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Reliance Home Finance Q1 benefits: Reports net loss of Rs 161 crore

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NEW DELHI: Reliance Home Finance on Friday documented a net loss of Rs 161.34 crore during the first quarter of 2020-21 due to a fall in desire income.

The Reliance Cash subsidiary had posted the net profit of Rs 48.63 crore inside same quarter of the prior fiscal year.

However, often the net loss for the fraction was lower than Rs 238.37 crore reported to the March 2020 quarter.

The company’s total income chop down to Rs 244.59 crore in the April-June interval of 2020-21 from Rs 536.98 crore inside same period of 2019-20. Interest income dropped to help Rs 242.98 crore in the first quarter by Rs 525.23 crore inside year-ago quarter.

Expenses rose to Rs 489.04 crore in April-June 2020-21 as against Rs 466.68 crore in the year-ago quarter, it explained in a regulatory filing.

The company which is mainly involved in the housing finance organization said that it is in the process of increasing the housing bank loan portfolio and is “confident of achieving the same in because of course”.

The company offers cash on hand of roughly Rs 800 crore inside form of investment inside unencumbered liquid mutual money as on June 30, 2020.

“However, the hold off in debt servicing is due to forbidance on the company to get rid off, alienate, encumber often directly or indirectly or otherwise part with advantages Court in the matter…The business has engaged with all it has the lenders for arriving at your debt resolution plan,” this said.

In this consideration, the lenders have entered into the Inter-Creditor Agreement (ICA) with regard to resolution of stressed possessions, it said further.

Reliance Home Finance shares shut at Rs 2.08 apiece on BSE, straight down 4.59 per cent from previous close.

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