Business

Down 28% over poor corporate results, DHFL says it 'remains solvent'

Punjab News Express | July 15, 2019 03:15 PM

MUMBAI: The Dewan Housing Finance Limited on Monday came under heavy selling pressure after the company reported a net loss of Rs 2,223 crore for the fourth quarter (Q4) of 2018-19 over the weekend.

At 2.05 p.m., DHFL was trading 28.56 per cent lower at Rs 48.90 apeice on the BSE.

"In the backdrop of a significant slowdown in disbursement and loan growth post September 2018, the financials of the company have been quite strained for the quarter impacting the overall performance of the year," Kapil Wadhawan, Chairman and Managing Director, DHFL said in a statement.

The housing lender's gross NPAs (non-performing asset) as on March 31, 2019 rose to 2.74 per cent as against 0.96 per cent during the like period of previous fiscal.

Besides, the DHFL on Saturday said it had defaulted on interest payments to the tune of Rs 48 crore on non-convertible debentures (NCDs), that were due on July 6 and 8.

However, the company in a statement on Monday said: "While the sectorial stress has been known for months, DHFL has withstood intense pressure and continues to remain strong and solvent. DHFL has also cleared significant amount of obligation to the tune of Rs 41,800 crores since September 2018."

"We are closely working with the stakeholders or creditors to ensure that there is a comprehensive resolution, without any hair cut to the lenders," it added.



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