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