Dewan Housing Finance Limited (DHFL) reported a net standalone loss of Rs 1,036.05 crore during the financial year ended March 31, 2019. The company had posted a profit of 1,701.02 crore during the previous financial year.
For the March quarter of the financial year 2018-19, DHFL posted a net loss of 2,223.41 crore, as opposed to a profit of Rs 184.1 crore in the corresponding quarter during the year-ago period and a profit of Rs 471.5 crore during the December quarter of FY 19.
The deferred financial results were released after a board meeting. The embattled DHFL had postponed the board meeting to discuss annual results twice over questions raised by auditors Deloitte, Haskins & Sells and Chaturvedi & Shah.
DHFL released only the standalone financial results for the quarter and fiscal ended March 31, 2019. The audit committee directed the management of the company to present the consolidated financial results on or before July 22, 2019.
For the financial year 2018-19, DHFL reported total revenue from operations at Rs 12,881.92 crore, in comparison to 10,850.13 crore during the previous fiscal. In the March quarter of FY19, the company saw its revenue from operations increase to Rs 3,052.9 crore from 2,839.77 crore in the same period during the previous year.
In a statement, DHFL also disclosed that it has defaulted on interest payments to non-convertible debenture (NCD) holders that were due on July 6, 2019, and July 8, 2019.
DHFL also appointed its Senior Vice President Asish Saraf as the new Chief Risk Officer of the company, effective from July 13, 2019. Saraf has been appointed to the post for a tenure of three years. He will report directly to the Chairman & Managing Director of the Company and the Risk Management Committee of the Board of Directors of the Company.