GIC Housing Finance’s net profit up 2.56% in Q4 FY24, Real Estate News, ET RealEstate
NEW DELHI: GIC Housing Finance has reported a growth of 2.56 per cent in its net consolidated profit during the quarter ended March 31, 2024. Its profit after tax stood at Rs 53.67 crore in Q4 FY24 as against Rs 52.33 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 265.54 crore in Q4 FY24, a dip of 7.61 per cent from Rs 287.40 crore it recorded in the similar quarter last year.
The board of directors recommended a dividend for FY 2023-24 @45 % i.e. Rs. 4.50 per equity share of Rs. 10 each.
The board approved the limit of raising of funds by issue of redeemable non-convertible debentures (NCDs)/bonds through private placement basis upto an aggregate (outstanding) amount of Rs 2,500 crore. It approved the material related party transactions with promoter companies upto an aggregate limit of Rs. 2,000 crore.
As on March 31, 2024, its net worth stood at Rs 1,828.83 crore, debt-equity ratio was 4.68, total debts to total assets was 81.78% and net profit margin was 20.21%.
The board also approved appointment of B.S. Rahul as an additional director (non-executive director), re-appointment of Rashmi Raman Singh and Rajeshwari Singh Muni as non-executive directors.
