Interest outgo rose by 7.6% YoY to Rs 178.19 crore in the fourth quarter.

Operating profit before provisions & contingencies was Rs 74.20 crore in Q4 FY23, down 22.4% YoY.

The company wrote back provisions amouting to Rs 6.83 crore during the quarter. It had made a provision of Rs 19.17 crore in the same period last year.

Profit before tax in Q4 FY23 stood at Rs 77.56 crore, up by 5.7% from Rs 73.36 crore in Q4 FY22.

The housing financier recorded 22.9% increase in consolidated net profit to Rs 213.25 crore despite a 2.4% fall in total income to Rs 1128.90 crore in FY23 as compared with FY22.

The board of directors of the company approved the revalidation of board resolution for raising of funds by issue of redeemable non-convertible debentures (NCDs)/bonds through private placement basis upto Rs 2,500 crore.

During the year ended 31 March2023, the company has raised Rs 325 crore from the issue of secured, listed, rated, redeemable, taxable NCDs (Series 07) via private placement.

The board also recommended a dividend of Rs 4.50 per equity share for FY23. It approved the appointment of Darshit Sheth as chief compliance officer.

As on 31 March 2023, the company's net worth stood at Rs 1,699.30 crore, debt-equity ratio was 5.38, total debts to total assets was 83.72% and stage 3 ratio was 4.43%.

GIC Housing Finance grants housing loans to individuals and to persons/entities engaged in construction of houses/flats for residential purposes. The company is promoted by General Insurance Corporation of India and its erstwhile subsidiaries namely, National Insurance Company, The New India Assurance Company, The Oriental Insurance Company and United India Insurance Company.

The scrip declined 3.41% to currently trade at Rs 173 on the BSE.