Financials

GIC HOUSING FINANCE LTD.
CIN: L65922MH1989PLC054583
Regd. Office : 6th Floor, National Insurance   Bldg., 14, Jamshedji Tata Road, Churchgate, Mumbai - 400 020.
   Statement of Unaudited Standalone Financial Results for the Quarter   Ended June 30, 2023
(₹ in Lakh)
Sr.
     No.
Particulars Quarter ended Year ended
30-06-2023 31-03-2023 30-06-2022 31-03-2023
(Reviewed) (Audited) (Reviewed) (Audited)
1 Revenue from   operations
(i) Interest Income 26,508 27,568 27,063 109,863
(ii) Dividend Income    - - - 13
(iii) Fees and Commission Income 100 125 184 529
(iv) Other Operating Income 235 424 151 1,085
Total Revenue from   operations 26,843 28,117 27,398 111,490
Other Income 261 622 237 1,398
Total Income 27,104 28,739 27,635 112,888
2 Expenses
(i) Finance Cost 18,301 17,819 17,049 70,249
(ii) Net Loss on De-recognition of   Financial Instruments under Amortised Cost Category 5 (14) 11 15
(iii) Impairment of Financial   Instruments, including write-off 1,054 (683) 3,196 1,742
(iv) Employee Benefits Expenses 1,706 2,247 1,080 5,989
(v) Depreciation & Amortisation   Expenses 367 347 241 994
(vi) Other Expenses 1,478 1,271 968 4,919
Total Expenses 22,911 20,987 22,545 83,908
3 Profit before   exceptional items and tax (1-2) 4,193 7,752 5,090 28,980
4 Exceptional items    - - -    -
5 Profit before tax (3-4) 4,193 7,752 5,090 28,980
6 Tax expense
(i) Current Tax 900 (1,550) 1,650 3,450
(ii) Deferred tax (Net) 112 4,073 (478) 4,210
7 Net Profit for the period (5-6) 3,181 5,229 3,918 21,320
8 Other comprehensive Income
A. Items that will   not be reclassified to profit or loss
(i) Remeasurement Gain / (Loss) on   defined benefit plan (61) (112) 85 (71)
(ii) Net Gain / (Loss) on equity   instrument designated at FVTOCI (2) 16 (22) 7
(iii) Income tax relating to items   that will not be reclassified to profit or loss 16 24 (16) 16
B. Items that will be   reclassified to profit or loss    -    -    -    -
Total other comprehensive Income (A+B) (47) (72) 47 (48)
9 Total Comprehensive Income (7+8) 3,134 5,157 3,965 21,272
10 Paid up Equity Share Capital (Face value ₹ 10/-) 5,385 5,385 5,385 5,385
11 Reserves as at 31st March    - - - 164,543
12 Earning Per Share (EPS) on Face Value ₹ 10/-
Basic and Diluted   Earning Per Share (Face value ₹ 10/-)
     (The EPS for the quarter is not annualised)
5.91 9.71 7.28 39.59
       

Notes to the Standalone Financial Results:

1 The above unaudited standalone financial results have been   prepared in accordance with and comply in all material aspects with the   Indian Accounting Standards ("Ind AS") as prescribed under Section   133 of the Companies Act, 2013 read with Companies (Indian Accounting   Standards) Rules, 2015 (as amended) and other accounting principles generally   accepted in India and in compliance with Regulation 33 and Regulation 52 of   the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,   as amended.
2 The main business of the Company is to provide loans for   purchase or construction of residential houses. All other activities of the   Company revolve around the main business and accordingly there are no   separate reportable segments, as per the Ind AS 108- Operating Segments.
3 The Indian Parliament has approved the Code on Social Security,   2020, which would impact the contributions by the Company towards Provident   Fund and Gratuity. The effective date from which the changes are applicable   is yet to be notified and the final rules are yet to be framed. The Company   will carry out an evaluation of the impact and record the same in the   financial results in the period in which the code becomes effective and   related rules are published.
4 There are no loans transferred / acquired during the quarter   ended June 30, 2023 under the RBI Master direction on Transfer of Loan   Exposure dated September 24, 2021.
5 Information as required by Regulation 52(4) of the Securities   and Exchange Board of India (Listing Obligations and Disclosure Requirements)   Regulations, 2015 is attached in Annexure I.
6 Pursuant to Regulations 54 of SEBI (Listing obligations and   Disclosure Requirements) Regulations, 2015, all Secured Non-Convertible   Debentures (NCDs) issued by the Company and outstanding as on June 30, 2023   are fully secured by way of charge on identified receivables of the company.   Accordingly, the Company is maintaining asset cover of 1x or such higher   asset cover required as per the terms of offer document.
7 The Company is a Large Corporate as per criteria stipulated   under SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018 and   necessary disclosure has been made to the stock exchange.
8 The Company is a Housing Finance Company classified under   "Middle Layer" pursuant to Scale Based Regulations prescribed by   the RBI vide its circular Ref. No. RBI/2021-22/112   DOR.CRE.REC.No.60/03.10.001/2021-22 dated October 22,2021.
9 In compliance with Regulation 33 and Regulation 52 of the SEBI   (Listing Obligations and Disclosure Requirements) Regulations, 2015, the   above standalone financial results for the quarter ended June 30, 2023 have   been reviewed and recommended by the Audit Committee and subsequently   approved by the Board of Directors at their meeting held on August 07, 2023.   The above results have been subjected to review by the Statutory Auditors of   the Company.
10 The figures for the quarter ended March 31, 2023 are the   balancing figures between audited figures in respect of the year ended March   31, 2023 and the reviewed figures in respect of nine months ended December   31, 2022.
11 The figures for the previous periods / year have been regrouped   wherever necessary in order to make them comparable with figures for the   quarter ended June 30, 2023.
For and on behalf of the   Board
Paul Lobo
Managing Director &   CEO
DIN No: 09787223
Place : Chennai
Date : August 07, 2023
       
