Financials

Unaudited Standalone Financial Results

GIC HOUSING FINANCE LTD.
CIN: L65922MH1989PLC054583
Regd. Office : 6th Floor, National Insurance Building, 14, Jamshedji Tata Road, Churchgate, Mumbai - 400 020.
Statement of Unaudited Standalone Financial Results for the Quarter and Half Year Ended September 30, 2023

								(₹ in Lakh)
Sr. No.	Particulars		Quarter Ended			Half Year Ended		Year ended
			30-09-2023	30-06-2023	30-09-2022	30-09-2023	30-09-2022	31-03-2023
			(Reviewed)	(Reviewed)	(Reviewed)	(Reviewed)	(Reviewed)	(Audited)

1	Revenue from operations
	(i)	Interest Income	26,224	26,508	27,498	52,732	54,561	109,863
	(ii)	Dividend Income	13	-	13	13	13	13
	(iii)	Fees and Commission Income	127	100	80	227	264	529
	(iv)	Other Operating Income	395	235	303	630	454	1,085
	Total Revenue from operations		26,759	26,843	27,894	53,602	55,292	111,490
		Other Income	259	261	192	520	429	1,398
	Total Income		27,018	27,104	28,086	54,122	55,721	112,888

2	Expenses
	(i)	Finance Cost	17,932	18,301	17,556	36,233	34,605	70,249
	(ii)	Net Loss on De-recognition of Financial Instruments under Amortised Cost Category	5	5	4	10	15	15
	(iii)	Impairment of Financial Instruments, including write-off	1,646	1,054	573	2,700	3,769	1,742
	(iv)	Employee Benefits Expenses	1,413	1,706	1,270	3,119	2,350	5,989
	(v)	Depreciation & Amortisation Expenses	362	367	206	729	447	994
	(vi)	Other Expenses	1,602	1,478	1,160	3,080	2,128	4,919
	Total Expenses		22,960	22,911	20,769	45,871	43,314	83,908

3	Profit before exceptional items and tax (1-2)		4,058	4,193	7,317	8,251	12,407	28,980

4	Exceptional items		-	-	-	-	-	-

5	Profit before tax (3-4)		4,058	4,193	7,317	8,251	12,407	28,980

6	Tax expense
	(i)	Current Tax	1,200	900	1,725	2,100	3,375	3,450
	(ii)	Deferred tax (Net)	(158)	112	(40)	(46)	(518)	4,210
	(iii)	Tax of Earlier Period (Net)	-	-	-	-	-
7	Net Profit for the period (5-6)		3,016	3,181	5,632	6,197	9,550	21,320

8	Other comprehensive Income
	A. Items that will not be reclassified to profit or loss
	(i)	Remeasurement Gain / (Loss) on defined benefit plan	71	(61)	(10)	10	75	(71)
	(ii)	Net Gain / (Loss) on equity instrument designated at FVTOCI	41	(2)	28	39	6	7
	(iii)	Income tax relating to items that will not be reclassified to profit or loss	(28)	16	(4)	(12)	(20)	16
	B. Items that will be reclassified to profit or loss		-	-	-	-	-	-
	Total other comprehensive Income (A+B)		84	(47)	14	37	61	(48)

9	Total Comprehensive Income (7+8)		3,100	3,134	5,646	6,234	9,611	21,272

10	Paid up Equity Share Capital (Face value ₹ 10/-)		5,385	5,385	5,385	5,385	5,385	5,385

11	Reserves as at 31st March		-	-	-	-	-	164,543

12	Earning Per Share (EPS) on Face Value ₹ 10/-
	Basic and Diluted Earning Per Share (Face value ₹ 10/-) (The EPS for the quarter is not annualised)		5.60	5.91	10.46	11.51	17.73	39.59

Notes to the Standalone Financial Results:

1	Statement of Standalone Assets and Liabilities			(₹ in Lakh)

Sr.No.	Particulars		As at	As at
			30-09-2023	31-03-2023
			(Reviewed)	(Audited)

