Mortgage lender LIC Housing Finance has witnessed a 33.86 percent hike in standalone net profit at Rs 817.48 crore for the initial quarter that ended on June 30, 2020. It had recorded net profit of Rs 610.68 crore for the same quarter last year.
Total revenue of the housing finance company has surged to Rs 4,977.49 crore as compared to Rs 4,807.21 crore, mentioning a year-on-year growth of 3.5 percent, claimed LIC Housing Finance Company. Its interest income stood at Rs 4,985.08 crore in Q1 FY21 as against Rs 4,784.45 crore reported in Q1 FY20.
The prominent business of the group is to offer loans for buying or constructing residential houses. Rest of the activities of the firm revolve around the main business and there are no separate reportable segments, stated the company while filing to Bombay Stock Exchange.
Contemplating the COVID-19 pandemic, LIC Housing Finance said, “As there is a high level of uncertainty about the duration and impact of the pandemic on human life and businesses and the time required for life and business operations to normalise. In view of this, it is not possible for the company to assess at this juncture, the extent to which the COVID-19 pandemic will impact the results of its business and financials in future, as the same will be dependent on future developments, which at present are extremely uncertain”
Abiding by the RBI guidelines COVID-19 regulatory package, the company has offered a moratorium on the payment of installments falling due between March 1, 2020, and August 31, 2020, to eligible borrowers.
As per Monday’s trade, ahead of Q1 results, shares of the company were closed at Rs 276.70 apiece, increased by 0.02 percent, against previous closing price of Rs 276.65 on the BSE.