GIC Housing Finance's net profit dips 18.71%

09 Aug 2023 CW Team

In the three months that ended on June 30, 2023, GIC Housing Finance's net consolidated profit decreased by 18.71%. According to a BSE statement by the company, its profit after tax decreased from Rs 39.17 crore in the first quarter of the previous fiscal to Rs 31.84 crore in the first fiscal year 24.

A decrease of 1.92 percent from the Rs 276.35 crore it reported in the same quarter previous year, the company's net consolidated total income for the first fiscal quarter of FY24 was Rs 271.05 crore.

The company had a net value of Rs 1,730.67 crore as of June 30, 2023, a debt-to-equity ratio of 5.21, a total debt to total asset ratio of 83.25%, and a net profit margin of 11.75%.

The board of directors approved raising money through the issuance of bonds or redeemable non-convertible debentures (NCDs) up to a total limit of Rs 2,500 crore through private placement.

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