GIC HOUSING FINANCE LTD.
CIN NO. L65922MH1989PLC054583
Regd. Office : 6th Floor, National Insurance Bldg., 14,Jamshedji Tata Road, Churchgate, Mumbai – 400 020.
         Statement of Standalone Unaudited Financial Results for the Quarter / Nine Months ended 31st December, 2018
(` in Lakhs)
Particulars Quarter ended Nine months ended
31.12.2018 30.09.2018 31.12.2017 31.12.2018 31.12.2017
Reviewed Reviewed Reviewed Reviewed Reviewed
Income
Revenue from Operations 30,567  30,109  27,575  89,851  81,888 
Other Operating Income 49  44  31  209  123 
(Including Investment Income)
Total Income 30,616  30,153  27,606  90,060  82,011 
Expenditure
Finance Cost 22,504  21,166  18,269  63,547  52,658 
Employee Benefits Expenses 829  820  722  2,495  2,092 
Depreciation & Amortisation 19  16  17  49  47 
Other Expenses 2,406  1,998  2,207  6,084  8,091 
Total Expenditure 25,758  24,000  21,215  72,175  62,888 
Profit from Operations before Other Income 4,858  6,153  6,391  17,885  19,123 
& Exceptional Items
Other Income & Exceptional Items -  -  -  -  - 
Profit/(loss) before Tax 4,858  6,153  6,391  17,885  19,123 
Provision for Current Tax 1,910  2,105  2,300  6,270  7,180 
Deferred Tax (Asset)/Liability (554) (572) (521) (1,072) (1,952)
Total Tax Expense 1,356  1,533  1,779  5,198  5,228 
Profit/(loss) for the period 3,502  4,620  4,612  12,687  13,895 
Other Comprehensive Income
Items that will not be reclassified to profit or loss
A) Remeasurment of the defined benefit plans (3) (3) (9) 14
Items that will be reclassified to profit or loss
B) Fair Valuation of Equity Investments 14  14  10  42  30 
Total Other Comprehensive Income(A+B) 11  11  14  33  44 
Total Comprehensive Income 3,513  4,631  4,626  12,720  13,939 
Paid up Equity Share Capital (Face value `10) 5,385  5,385  5,385  5,385  5,385 
Earnings per share(EPS) on (face value of  `10)*
Basic and Diluted Earning Per share
6.52  8.60  8.59  23.62  25.88 
Notes:
1.The Company has adopted Indian Accounting Standards (‘Ind AS’) notified under Section 133 of the Companies Act 2013 (‘the Act’) read with the Companies (Indian Accounting Standards) Rules, 2015 from April 01, 2018 and the effective date of transition is April 01, 2017. The said transition has been carried out from the erstwhile Accounting Standards notified under the Act, read with relevant rules issued thereunder and guidelines issued by the National Housing Bank (‘NHB’) (Collectively referred to as ‘the Previous GAAP’). Accordingly, the impact of transition has been recorded in the opening reserves as at April 01, 2017. The figures for the corresponding period presented in these results have been prepared on the basis of the published results under previous GAAP, duly re-stated to Ind AS. These Ind AS adjustments have been reviewed by the statutory auditors.
These financial results have been drawn up on the basis of Ind AS that are applicable to the Company based on MCA Notification G.S.R. 111(E ) and G.S.R. 365 (E ) dated February 16,2015 and March 30, 2016 respectively. Any guidance/clarifications/directions issued by NHB or other regulators are adopted/implemented as and when they are issued/applicable.
2.As required by paragraph 32 of Ind AS 101, net profit reconciliation between the figures reported, net of tax, under Previous GAAP and Ind AS is given below:
3.The Company has availed the exemption provided by securities and Exchange Board of India (SEBI) vide Circular No. CIR/CFD/FAL/62/2016 in respect of disclosure requirements pertaining to disclosure of financial results for the year ended March 31,2018. Accordingly , the financial results for the year ended March31, 2018 is not disclosed.
4. The Company’s main business is to provide loans for the purchase or construction of residential units. All other activities revolve around the main business. Hence, there are no separate reportable segments, as per Ind AS 108 dealing with Operating Segments as specified under Sec.133 of the Companies Act, 2013.
5. During the quarter, the company has received communication from National Housing Bank (NHB) in connection with the inspection carried out for Financial Year 2016-17. NHB has directed the Company to classify 683 loan accounts (Outstanding Balance- ` 8,685 Lakhs as on 31st March 2017) as Non-Performing Assets and to make provision as per Housing Finance Companies (NHB) Directions, 2010. Pursuant to this, the Company has made a provision of ` 3.24 cr. (net of release of ` 18.93 Cr.) on such class of loan portfolio identified as on December 31, 2018. Further, NHB has directed the company to pay a penalty of ` 34.15 Lakhs. To which the Company has made an application to NHB, requesting for waiver of such penalty.
6. “Other Expenses’ for the quarter and nine months ended December 31, 2018 includes loan loss allowances amounting to ` 1547 Lakhs and ` 3502 Lakhs (net of release of ` 1893 Lakhs) respectively (previous period for the quarter and nine months ` 1463 Lakhs & ` 5513 Laks respectively).
7.The Statutory Auditors of the Company have carried out a “Limited Review” of the standalone financial results for the quarter and Nine months ended December 31, 2018 in compliance with Regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015. The standalone financial results have been reviewed & recommended by the Audit Committee and approved by the Board of Directors at its meeting held on February 1, 2019.
8.Figures for the previous period have been regrouped / reclassified wherever necessary, to make them comparable with current period figures.
                                                                                                                                                                      For and on behalf of the Board
                                                                                                                                        Neera Saxena
                                                                                                                                                                              Managing Director & CEO
                                                                                                                                                                              DIN NO.: 08189646
Place : Mumbai
Date  : February 01, 2019

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