	ASSETS
1	Financial Assets
(a)	Cash and cash equivalents		6,204	6,964
(b)	Bank balance other than cash and cash equivalent		1,976	1,924
(c)	Receivables
	(i) Trade Receivables		18	26
(d)	Loans		997,892	1,032,824
(e)	Investments		20,536	23,007
(f)	Other financial assets		267	263
	Total - Financial Assets		1,026,893	1,065,008
2	Non-financial assets
(a)	Current tax assets (net)		3,599	4,167
(b)	Deferred tax assets (net)		8,554	8,520
(c)	Property, plant and equipment		231	257
(d)	Right Of Use Assets		1,981	2,325
(e)	Intangible Assets Under Development		934	882
(f)	Other intangible assets		2,350	2,640
(g)	Other non-financial assets		1,125	588
(h)	Assets Held for Sale		8,880	7,630
	Total - Non Financial Assets		27,654	27,009

	Total Assets		1,054,547	1,092,017

	LIABILITIES AND EQUITY
	LIABILITIES
1	Financial liabilities
(a)	Lease Liabilities		2,191	2,522
(b)	Payables
	(i) Trade Payable
		-Total outstanding dues of micro enterprises and small enterprises	10	9
		-Total outstanding dues of creditors other than micro enterprises and small enterprises	1,693	1,008
(c)	Debt securities		92,470	112,564
(d)	Borrowings (other than debt securities)		779,804	801,708
(e)	Other financial liabilities		1,660	1,719
	Total - Financial Liabilities		877,828	919,530

2	Non-financial liabilities
(a)	Current tax liabilities (Net)		382	-
(b)	Provisions		1,760	1,650
(c)	Other Non Financial Liabilities		835	906
	Total - Non Financial Liabilities		2,977	2,556

3	Equity
(a)	Equity Share Capital		5,388	5,388
(b)	Other Equity		168,354	164,543
	Total - Equity		173,742	169,931

	Total Liabilities and Equity		1,054,547	1,092,017

2 Standalone Cash Flow Statement		(₹ in Lakh)
Particulars	HALF YEAR ENDED	HALF YEAR ENDED
	30-09-2023	30-09-2022
	(Reviewed)	(Reviewed)

A.Cash Flow From Operating Activities :
Profit Before Tax	8,251	12,407

Adjustments For :
Depreciation And Amortisation	729	447
Impairment of Financial Instruments	2,700	3,769
Interest and Dividend Income	(52,745)	(54,574)
Interest Expenses	36,233	34,605
Fees & Commission Income	(227)	(264)
(Profit)/Loss On Sale Of Investments	(228)	(330)
Remeasurement Gain/(loss) on Defined Benefit Plan	10	75
Operating Profit Before Working Capital Changes	(5,277)	(3,865)

Adjustments For :
(Increase)/Decrease In Non Financial Assets	86	(861)
(Increase)/Decrease In Other Financial Assets	(4)	(5)
(Increase)/Decrease In Other Non Financial Assets	(537)	(211)
(Increase)/Decrease In Bank Balance other than cash & cash equivalents	(52)	17
Increase/(Decrease) In Other Non Financial Liabilities	421	316
Increase/(Decrease) In Trade Payables	686	295
Increase/(Decrease) In Other Financial Liabilities	(2)	329
Operating Profit After Working Capital Changes	(4,679)	(3,985)

Adjustments For :
(Increase)/Decrease Housing Loans	32,192	39,651
Asset held for Sale	(1,250)	(2,305)
Fees & Commission Received	235	247
Interest Received	52,771	54,800
Interest Paid	(33,644)	(31,111)
Taxes Paid	(1,676)	(2,874)
Net Cash Generated/(Used) From Operating Activity	43,949	54,423

B:Cash Flow From Investment Activities
Payments for Property, Plant & Equipments	(11)	(10)
Payments for Intangible assets Under Developments	(52)	(37)
Purchase Of Investments	(186,789)	(260,695)
Sale Of Investments	189,528	255,230
Dividend Received	13	13
Net Cash Generated/(Used) From Investing Activity	2,689	(5,499)

C: Cash Flow From Financing Activities
Proceeds From Borrowings and Debt Securities	238,639	133,624
Repayment of Borrowings and Debt Securities	(283,141)	(188,767)
Dividend Paid On Equity Shares	(2,423)	(2,423)
Payment of lease liabilities	(473)	(399)
Net Cash Generated/(Used) From Financing Activity	(47,398)	(57,965)

