GIC Housing Finance drops 4% as Q4 result fails to enthuse investors

The company’s net consolidated income stood at Rs 287.4 crore in Q4 FY23, 0.87 percent lower from Rs 290 crore in yar-ago quarter

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The share price of GIC Housing Finance dropped 4 percent in the morning trade on May 18 after the company’s March quarter performance failed to enthuse investors. The company had a day earlier reported a 6.80 percent growth in net consolidated profit in the March quarter of the financial year 2022-23.

Its profit after tax stood at Rs 52.33 crore in Q4 FY23 as against Rs 49 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing on May 17, 2023.

GIC Housing’s net consolidated total income was at Rs 287.4 crore, 0.87 percent lower from Rs 290 crore in the corresponding quarter of the previous year.

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The board of directors has approved the revalidation of board resolution to raise up to Rs 2,500 crore through redeemable non-convertible debentures (NCDs)/bonds on private placement basis.

In the year ended March 31, 2023, the company raised Rs 325 crore from the issue of secured, listed, rated, redeemable, taxable NCDs (Series 07) via private placement.

The board also recommended a dividend of Rs 4.50 per equity share of Rs 10 each for FY23. It also approved Darshit Sheth’s appointment as the chief compliance officer.

At 9:59 am the GIC Housing Finance stock was trading 4.20 percent lower at Rs 172.5 on the National Stock Exchange.

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