to repay the lender on March 2, 2023, the real estate developer revealed.

Of Rs 5.28 crore of the total default amount to SBI, the principal amount stood at Rs 3.32 crore while the interest amount was Rs 1.96 crore. However, the total outstanding principal amount of the loan from SBI is at Rs 136.72 crore, which was lent at an interest rate of 9 percent per annum.

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The total outstanding debt of the company as of March 2, 2023, is at Rs 375 crores, Peninsula Land added.

Last month, the company reported its Q3 earnings. Peninsula Land’s profit surged over 200 percent at Rs 10.7 crore against Rs 3.51 crore in the same quarter last year. The revenue also saw a huge spike of over 110 percent at Rs 248.80 crore against Rs 114.44 crore in the same quarter last year.

However, the company saw a decline in its earnings before interest, taxes, depreciation, and amortization (EBITDA), which came in at Rs25.55 crore, down over 19 percent, against Rs 31.75 crore in the same quarter last year.

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