DHFL's Q4 result: Net loss at ₹2,223 crore
1 min read . Updated: 14 Jul 2019, 09:12 AM IST- Gross NPAs rose to 2.74% as against 0.96% from previous year same quarter
- The company's total AUM amount to ₹119,992 crore
Mumbai: Housing finance company DHFL on Saturday reported a net loss of ₹2,223 crore for the fourth quarter (Q4) of 2018-19.
The company had reported a net profit of ₹134 crore in the corresponding period of the previous fiscal.
On the full financial year basis, the company's net loss stood at ₹1,036 crore from a net profit of ₹1,240 crore reported for 2017-18.
Besides, its gross NPAs (non-performing asset) as on 31 March 2019 rose to 2.74% as against 0.96% during the like period of previous fiscal.
However, DHFL managed to make repayments of over ₹41,800 crore primarily through securitization of assets and repayment collections.
The company's total assets under management (AUM) amount to ₹119,992 crore as on 31 March 2019 as against ₹111,318 crore as on 31 March 2018.
"In the backdrop of a significant slowdown in disbursement and loan growth post September 2018, the financials of the company have been quite strained for the quarter impacting the overall performance of the year," said Kapil Wadhawan, Chairman and Managing Director, DHFL.
"However, due to the additional provisioning of ₹3,280 crore (inclusing net loss on fair value), the company reported a net loss of ₹2,223 crore for the quarter and net loss of ₹1,036 crore for the whole year," he further added.
Wadhawan said that the company is in an advanced stage of submitting its resolution process under the inter-creditor agreement as entered into by banks.
"As already announced, the inter-creditor agreement will examine and firm up the terms of the resolution process by 25 July 2019 and make it operational before 25 September 2019," Wadhawan said.
"The process of identifying a strategic investor is also nearing completion which will bring in an equity investor into DHFL to bolster its capital base. The board will be reconvening in the next two weeks to look through the potential proposals and will decide accordingly on the way forward."
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