GIC Housing FY24 Q1 net profit drops 18.71%
ECONOMY & POLICY

GIC Housing FY24 Q1 net profit drops 18.71%

GIC Housing Finance announced that its net consolidated profit had experienced a decline of 18.71 percent in the quarter ending on June 30, 2023. The company revealed in a BSE filing that its profit after tax for Q1 FY24 was Rs 310.84 billion, in contrast to the Rs 390.17 billion recorded in the corresponding quarter of the prior fiscal year.

The net consolidated total income for the company in Q1 FY24 amounted to Rs 2.71 billion, marking a decrease of 1.92 percent compared to the Rs 2.76 billion it had achieved in the same quarter of the previous year.

As of June 30, 2023, the net worth of the company was reported at Rs 17.30 billion. The debt-equity ratio stood at 5.21, while the total debts to total assets ratio was 83.25 percent. Additionally, the net profit margin was determined to be 11.75 percent.

The company's board of directors granted approval for the raising of funds through the issuance of redeemable non-convertible debentures (NCDs) or bonds using a private placement approach. This authorisation extends to an aggregated cap of Rs 25 billion.

Furthermore, the board deliberated on material related party transactions involving promoter companies. These transactions were discussed within a maximum cumulative limit of Rs 20 billion, pending the shareholders' approval.

Also read: 
Elan Group Awards Luxury Project Contract to Leighton Group
CREDAI Telangana announces new office bearers


GIC Housing Finance announced that its net consolidated profit had experienced a decline of 18.71 percent in the quarter ending on June 30, 2023. The company revealed in a BSE filing that its profit after tax for Q1 FY24 was Rs 310.84 billion, in contrast to the Rs 390.17 billion recorded in the corresponding quarter of the prior fiscal year. The net consolidated total income for the company in Q1 FY24 amounted to Rs 2.71 billion, marking a decrease of 1.92 percent compared to the Rs 2.76 billion it had achieved in the same quarter of the previous year. As of June 30, 2023, the net worth of the company was reported at Rs 17.30 billion. The debt-equity ratio stood at 5.21, while the total debts to total assets ratio was 83.25 percent. Additionally, the net profit margin was determined to be 11.75 percent. The company's board of directors granted approval for the raising of funds through the issuance of redeemable non-convertible debentures (NCDs) or bonds using a private placement approach. This authorisation extends to an aggregated cap of Rs 25 billion. Furthermore, the board deliberated on material related party transactions involving promoter companies. These transactions were discussed within a maximum cumulative limit of Rs 20 billion, pending the shareholders' approval. Also read:  Elan Group Awards Luxury Project Contract to Leighton Group CREDAI Telangana announces new office bearers

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code