PremiumDewan Housing Finance Corporation Limited (DHFL) has reported a consolidated net profit of ₹96.75 crore for the quarter ended March 31, 2021. The housing finance company had posted a consolidated loss of ₹7,507.01 crore in the corresponding quarter of the previous fiscal.
Total revenue from operations for the quarter under review slipped to ₹2,034.53 crore as opposed to ₹2,623.40 crore in the year-ago period. Of this, interest income during Q4 FY21 was ₹2,019.15 crore, against ₹2,393.60 crore in Q4 FY20.
For the complete quarter ended March 31, 2021, the housing finance company saw its consolidated net loss widen to ₹15,051.17 crore from ₹13,426.85 crore reported in the previous fiscal.
Total revenue from operations during the last fiscal (FY21) also slipped to ₹8,770.65 crore from ₹9,557.96 crore in FY20.
In a regulatory filing, DHFL said it has a balance of ₹10,20,962 lakh as deferred tax asset as on March 31, 2021. The company is running as a going concern as per the provisions of the [IBC] Code, which requires that the value of the company is preserved and maintained it as a going concern, the it further added.
"The company has not made any provision for interest on borrowings amounting to ₹1,91,213 lakh and ₹7,65,155 lakh for the quarter and year ended on 31.03.2021, respectively, in view of the company's current CIR process," DHFL said
"Had the interest was accrued on borrowings and provided for, the profit for the quarter ended March 31, 2021, would have been lower by ₹1,42,205 lakh (net of taxes) and loss for the year ended 3pt March,2021 would have been higher by ₹5,69,046 lakh (net of tax)," the company further added.
DHFL said it will refund interest on interest to all borrowers, in accordance to the RBI circular in this regard, including those who had availed of working capital facilities during the moratorium period, irrespective of whether moratorium had been fully or partially availed, or not availed.
"The extent to which the Covid-19 pandemic, including the current "second wave" that has significantly increased the number of cases in India, will impact the operation of the company, will depend on the ongoing as well as future developments, which is not precisely predictable," DHFL said on its outlook in view of the second Covid-19 wave.
