DHFL's Q4 FY19 net loss at Rs 2,223 crore
Saturday - July 13, 2019 11:34 pm , Category : BUSINESS
Mumbai, July 13 (IANS) Housing finance company DHFL on Saturday reported a net loss of Rs 2,223 crore for the fourth quarter (Q4) of 2018-19.The company had reported a net profit of Rs 134 crore in the corresponding period of the previous fiscal.On the full financial year basis, the company's net loss stood at Rs 1,036 crore from a net profit of Rs 1,240 crore reported for 2017-18.Besides, its gross NPAs (non-performing asset) as on March 31, 2019 rose to 2.74 per cent as against 0.96 per cent during the like period of previous fiscal.However, DHFL managed to make repayments of over Rs 41,800 crore primarily through securitization of assets and repayment collections.The company's total Assets Under Management (AUM) amount to Rs 119,992 crore as on March 31, 2019 as against Rs 111,318 crore as on March 31, 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," Kapil Wadhawan, Chairman and Managing Director, DHFL said in a statement."However, due to the additional provisioning of Rs 3,280 crore (incl. net loss on fair value), the company reported a net loss of Rs 2,223 crore for the quarter and net loss of Rs 1,036 crore for the whole year."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 July 25, 2019 and make it operational before September 25, 2019," he 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."