Net Increase/(Decrease) Of Cash & Cash Equivalents (A+B+C)	(760)	(9,041)
Cash & Cash Equivalents As At Beginning of the year	6,964	47,701
Cash & Cash Equivalents As At the End of the Period	6,204	38,660


3	The above unaudited standalone financial results have been prepared in accordance with and comply in all material aspects with the Indian Accounting Standards ("Ind AS") as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015 (as amended) and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
4	The main business of the Company is to provide loans for purchase or construction of residential houses. All other activities of the Company revolve around the main business and accordingly there are no separate reportable segments, as per the Ind AS 108- Operating Segments.
5	The Indian Parliament has approved the Code on Social Security, 2020, which would impact the contributions by the Company towards Provident Fund and Gratuity. The effective date from which the changes are applicable is yet to be notified and the final rules are yet to be framed. The Company will carry out an evaluation of the impact and record the same in the financial results in the period in which the code becomes effective and related rules are published.
6	There are no loans transferred / acquired during the quarter and half year ended September 30, 2023 under the RBI Master direction on Transfer of Loan Exposure dated September 24, 2021.
7	Information as required by Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is attached in Annexure I.
8	Disclosure as required under RBI Circular No. RBI/2020-21/16 DOR.No.BP.BC/3/21.04.048/2020-21 dated August 6, 2020 in relation of the Resolution Framework for COVID-19-related Stress:
						₹ in Lakh
	Type of borrower	(A)	(B)	(C)	(D)	(E)
		Exposure to Accounts classified as Standard consequent to Implementation of resolution plan at March 31, 2023	of ( A ) , aggregate debt that slipped Into NPA during the half year	of ( A ) , amount written off during the half year	of ( A ) , amount paid by the borrowers during the half year	Exposure to Accounts classified as Standard consequent to Implementation of resolution plan - Position as at September 30, 2023
	Personal loan	1,998	17	-	84	1,897
	Corporate persons	-	-	-	-	-
	Of which , MSMES	-	-	-	-	-
	Others	-	-	-	-	-
	Total	1,998	17	-	84	1,897

9	Pursuant to Regulations 54 of SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, all Secured Non-Convertible Debentures (NCDs) issued by the Company and outstanding as on September 30, 2023 are fully secured by way of charge on identified receivables of the company. Accordingly, the Company is maintaining asset cover of 1x or such higher asset cover required as per the terms of offer document.

10	The Company is a Large Corporate as per criteria stipulated under SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018 and necessary disclosure has been made to the stock exchange.
11	The Company is a Housing Finance Company classified under "Middle Layer" pursuant to Scale Based Regulations prescribed by the RBI vide its circular Ref. No. RBI/2021-22/112 DOR.CRE.REC.No.60/03.10.001/2021-22 dated October 22,2021.
12	In compliance with Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the above standalone financial results for the quarter and half year ended September 30, 2023 have been reviewed by the Statutory Auditors, reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors at their respective meeting held on November 03, 2023.
13	The figures for the previous periods / year have been regrouped wherever necessary in order to make them comparable with figures for the quarter and half year ended September 30, 2023.

					For and on behalf of the Board




					Paul Lobo
					Managing Director & CEO
					DIN No: 09787223
	Place : Mumbai
	Date : November 03, 2023

