LIC Hsg profit rises two-fold

SCORECARD

LIC Housing Finance posted over two-fold increase in profit after tax (PAT) at Rs 89.14 crore for the quarter ended March 31 compared with Rs 41.38 crore for the same quarter last year.

Total income grew by 28 per cent to Rs 453.69 crore compared with Rs 354.20 crore for the year-ago period, LIC Housing informed the Bombay Stock Exchange.

The board of directors at its meeting today declared a final dividend of 30 per cent on equity shares in addition to interim dividend of 50 per cent already paid.

The payment of dividend would be subject to the approval of shareholders at the forthcoming annual general meeting.

For the year ended March 31, the company recorded a profit after tax of Rs 279.14 crore compared with Rs 208.57 crore for the previous financial year.

The total income increased to Rs 1,583.25 crore for the year compared with Rs 1,268.83 crore a year ago.

The shares of LIC Housing were trading at Rs 160.50, up 4.46 per cent on the BSE, in afternoon trade.

LIC Housing Finance Ltd is considering to invest in an existing Asset Reconstruction Company or launching a realty fund. "Considering our good performance in recovery areas, we are considering the two options. It can be one of them or a combination of both," SK Mitter, director and chief executive of LIC Housing Finance Ltd said.

The company has invested 50 crore in Kotak Realty Fund and Rs 10 crore in another project of Unitech.