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

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NEW DELHI: Reliance Home Finance on Friday reported a net loss of Rs 161.34 crore through the first quarter of 2020-21 as a result of a fall in curiosity earnings.

The Reliance Capital subsidiary had posted a net revenue of Rs 48.63 crore in the identical quarter of the earlier fiscal yr.

However, the net loss for the quarter was decrease than Rs 238.37 crore reported for the March 2020 quarter.

The firm’s whole earnings fell to Rs 244.59 crore within the April-June interval of 2020-21 from Rs 536.98 crore in the identical interval of 2019-20. Interest earnings dropped to Rs 242.98 crore within the first quarter from Rs 525.23 crore within the year-ago quarter.

Expenses rose to Rs 489.04 crore in April-June 2020-21 as in opposition to Rs 466.68 crore within the year-ago quarter, it stated in a regulatory submitting.

The firm which is principally engaged within the housing finance enterprise stated that it’s within the course of of growing the housing mortgage portfolio and is “confident of achieving the same in due course”.

The firm has money readily available of roughly Rs 800 crore within the kind of funding in unencumbered liquid mutual funds as on June 30, 2020.

“However, the delay in debt servicing is because of prohibition on the corporate to dispose off, alienate, encumber both straight or not directly or in any other case half with the High Court within the matter…The Company has engaged with all its lenders for arriving on the debt decision plan,” it stated.

In this regard, the lenders have entered into an Inter-Creditor Agreement (ICA) for decision of careworn property, it stated additional.

Reliance Home Finance shares closed at Rs 2.08 apiece on BSE, down 4.59 per cent from the earlier shut.

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