Annexure - I

Sr. No.	Ratio	Quarter ended			Half Year ended		Year ended
Sr. No.	Ratio	30-09-2023	30-06-2023	30-09-2022	30-09-2023	30-09-2022	31-03-2023
a	Debt- Equity Ratio (in times)	5.02	5.21	6.21	5.02	6.21	5.38
b*	Debt-Service Coverage Ratio	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
c*	Interest Service Coverage Ratio	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
d	Outstanding redeemable preference shares (quantity and value)	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
e	Capital redemption reserve / Debenture redemption reserve	-	-	-	-	-	-
f	Net worth (₹ in Lakh)	173,742	173,065	158,270	173,742	158,270	169,931
g	Net Profit after tax (₹ in Lakh)	3,016	3,181	5,632	6,197	9,550	21,320
h	Earning per share (not annualised)
	1. Basic	5.60	5.91	10.46	11.51	17.73	39.59
	2. Diluted	5.60	5.91	10.46	11.51	17.73	39.59
i*	Current Ratio	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
j*	Long term debt to working capital	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
k	Bad debts to Account receivable ratio (Not annualised)	-	-	-	-	-	1.52%
l*	Current Liability Ratio	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
m	Total debts to total assets (%)	82.72%	83.25%	85.56%	82.72%	85.56%	83.72%
n*	Debtors turnover	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
o*	Inventory turnover	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
p*	Operating Margin (%)	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
q	Net Profit Margin (%)	11.16%	11.74%	20.05%	11.45%	17.14%	18.89%
r	Sector specific equivalents ratios, as applicable
	i. Stage 3 Ratio (%)	4.42%	4.51%	6.95%	4.42%	6.95%	4.43%
	ii. Provision Coverage Ratio (%)	35.01%	32.99%	45.72%	35.01%	45.72%	32.16%

Formula for Computation of ratios are as follows:
a	Debt equity ratio = (Debt Securities + Borrowings [Other than Debt Securities]) / Networth
f	Networth = Equity Share Capital + Other Equity
k	Bad Debts to Account Receivable ratio = Bad Debts Written Off / (Total Loan Book + Trade Receivables)
m	Total debts to total assets (%) = (Debt Securities + Borrowings [Other than Debt Securities]) / Total Assets
q	Net Profit Margin (%) = Net Profit after tax/ Total Income
r	i. Stage 3 Ratio = Gross Stage III Loan outstanding / Total Loan Outstanding
r	ii. Provision Coverage Ratio = Allowance for bad and doubtful debts for Gross Stage III Loan Book / Gross Stage III Loan Book
*	Since the Company is a Housing Finance Company ('HFC'), disclosure of Debt service coverage ratio, Interest service coverage ratio, Current ratio, Long term debt to working capital, Current liability ratio, Debtors turnover ratio, Inventory turnover ratio and Operating Margin Ratio are not applicable since the Company is engaged in financing activities.
*

Unaudited Consolidated Financial Results

GIC HOUSING FINANCE LTD.
CIN: L65922MH1989PLC054583
Regd. Office : 6th Floor, National Insurance Building, 14, Jamshedji Tata Road, Churchgate, Mumbai - 400 020.
Statement of Unaudited Consolidated Financial Results For Quarter and Half Year Ended September 30, 2023

								(₹ in Lakh)
Sr. No.	Particulars		Quarter Ended			Half Year Ended		Year ended
			30-09-2023	30-06-2023	30-09-2022	30-09-2023	30-09-2022	31-03-2023
			(Reviewed)	(Reviewed)	(Reviewed)	(Reviewed)	(Reviewed)	(Audited)

1	Revenue from operations
	(i)	Interest Income	26,224	26,508	27,498	52,732	54,561	109,863
	(ii)	Dividend Income	13	-	13	13	13	13
	(iii)	Fees and Commission Income	127	100	83	227	267	529
	(iv)	Other Operating Income	395	235	303	630	454	1,085
	Total Revenue from operations		26,759	26,843	27,897	53,602	55,295	111,490
		Other Income	260	262	192	522	429	1,400
	Total Income		27,019	27,105	28,089	54,124	55,724	112,890

2	Expenses
	(i)	Finance Cost	17,932	18,301	17,556	36,233	34,605	70,249
	(ii)	Net Loss on De-recognition of Financial Instruments under Amortised Cost Category	5	5	4	10	15	15
	(iii)	Impairment of Financial Instruments, including write-off	1,646	1,054	573	2,700	3,769	1,742
	(iv)	Employee Benefits Expenses	1,425	1,711	1,271	3,136	2,352	5,993
	(v)	Depreciation & Amortisation Expenses	362	367	206	729	447	994
	(vi)	Other Expenses	1,586	1,471	1,163	3,057	2,131	4,912
	Total Expenses		22,956	22,909	20,773	45,865	43,319	83,905

