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DHFL's financial position is poor, company fears bankruptcy

Business

  • Housing Finance Company suffered a loss of Rs 2223 crore in the fourth quarter
  • The company said on Monday – working on such a resolution plan, so that the lenders should not have to bear the loss

new Delhi. One of India’s largest housing finance companies, Diwan Housing Finance Corp Ltd (DHFL) has said that its financial condition has become so bad that the operation has become difficult now. DHFL has reported a loss of Rs 2,223 crore in the January-March quarter.

Kapil Vadhavan, Chairman and Managing Director of DHFL, says that considering the current situation, there is a doubt about the company’s progress. The company is going through financial crisis and the funding capacity is greatly reduced. Along with this there is no stability in business due to non-release of any new loan amount.

In the second half of the last financial year, the company, which is in crisis, is facing financial crisis since the second half of last financial year. The company had to make additional provisioning of 3280 crores in the fourth quarter of fiscal year 2018-19. The company had outstanding one lakh crores till the end of December. It has 38 percent of the banks. SBI’s outstanding balance is highest.

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