Gruh Finance Q1 net profit flat at Rs 115 cr

Gruh Finance on July 25 reported almost flat net profit at Rs 115.64 crore in its net profit for the first quarter ended June 30. It had posted a net profit of Rs 115.11 crore in the corresponding April-June period of 2018-19.

The company's revenue increased to Rs 532.97 crore in the June quarter of 2019-20, as against Rs 450.95 crore a year ago, Gruh Finance said in a regulatory filing.

Gruh, a subsidiary of HDFC Ltd to support low cost housing, said the board of directors in January approved merger of the company with Bandhan Bank.

"The scheme remain subject to receipt of approval from National Company Law Tribunal. The proposed transaction does not have any impact on the current financial statement of the company as at the end of quarter ended June 30, 2019," the company said.