3	Profit before exceptional items and tax (1-2)		4,063	4,196	7,316	8,259	12,405	28,985

4	Exceptional items		-	-	-	-	-	-

5	Profit before tax (3-4)		4,063	4,196	7,316	8,259	12,405	28,985

6	Tax expense
	(i)	Current Tax	1,202	900	1,725	2,102	3,375	3,450
	(ii)	Deferred tax (Net)	(158)	112	(40)	(46)	(518)	4,210
	(iii)	Tax of Earlier Period (Net)	-	-	-	-	-
7	Net Profit for the period (5-6)		3,019	3,184	5,631	6,203	9,548	21,325

8	Other comprehensive Income
	A. Items that will not be reclassified to profit or loss
	(i)	Remeasurement Gain / (Loss) on defined benefit plan	71	(61)	(10)	10	75	(71)
	(ii)	Net Gain / (Loss) on equity instrument designated at FVTOCI	41	(2)	28	39	6	7
	(iii)	Income tax relating to items that will not be reclassified to profit or loss	(28)	16	(4)	(12)	(20)	16
	B. Items that will be reclassified to profit or loss		-	-	-	-	-	-
	Total other comprehensive Income (A+B)		84	(47)	14	37	61	(48)

9	Total Comprehensive Income (7+8)		3,103	3,137	5,645	6,240	9,609	21,277

	Net Profit for the period attributable to:
	(i)	Owners of the Company	3,019	3,184	5,631	6,203	9,548	21,325
	(ii)	Non-Controlling Interest	-	-	-	-	-	-

	Other Comprehensive Income attributable to:
	(i)	Owners of the Company	84	(47)	14	37	61	(48)
	(ii)	Non-Controlling Interest	-	-	-	-	-	-

	Total Comprehensive Income attributable to:
	(i)	Owners of the Company	3,103	3,137	5,645	6,240	9,609	21,277
	(ii)	Non-Controlling Interest	-	-	-	-	-	-

10	Paid up Equity Share Capital (Face value ₹ 10/-)		5,385	5,385	5,385	5,385	5,385	5,385

11	Reserves as at 31st March		-	-	-	-	-	164,542

12	Earning Per Share (EPS) on Face Value ₹ 10/-
	Basic and Diluted Earning Per Share (Face value ₹ 10/-) (The EPS for the period is not annualised)		5.61	5.91	10.46	11.52	17.73	39.60

Notes to the Consolidated Financial Results:

1	Statement of Consolidated Assets and Liabilities			(₹ in Lakh)

Sr.No.	Particulars		As at	As at
			30-09-2023	31-03-2023
			(Reviewed)	(Audited)

	ASSETS
1	Financial Assets
(a)	Cash and cash equivalents		6,214	6,970
(b)	Bank balance other than cash and cash equivalent		2,045	1,991
(c)	Receivables
	(i) Trade Receivables		18	26
(d)	Loans		997,892	1,032,824
(e)	Investments		20,461	22,932
(f)	Other financial assets		267	263
	Total - Financial Assets		1,026,897	1,065,006

2	Non-financial assets
(a)	Current tax assets (net)		3,603	4,169
(b)	Deferred tax assets (net)		8,554	8,520
(c)	Property, plant and equipment		231	257
(d)	Right Of Use Assets		1,981	2,325
(e)	Intangible Assets Under Development		934	882
(f)	Other intangible assets		2,350	2,640
(g)	Other non-financial assets		1,125	588
(h)	Assets Held for Sale		8,880	7,630
	Total - Non Financial Assets		27,658	27,011

	Total Assets		1,054,555	1,092,017

	LIABILITIES AND EQUITY
	LIABILITIES
1	Financial liabilities
(a)	Lease Liabilities		2,191	2,522
(b)	Payables
	(i) Trade Payable
		-Total outstanding dues of micro enterprises and small enterprises	10	9
		-Total outstanding dues of creditors other than micro enterprises and small enterprises	1,701	1,012
(c)	Debt securities		92,470	112,564
(d)	Borrowings (other than debt securities)		779,804	801,708
(e)	Other financial liabilities		1,655	1,716
	Total - Financial Liabilities		877,831	919,531

