DHFL posts net loss of Rs 13,095.38 crore in Q3

Dewan Housing Finance Corporation Ltd posted a consolidated net loss of Rs 13,095.38 crore in the third quarter of the fiscal year as against a net profit of Rs 934.31 crore in the same period a year ago.

For the quarter ended December 31, 2020, total revenue from operations of DHFL was Rs 2,206.58 crore as against Rs 2,431.81 crore in the corresponding quarter last fiscal.

According to the notes to the results for the third quarter, additional transactions of Rs 1,03,984 lakh were identified and reported to stock exchanges and National Housing Bank.

“The company has made provisions as per NHB guidelines on provisioning pertaining to fraud accounts,” it said.

Further, investments by way of unsecured Inter Corporate Deposits including interest receivable amounting to Rs 4,02,973 lakh are outstanding as on December 31, 2020.

“As no securities are available to the company, the provision of the entire outstanding amount has been made as a prudent measure,” it said.

DHFL’s total wholesale portfolio amounting to Rs 53, 16,4 70 lakh has been “fair valued” as on December 31, 2020 at Rs. 9,85,320 lakh, with the resulting fair value loss aggregating Rs 43,31,150 lakh.

Of this, fair value loss of Rs 24,05,166 lakh has been accounted up to September 30, 2020 and balance loss of Rs 19,25,984 lakh has been charged to the Statement of Profit and Loss for the quarter ended December 31, 2020, the notes further said.

The Committee of Creditors of DHFL has voted for the resolution plan submitted by Piramal Enterprises Ltd.

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