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GIC Housing Finance has disclosed an increase of 6.80 percent in its net consolidated earnings for the quarter concluded on March 31, 2023. According to a BSE filing, the company reported a profit of Rs 52.33 crore in the fourth quarter of FY23, compared to Rs 49 crore in the same period of the previous year, after considering all taxes.
In the fourth quarter of fiscal year 2023, the company experienced a slight decrease of 0.88 percent in its net consolidated income, which amounted to Rs 287.40 crore. This is in comparison to the Rs 289.95 crore it garnered in the corresponding quarter of the previous year.
At a recent meeting, the company's board members approved the reaffirmation of the board resolution that permits the raising of funds through the issuance of additional shares. The board of directors have given their endorsement to the revalidation of the board resolution aimed at raising funds by issuing new shares.
Non-convertible debentures (NCDs) and bonds that can be redeemed will be offered through private placement for a maximum amount of Rs 2,500 crore. Throughout the fiscal year that concluded on March 31, 2023, the corporation secured a total of Rs 325 crore by privately placing taxable, listed, rated, and redeemable secured NCDs, specifically the Series 07.
The governing body suggested a dividend of 45 percent for the fiscal year 2023. Each share of common stock is priced at Rs 4.50 with a face value of Rs 10. The appointment of Darshit Sheth as the chief compliance officer has been sanctioned.
According to the company's regulatory filing, its net worth by March 31, 2023 was Rs 1,699.30 crore, with a debt-equity ratio of 5.38 and a total debt to total assets ratio of 83.72 percent. The net profit margin was noted to be 18.21 percent, whereas the stage 3 ratio stood at 4.43 percent.
On December 12th, 1989, GIC Housing Finance was established under the name 'GIC Grih Vitta Limited'. On November 16, 1993, a new Certificate of Incorporation was issued to alter the previous name to its current one.
GIC Housing Finance offers housing loans to both individuals and entities involved in constructing residential homes or flats. The General Insurance Corporation of India and previously affiliated companies, including National Insurance Company, The New India Assurance Company, The Oriental Insurance Company, and United India Insurance Company, have jointly endorsed this establishment.
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