DHFL defers Q4 results, shares down over 12%

Dewan Housing Finance Corporation (DHFL) on Friday deferred the release of its fourth-quarter results which were scheduled to be announced on June 29.

DHFL will now announce the March quarter earnings on July 13.

The company said the postponement is due to "certain unforeseen operational engagements including non-availability of a few directors to ensure participation of all the members of the audit committee as well as the board for taking into consideration and approval of the financial results for the fourth quarter/financial year ended March 31, 2019".


The non-banking finance company has been facing liquidity crisis and has recently defaulted on its repayment obligations.

"The date of the board meeting... to consider and approve the audited financial results of the company for the fourth quarter/financial year ended March 31, 2019, and matters relating to the ensuing annual general meeting, as intimated earlier that June 29, 2019, is being postponed to July 13, 2019," DHFL said in a regulatory filing.

Earlier, the company on Wednesday said that it will shortly divest its full stakes in subsidiary firms DHFL Pramerica Asset Managers and DHFL Pramerica Trustees.

The company has resorted to various modes of fund mop-up including selling stake in subsidiary firms to meet its debt obligations.


DHFL on Tuesday also defaulted on 60 per cent of principal repayment on its commercial papers worth Rs 375 crore.

It had said that it defaulted on principal repayment on Commercial Papers (CPs) worth Rs 225 crore, while the payment on rest of Rs 150 crore was done.

DHFL also said the balance of Rs 225 crore will be paid once the surplus cash flow position improves over the next couple of days.

The shares of the company closed 11.75 per cent lower at Rs 72.10 on BSE.

(With inputs from PTI)