GIC Housing Finance tanks on disappointing Q4 results
GIC Housing Finance has tanked 9% to Rs 115, in otherwise firm market, on reporting 17% year-on-year (yoy) drop in net profit at Rs 16.65 crore for the quarter ended March 31, 2013 (Q4) due to higher provisioning. The housing finance company had profit of Rs 19.98 crore in a year ago quarter.
“The company has made provisions for contingencies amounting to Rs 16.27 crore during the recently concluded quarter against nil provisioning in previous year quarter," the housing finance arm of General Insurance Corp said in a statement.
The company’s total income from operations however, increased by 23% to Rs 146 crore on year-on-year basis.
The stock opened at Rs 126 and hit low of Rs 114 on NSE. A combined 1.49 million shares changed hands on the counter so far on NSE and BSE.