2	Non-financial liabilities
(a)	Current tax liabilities (Net)		382	-
(b)	Provisions		1,760	1,650
(c)	Other Non Financial Liabilities		835	906
	Total - Non Financial Liabilities		2,977	2,556

3	Equity
(a)	Equity Share Capital		5,388	5,388
(b)	Other Equity		168,359	164,542
	Total - Equity		173,747	169,930

	Total Liabilities and Equity		1,054,555	1,092,017

2 Consolidated Cash Flow Statement		(₹ in Lakh)
Particulars	Half Yead Ended	Half Yead Ended
	30-09-2023	30-09-2022
	(Reviewed)	(Reviewed)

A.Cash Flow From Operating Activities :
Profit Before Tax	8,259	12,405

Adjustments For :
Depreciation And Amortisation	729	447
Impairment of Financial Instruments	2,700	3,769
Interest and Dividend Income	(52,745)	(54,574)
Interest Expenses	36,233	34,605
Fees & Commission Income	(227)	(267)
(Profit)/Loss On Sale Of Investments	(228)	(330)
Remeasurement Gain/(loss) on Defined Benefit Plan	10	75
Operating Profit Before Working Capital Changes	(5,269)	(3,870)

Adjustments For :
(Increase)/Decrease In Non Financial Assets	82	(862)
(Increase)/Decrease In Other Financial Assets	(4)	(10)
(Increase)/Decrease In Other Non Financial Assets	(537)	(211)
(Increase)/Decrease In Bank Balance other than cash & cash equivalents	(54)	(8)
Increase/(Decrease) In Other Non Financial Liabilities	421	316
Increase/(Decrease) In Trade Payables	690	296
Increase/(Decrease) In Other Financial Liabilities	(4)	330
Operating Profit After Working Capital Changes	(4,675)	(4,019)

Adjustments For :
(Increase)/Decrease Housing Loans	32,192	39,651
Asset held for Sale	(1,250)	(2,305)
Fees & Commission Received	235	250
Interest Received	52,771	54,800
Interest Paid	(33,644)	(31,111)
Taxes Paid	(1,676)	(2,874)
Net Cash Generated/(Used) From Operating Activity	43,953	54,392

B:Cash Flow From Investment Activities
Payments for Property, Plant & Equipments	(11)	(10)
Payments for Intangible assets Under Developments	(52)	(37)
Purchase Of Investments	(186,789)	(260,695)
Sale Of Investments	189,528	255,230
Dividend Received	13	13
Net Cash Generated/(Used) From Investing Activity	2,689	(5,499)

C: Cash Flow From Financing Activities
Proceeds From Borrowings and Debt Securities	238,639	133,624
Repayment of Borrowings and Debt Securities	(283,141)	(188,767)
Dividend Paid On Equity Shares	(2,423)	(2,423)
Payment of lease liabilities	(473)	(399)
Net Cash Generated/(Used) From Financing Activity	(47,398)	(57,965)

Net Increase/(Decrease) Of Cash & Cash Equivalents (A+B+C)	(756)	(9,072)
Cash & Cash Equivalents As At Beginning of the year	6,970	47,776
Cash & Cash Equivalents As At the End of the Period	6,214	38,704


