LIC Housing Finance slumped 6.01% to Rs 267.65 on BSE after consolidated net profit tanked 39.1% to Rs 424.31 crore on 5.1% rise in total income to Rs 4,903.54 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax (PBT) dropped 15.9% to Rs 832.93 crore in Q4 March 2020 as against Rs 990.91 crore in Q4 March 2019. Current tax expense jumped 39% to Rs 408.62 crore in Q4 March 2020 over Q4 March 2019. The Q4 earnings was declared post trading hours yesterday, 19 June 2020.
The board recommended a dividend of Rs 8 per equity share for FY 2019-20.
With respect to COVID-19 pandemic, the company said there remains a high level of uncertainty about the duration and impact of the pandemic both on human life and businesses and the time required for life and business operations to normalise. In view of the aforesaid, it is not possible for the company to assess at this juncture, the extent to which the COVID-19 pandemic will impact the results of company's business and financials in future, as the same will be dependent on future developments, which at present are extremely uncertain.
LIC Housing Finance is one of the largest housing finance companies in India. As of 31 March 2020, Life Insurance Corporation of India held 40.31% stake in the housing financier.
The scrip jumped 11.08% in the past one month. On the technical front, the stock's RSI (relative strength index) stood at 52.364. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading between its 50-day moving average (DMA) placed at 260.55 and its 200-day moving average (DMA) placed at 357.69.
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