GIC Housing Finance cut expenditure and has earned profits

A tiny but fast growing housing finance entity, GIC Housing Finance has posted positive Q4FY16 numbers. Both Year-on-Year (YoY) and Quarter-on-Quarter (QoQ) net profit has witnessed a growth in double digits.

Company’s QoQ standalone Revenue has soared by 5 per cent to Rs 233.48 crore in Q4FY16 as against Rs 222.76 crore in the last quarter. EBITDA stands at Rs 210.4 as compared to Rs 199.6 crore, an increase of 5.4 per cent. EBITDA Margin has come in at 90.12 per cent as against 89.6 per cent in the previous quarter.

Net Profit stands at Rs 35.87 crore as against 30.59 crore in the last quarter, an increase of 17.3 per cent irrespective of a hike in taxes and interest payment.

YoY results showcase a better performance, wherein its standalone Revenues have risen by 17.5 per cent from Rs 198.34 crore in the same quarter last year. Company’s Net Profits too have risen by 34.5 per cent from Rs 26.66 crore in Q4FY15.

On a yearly basis revenues for FY16 have increased by 19.6 per cent to Rs 874.44 crore as compared to Rs 730.91 crore. EBITDA has increased substantially by 404 per cent amid a drastic fall in its Other Expenses. Net Profit has come in at Rs 124.5 crore as against Rs 102.96 crore in FY15, an increase of 20.9 per cent.

GIC Housing Finance a Housing Finance business deals primarily in granting housing loans to individuals and to persons/entities engaged in construction of houses/flats for residential purposes. The Company has presence via  53 branches across the country for business.

The stock closed on a flat to positive note at Rs 262.60, an increase of 0.25 per cent.