GIC Housing Finance’s net profit dips 18.71% in Q1 FY24, Real Estate News, ET RealEstate

August 27, 2023

NEW DELHI: GIC Housing Finance has reported a dip of 18.71 per cent in its net consolidated profit during the quarter ended June 30, 2023. Its profit after tax stood at Rs 31.84 crore in Q1 FY24 as against Rs 39.17 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 271.05 crore in Q1 FY24, a dip of 1.92 per cent from Rs 276.35 crore it recorded in the similar quarter last year.

As on June 30, 2023, the company’s net worth stood at Rs 1,730.67 crore, debt-equity ratio was 5.21, total debts to total assets was 83.25% and net profit margin was 11.75%.

The board of directors approved raising of funds by issue of redeemable non-convertible debentures (NCDs)/bonds through private placement basis upto an aggregate limit of Rs 2,500 crore.

The board also considered the material related party transactions with promoter companies upto an aggregate limit of Rs. 2,000 crore, subject to approval of shareholders.

The board approved re-appointment of Rani Singh Nair, independent director for a second term of three years from September 26, 2023 to September 25, 2026, re-appointment of Vaijinath M. Gavarshetty, Kishore Garimella and S.J. Krishnan, independent directors for a seond term of three years from January 6, 2024 to January 5, 2027. It also approved re-appointment of Satyajit Tripathy and Hitesh Joshi, non-executive directors, appointment of Rashmi Raman Singh as an additional director (non-executive director and appointment of Sunil Kakar as an additional director (independent director) for a first term of three years with effect from August 7, 2023 to August 6, 2026.

  • Published On Aug 7, 2023 at 07:40 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Source link

Abhay Singh

Web Developer

Leave a Comment