Annexure - I
Sr. No. Ratio Quarter Ended Year Ended
30-06-2023 31-03-2023 30-06-2022 31-03-2023
a Debt- Equity Ratio (in times) 5.21       5.38    6.50    5.38
b* Debt-Service Coverage Ratio Not Applicable Not Applicable Not Applicable Not Applicable
c* Interest Service Coverage Ratio Not Applicable Not Applicable Not Applicable Not Applicable
d Outstanding redeemable preference   shares (quantity and value) Not Applicable Not Applicable Not Applicable Not Applicable
e Capital redemption reserve / Debenture   redemption reserve - - - -
f Net worth (₹ in Lakh) 173,065 169,931 155,047 169,931
g Net Profit after tax (₹ in Lakh) 3,181 5,229 3,918 21,320
h Earning per share (not annualised)
1. Basic 5.91 9.71 7.28 39.59
2. Diluted 5.91 9.71 7.28 39.59
i* Current Ratio Not Applicable Not Applicable Not Applicable Not Applicable
j* Long term debt to working capital Not Applicable Not Applicable Not Applicable Not Applicable
k Bad debts to Account receivable ratio   (Not annualised) - 1.52% - 1.52%
l* Current Liability Ratio Not Applicable Not Applicable Not Applicable Not Applicable
m Total debts to total assets (%) 83.25% 83.72% 86.19% 83.72%
n* Debtors turnover Not Applicable Not Applicable Not Applicable Not Applicable
o* Inventory turnover Not Applicable Not Applicable Not Applicable Not Applicable
p* Operating Margin (%) Not Applicable Not Applicable Not Applicable Not Applicable
q Net Profit Margin (%) 11.74% 18.19% 14.18% 18.89%
r Sector specific equivalents ratios, as   applicable
i. Stage 3 Ratio (%) 4.51% 4.43% 7.54% 4.43%
ii. Provision Coverage Ratio (%) 32.99% 32.16% 43.81% 32.16%
Formula   for Computation of ratios are as follows:
a Debt equity ratio =   (Debt Securities + Borrowings [Other than Debt Securities]) / Networth
f Networth = Equity Share Capital   + Other Equity
k Bad Debts to Account   Receivable ratio = Bad Debts Written Off / (Total Loan Book + Trade   Receivables)
m Total debts to total   assets (%) = (Debt Securities + Borrowings [Other than Debt Securities]) /   Total Assets
q Net Profit Margin (%) = Net   Profit after tax/ Total Income
r i. Stage 3 Ratio =   Gross Stage III Loan outstanding / Total Loan Outstanding
r ii. Provision Coverage   Ratio = Allowance for bad and doubtful debts for Gross Stage III Loan Book /   Gross Stage III Loan Book
* Since the   Company is a Housing Finance Company ('HFC'), disclosure of Debt service   coverage ratio, Interest service coverage ratio, Current ratio, Long term   debt to working capital, Current liability ratio, Debtors turnover ratio,   Inventory turnover ratio and Operating Margin Ratio are not applicable since   the Company is engaged in financing activities.
GIC HOUSING FINANCE LTD.
CIN: L65922MH1989PLC054583
