GIC Housing Finance Shares Fall 4% as Q4 Results Fail to Entice Investors

GIC Housing Finance's net profit rose 6.8% in Q4FY23.

Shares of GIC Housing Finance fell 4% in early trade on May 18 after the company’s March-quarter results failed to spark investor interest. The company reported a day earlier that consolidated net profit rose by 6.8% in Q3FY22-23.

In a filing with the BSE dated May 17, 2023, the company said its profit after tax for Q4FY23 was Rs 52.33 crore, compared to Rs 49 crore in the corresponding period of the previous fiscal.

GIC Housing’s net consolidated gross revenue was Rs 287.4 crore, down 0.87% from Rs 290 crore in the same period last year.

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

During the year ending March 31, 2023, the company has raised Rs 325 crore through private placement of secured, listed, rated, redeemable, and taxable NCDs (Series 07).

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

Shares of GIC Housing Finance were trading down 4.2% at Rs 172.5 at 9:59 am on the National Stock Exchange.

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