3	The above unaudited consolidated financial results represent the consolidated financial results for GIC Housing Finance Limited ("GICHFL") and its wholly owned subsidiary i.e. GICHFL Financial Services Private Limited ("GFSPL") constituting the Group.
4	The unaudited consolidated financial results have been prepared in accordance with lnd AS 110 - Consolidated Financial Statements, prescribed under section 133 of the Companies Act, 2013 (the "Act") read with the relevant rules issued thereunder and the other relevant provisions of the Act.
5	The above unaudited consolidated financial results of the Group have been prepared in accordance with and comply in all material aspects with the lndian Accounting Standards ("Ind AS") as prescribed under section 133 of the Companies Act, 2013 ("the Act") read with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
6	The main business of the Group is to provide loans for purchase or construction of residential houses. All other activities of the Group revolve around the main business and accordingly there are no separate reportable segments, as per the Ind AS 108- Operating Segments.
7	The Indian Parliament has approved the Code on Social Security, 2020, which would impact the contributions by the Group towards Provident Fund and Gratuity. The effective date from which the changes are applicable is yet to be notified and the final rules are yet to be framed. The Group will carry out an evaluation of the impact and record the same in the financial results in the period in which the code becomes effective and related rules are published.
8	Information as required by Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is attached in Annexure I.
9	Pursuant to Regulations 54 of SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, all Secured Non-Convertible Debentures (NCDs) issued by the Group and outstanding as on September 30, 2023 are fully secured by way of charge on identified receivables of the company. Accordingly, the Group is maintaining asset cover of 1x or such higher asset cover required as per the terms of offer document.
10	The Company is a Large Corporate as per criteria stipulated under SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018 and necessary disclosure has been made to the stock exchange.
11	In compliance with Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the above unaudited consolidated financial results for the quarter and half year ended September 30, 2023 have been reviewed by the Statutory Auditors, reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors at their respective meeting held on November 03, 2023.
12	The figures for the previous periods / year have been regrouped wherever necessary in order to make them comparable with figures for the quarter and half year ended September 30, 2023.

		For and on behalf of the Board




		Paul Lobo
		Managing Director & CEO
		DIN No: 09787223
	Place : Mumbai
	Date : November 03, 2023

Annexure - I

Sr. No.	Ratio	Quarter ended			Half Year ended		Year Ended
Sr. No.	Ratio	30-09-2023	30-06-2023	30-09-2022	30-09-2023	30-09-2022	31-03-2023
a	Debt- Equity Ratio (in times)	5.02	5.21	6.21	5.02	6.21	5.38
b*	Debt-Service Coverage Ratio	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
c*	Interest Service Coverage Ratio	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
d	Outstanding redeemable preference shares (quantity and value)	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
e	Capital redemption reserve / Debenture redemption reserve	-	-	-	-	-	-
f	Net worth (₹ in Lakh)	173,747	173,067	158,262	173,747	158,262	169,930
g	Net Profit after tax (₹ in Lakh)	3,019	3,184	5,631	6,203	9,548	21,325
h	Earning per share (not annualised)
	1. Basic	5.61	5.91	10.46	11.52	17.73	39.60
	2. Diluted	5.61	5.91	10.46	11.52	17.73	39.60
i*	Current Ratio	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
j*	Long term debt to working capital	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
k	Bad debts to Account receivable ratio (Not annualised)	-	-	-	-	-	1.52%
l*	Current Liability Ratio	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
m	Total debts to total assets (%)	82.71%	83.25%	85.56%	82.71%	85.56%	83.72%
n*	Debtors turnover	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
o*	Inventory turnover	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
p*	Operating Margin (%)	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable
q	Net Profit Margin (%)	11.17%	11.75%	20.05%	11.46%	17.13%	18.89%
r	Sector specific equivalents ratios, as applicable
	i. Stage 3 Ratio (%)	4.42%	4.51%	6.95%	4.42%	6.95%	4.43%
	ii. Provision Coverage Ratio (%)	35.01%	32.99%	45.72%	35.01%	45.72%	32.16%

Formula for Computation of ratios are as follows:
a	Debt equity ratio = (Debt Securities + Borrowings [Other than Debt Securities]) / Networth
f	Networth = Equity Share Capital + Other Equity
k	Bad Debts to Account Receivable ratio= Bad Debts Written Off / (Total Loan Book + Trade Receivables)
m	Total debts to total assets (%) = (Debt Securities + Borrowings [Other than Debt Securities]) / Total Assets
q	Net Profit Margin (%) = Net Profit after tax/ Total Income
r	i. Stage 3 Ratio = Gross Stage III Loan outstanding / Total Loan Outstanding
r	ii. Provision Coverage Ratio = Allowance for bad and doubtful debts for Gross Stage III Loan Book / Gross Stage III Loan Book
*	Since the Company is a Housing Finance Company ('HFC'), disclosure of Debt service coverage ratio, Interest service coverage ratio, Current ratio, Long term debt to working capital, Current liability ratio, Debtors turnover ratio, Inventory turnover ratio and Operating Margin Ratio are not applicable since it is engaged in financing activities.