Regd. Office : 6th Floor, National Insurance   Bldg., 14, Jamshedji Tata Road, Churchgate, Mumbai - 400 020.
Statement of Unaudited Consolidated Financial   Results for the Quarter Ended June 30, 2023
(₹ in Lakh)
Sr.
     No.
Particulars Quarter ended Year ended
30-06-2023 31-03-2023 30-06-2022 31-03-2023
(Reviewed) (Audited) (Reviewed) (Audited)
1 Revenue from   operations
(i) Interest Income 26,508 27,568 27,063 109,863
(ii) Dividend Income    - - - 13
(iii) Fees and Commission Income 100 125 184 529
(iv) Other Operating Income 235 424 151 1,085
Total Revenue from   operations 26,843 28,117 27,398 111,490
Other Income 262 623 237 1,400
Total Income 27,105 28,740 27,635 112,890
2 Expenses
(i) Finance Cost 18,301 17,819 17,049 70,249
(ii) Net Loss on De-recognition of   Financial Instruments under Amortised Cost Category 5 (14) 11 15
(iii) Impairment of Financial   Instruments, including write-off 1,054 (683) 3,196 1,742
(iv) Employee Benefits Expenses 1,711 2,248 1,081 5,993
(v) Depreciation & Amortisation   Expenses 367 347 241 994
(vi) Other Expenses 1,471 1,267 968 4,912
Total Expenses 22,909 20,984 22,546 83,905
3 Profit before   exceptional items and tax (1-2) 4,196 7,756 5,089 28,985
4 Exceptional items    - - - -
5 Profit before tax (3-4) 4,196 7,756 5,089 28,985
6 Tax expense
(i) Current Tax 900 (1,550) 1,650 3,450
(ii) Deferred tax (Net) 112 4,073 (478) 4,210
7 Net Profit for the period (5-6) 3,184 5,233 3,917 21,325
8 Other comprehensive Income
A. Items that will   not be reclassified to profit or loss
(i) Remeasurement Gain / (Loss) on   defined benefit plan (61) (112) 85 (71)
(ii) Net Gain / (Loss) on equity   instrument designated at FVTOCI (2) 16 (22) 7
(iii) Income tax relating to items   that will not be reclassified to profit or loss 16 24 (16) 16
B. Items that will be   reclassified to profit or loss    -    -    - -
Total other comprehensive Income (A+B) (47) (72) 47 (48)
9 Total Comprehensive Income (7+8) 3,137 5,161 3,964 21,277
Net Profit for the period attributable to:
(i) Owners of the Company 3,184 5,233 3,917 21,325
(ii) Non-Controlling Interest    - -    - -
Other Comprehensive Income attributable to:
(i) Owners of the Company (47) (72) 47 (48)
(ii) Non-Controlling Interest    - -    - -
Total   Comprehensive Income attributable to:
(i) Owners of the Company 3,137 5,161 3,964 21,277
(ii) Non-Controlling Interest    - -    - -
10 Paid up Equity Share Capital (Face value ₹ 10/-) 5,385 5,385 5,385 5,385
11 Reserves as at 31st March    -    -    - 164,542
12 Earning Per Share (EPS) on Face Value ₹ 10/-
Basic and Diluted   Earning Per Share (Face value ₹ 10/-)
     (The EPS for the period is not annualised)
5.91 9.72 7.27 39.60
       

