Dewan Housing's second quarter net loss narrows to Rs 2,122 crore

The insolvent Dewan Housing Finance Corporation Ltd has reported a consolidated net loss of Rs 2,122.65 crore for the July-September period.

For the same quarter of last financial year, the company had reported a net loss of Rs 6,640.62 crore.

Its total revenue from operations during the period under review stood at Rs 2,204.81 crore, higher than Rs 2,106.71 crore.

The interest income in Q2 increased 3 per cent year-on-year (YoY) to Rs 2,190 crore, total expenses saw a massive decline of 49 per cent YoY to Rs 4,972 crore.

Around 29 per cent of its account holders had availed moratorium as on August 31, 2020, it said.

The NBFC is currently under bankruptcy and is undergoing resolution process through IBC. Four suitors have submitted plans to acquire the company or its separate businesses.

Currently, Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy are in the fray.

--IANS

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