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Dewan Housing Finance Corporation Ltd (DHFL) reported a consolidated net profit of ₹314.43 crore for the quarter ended June 30, 2021, a jump of 348.5 per cent from ₹70.1 crore a year ago.
“The company has not made any provision for interest on borrowings amounting to ₹1,88,689 lakh for the quarter ended June 30, 2021 in view of the company's CIR process,” it said in the stock exchange filing, adding that under the Insolvency and Bankruptcy Code, the treatment of creditors under the resolution plan is as per debts due as on the insolvency commencement date and therefore, no interest is accrued and payable after this date.
“Had the interest was accrued on borrowings and provided for, the profit for the quarter ended June 30, 2021 would have been lower by ₹l,40,328 lakh (net of taxes),” it further said.
DHFL’s total revenue from operations fell 13.9 per cent to ₹2,000.69 crore in the first quarter this fiscal from ₹2,324.73 crore in the corresponding period last fiscal.
Its total income also fell by 14.1 per cent on year on year basis to ₹2,001.36 crore.
In June this year, the National Company Law Tribunal had approved the resolution plan of Piramal Capital and Housing Finance for DHFL.
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