Notes to the Consolidated Financial Results:

       
1 The above unaudited financial results represent the consolidated   financial results for GIC Housing Finance Limited ("GICHFL") and   its wholly owned subsidiary i.e. GICHFL Financial Services Private Limited   ("GFSPL") constituting the Group.
2 The unaudited consolidated financial results have been prepared   in accordance with lnd AS 110 - Consolidated Financial Statements, prescribed   under section 133 of the Companies Act, 2013 (the "Act") read with   the relevant rules issued thereunder and the other relevant provisions of the   Act.
3 The above unaudited consolidated financial results of the Group   have been prepared in accordance with and comply in all material aspects with   the lndian Accounting Standards ("Ind AS") as prescribed under   section 133 of the Companies Act, 2013 ("the Act") read with the   Companies (Indian Accounting Standards) Rules, 2015 (as amended) and other   accounting principles generally accepted in India and in compliance with   Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure   Requirements) Regulations, 2015, as amended.
4 The main business of the Group is to provide loans for purchase   or construction of residential houses. All other activities of the Group   revolve around the main business and accordingly there are no separate   reportable segments, as per the Ind AS 108- Operating Segments.
5 The Indian Parliament has approved the Code on Social Security,   2020, which would impact the contributions by the Group towards Provident   Fund and Gratuity. The effective date from which the changes are applicable   is yet to be notified and the final rules are yet to be framed. The Group   will carry out an evaluation of the impact and record the same in the   financial results in the period in which the code becomes effective and   related rules are published.
6 Information as required by Regulation 52(4) of the Securities   and Exchange Board of India (Listing Obligations and Disclosure Requirements)   Regulations, 2015 is attached in Annexure I.
7 Pursuant to Regulations 54 of SEBI (Listing obligations and   Disclosure Requirements) Regulations, 2015, all Secured Non-Convertible   Debentures (NCDs) issued by the Group and outstanding as on June 30, 2023 are   fully secured by way of charge on identified receivables of the company.   Accordingly, the Group is maintaining asset cover of 1x or such higher asset   cover required as per the terms of offer document.
8 The Company is a Large Corporate as per criteria stipulated   under SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018 and   necessary disclosure has been made to the stock exchange.
9 In compliance with Regulation 33 and Regulation 52 of the SEBI   (Listing Obligations and Disclosure Requirements) Regulations, 2015, the   above unaudited consolidated financial results for the quarter ended June 30,   2023 have been reviewed and recommended by the Audit Committee and   subsequently approved by the Board of Directors at their respective meeting   held on August 07, 2023 and have been subjected to review by the Statutory   Auditors of the Company.
10 The figures for the quarter ended March 31, 2023 are the   balancing figures between audited figures in respect of the year ended March   31, 2023 and the reviewed figures in respect of nine months ended December   31, 2022.
11 The figures for the previous periods / year have been regrouped   wherever necessary in order to make them comparable with figures for the   quarter ended June 30, 2023.
For and on behalf of the   Board
Paul Lobo
Managing Director &   CEO
DIN No: 09787223
Place : Chennai
Date : August 07, 2023
       
Annexure - I
Sr. No. Ratio Quarter Ended Year Ended
30-06-2023 31-03-2023 30-06-2022 31-03-2023
a Debt- Equity Ratio (in times)    5.21 5.38    6.50       5.38
b* Debt-Service Coverage Ratio Not Applicable Not Applicable Not Applicable Not Applicable
c* Interest Service Coverage Ratio Not Applicable Not Applicable Not Applicable Not Applicable
d Outstanding redeemable preference   shares (quantity and value) Not Applicable Not Applicable Not Applicable Not Applicable
e Capital redemption reserve / Debenture   redemption reserve - - - -
f Net worth (₹ in Lakh) 173,067 169,930 155,040 169,930
g Net Profit after tax (₹ in Lakh) 3,184 5,233 3,917 21,325
h Earning per share (not annualised)
1. Basic 5.91 9.72 7.27 39.60
2. Diluted 5.91 9.72 7.27 39.60
i* Current Ratio Not Applicable Not Applicable Not Applicable Not Applicable
j* Long term debt to working capital Not Applicable Not Applicable Not Applicable Not Applicable
k Bad debts to Account receivable ratio   (Not annualised) - 1.52% - 1.52%
l* Current Liability Ratio Not Applicable Not Applicable Not Applicable Not Applicable
m Total debts to total assets (%) 83.25% 83.72% 86.19% 83.72%
n* Debtors turnover Not Applicable Not Applicable Not Applicable Not Applicable
o* Inventory turnover Not Applicable Not Applicable Not Applicable Not Applicable
p* Operating Margin (%) Not Applicable Not Applicable Not Applicable Not Applicable
q Net Profit Margin (%) 11.75% 18.21% 14.17% 18.89%
r Sector specific equivalents ratios, as   applicable
i. Stage 3 Ratio (%) 4.51% 4.43% 7.54% 4.43%
ii. Provision Coverage Ratio (%) 32.99% 32.16% 43.81% 32.16%
Formula   for Computation of ratios are as follows:
a Debt equity ratio =   (Debt Securities + Borrowings [Other than Debt Securities]) / Networth
f Networth = Equity   Share Capital + Other Equity
k Bad Debts to Account   Receivable ratio= Bad Debts Written Off / (Total Loan Book + Trade   Receivables)
m Total debts to total   assets (%) = (Debt Securities + Borrowings [Other than Debt Securities]) /   Total Assets
q Net Profit Margin (%)   = Net Profit after tax/ Total Income
r i. Stage 3 Ratio =   Gross Stage III Loan outstanding / Total Loan Outstanding
r ii. Provision Coverage   Ratio = Allowance for bad and doubtful debts for Gross Stage III Loan Book /   Gross Stage III Loan Book
* Since the   Company is a Housing Finance Company ('HFC'), disclosure of Debt service   coverage ratio, Interest service coverage ratio, Current ratio, Long term   debt to working capital, Current liability ratio, Debtors turnover ratio,   Inventory turnover ratio and Operating Margin Ratio are not applicable since   it is engaged in financing activities.