DHFL returns to profit at Rs 97cr in Jan-Mar qtr

Dewan Housing Finance Corporation (DHFL) on Sunday reported a consolidated net profit of Rs 96.75 crore for the last quarter of fiscal ended in March 2021.

The company, which is under corporate insolvency process, had posted a net loss of Rs 7,507.01 crore in the January-March quarter of the year-ago fiscal. The company had reported a loss of Rs 13,095.38 crore in the December quarter of 2020-21.

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For the full year 2020-21, the non-banking finance company posted a net loss of Rs 15,051.17 crore, which widened from Rs 13,455.81 crore in 2019-20, DHFL said in a regulatory filing.

Total consolidated income during Q4FY21 fell to Rs 2,060.57 crore from Rs 2,160.98 crore in Q4FY20. For FY21, total income was down at Rs 8,802.78 crore as against Rs 9,578.85 crore in the preceding fiscal year.

The company is currently being run under an administrator appointed by the RBI in November 2019. It is the first finance company to be referred to the NCLT by the RBI. The lenders of the company classified the account as fraud on alleged fund diversion by promoters Kapil Wadhawan and his brother Dheeraj Wadhawan.