LIC Housing declines after Q4 PAT slips 9% to Rs 385 cr

LIC Housing Finance lost 2.48% to Rs 508.80 after the housing financer's consolidated net profit skid 9.3% to Rs 384.93 crore on 1.6% rise in total income to Rs 4,979.91 crore in Q4 March 2021 over Q4 March 2020.

Profit before tax tanked 56.5% to Rs 362.47 crore in Q4 FY21 as against Rs 832.93 crore in Q4 FY20.

During the financial year, LIC Housing Finance's consolidated net profit jumped 14.03% to Rs 2,741.13 crore on 0.87% increase in total income to Rs 19,880.22 crore in FY 2021 over FY 2020.

Meanwhile, the housing financier's board approved issuing 4.54 crore equity shares to the promoter, Life Insurance Corporation of India (LIC), on a preferential basis through private placement. The allotment price will be determined as per regulations.

Following the preferential allotment, LIC's stake in the company will increase to 45.24% from 40.31% currently.

The board of LIC Housing has recommended a dividend of Rs 8.50 per equity share for FY 2020-2021.

LIC Housing Finance is one of the largest housing finance companies in India. As of 31 March 2021, Life Insurance Corporation of India (LIC) held 40.31% stake in the company.

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