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

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

The Reliance Money subsidiary had posted a good net profit of Rs 48.63 crore inside same quarter of the last fiscal year.

However, the particular net loss for the 1 fourth was lower than Rs 238.37 crore reported for that March 2020 quarter.

The company’s total income dropped to Rs 244.59 crore in the April-June time period 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 via 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 mentioned in a regulatory filing.

The company which is mainly carried out the housing finance enterprise said that it is in the process of increasing the housing bank loan portfolio and is “confident of achieving the same in credited course”.

The company provides cash on hand of about Rs 800 crore inside form of investment throughout unencumbered liquid mutual finances as on June 30, 2020.

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

In this consider, the lenders have entered into a Inter-Creditor Agreement (ICA) regarding resolution of stressed property, it said further.

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

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