LIC Housing Q3 net profit marginally down at Rs 602 cr

New Delhi, Jan 30 ()

LIC Housing Finance on Thursday reported consolidated net profit of Rs 602.25 crore in October-December of 2019-20, marginally lower than a year ago.

The company had posted a net profit of Rs 607.29 crore during the same quarter of the previous financial year.

The consolidated income in Q3 of FY20 rose to Rs 5,006.12 crore, from Rs 4,465.76 crore in same period of FY19.

On standalone basis, the net profit was Rs 597.53 crore during the quarter under review which remained nearly flat on year-on-year basis.

The financing arm of the country's largest life insurer had reported a net profit of Rs 596.31 crore during the same quarter of the previous fiscal year.

The total income (standalone) during the quarter under review increased to Rs 4,996.46 crore from Rs 4,439.43 crore in same period year ago.

The main business of the company is to provide loans for purchase or construction of residential property.

"During January 2020, the company has received the inspection report from the National Housing Bank (NHB) for the year 2018-19, which is under examination," LIC Housing Finance said.

Stock of LIC Housing Finance closed at Rs 440.75, down by 3.92 per cent over previous close. KPM RUJ RUJ