LIC Housing Fin Q1 net nosedives 81% to Rs 153 cr on spike in impairment

Total income declined to Rs 4,859.04 crore from Rs 4,977.5 crore a year ago. Sequentially also income fell marginally from Rs 4,964.3 crore in Q4FY21

Mortgage major LIC Housing Finance Ltd's net profit fell by as much as 80.7 per cent to Rs 153.4 crore in the first quarter ended June 30, 2021 (Q1FY22), primarily on multi-fold rise in impairment on financial instruments.

It had posted a net profit of Rs 817.48 crore in the quarter ended June 2020 (Q1FY21). Sequentially, net profits fell from Rs 398.92 crore in the quarter ended March 2021 (Q4FY21).

Its total income for the reporting quarter (Q1FY22) declined to Rs 4,859.04 crore from Rs 4,977.5 crore in Q1FY21. Sequentially, the income fell marginally from Rs 4,964.3 crore in Q4FY21,