GIC Housing Finance Limited (GICHFL) has announced a significant change to its Board of Directors, appointing Shri Dinesh Waghela as an Additional Director in a non-executive and independent capacity. The appointment, effective from September 23, 2025, is subject to shareholder approval.

Appointment Details

The Board of Directors of GICHFL approved Waghela's appointment during a meeting held on September 19, 2025. The company disclosed this information in compliance with Regulation 30 & 51 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Dinesh Waghela's Profile

Shri Dinesh Waghela brings a wealth of experience to GICHFL:

• Over 35 years of experience in insurance and reinsurance sectors
• Holds degrees in Commerce and Law
• Associate Member of the Insurance Institute of India
• Began his career with GIC Re in 1985
• Held key roles across various departments including Management, Compliances, Finance, Reinsurance, Investments, and HR

Notable Positions Held

Throughout his career, Waghela has held several prominent positions:

• General Manager and joint charge as CMD at The Oriental Insurance Co. Ltd.
• Chief Financial Officer (CFO) at The New India Assurance Company
• CFO at The Oriental Insurance Company

Regulatory Compliance

GICHFL has confirmed that Shri Dinesh Waghela (DIN 08072065) has not been debarred from holding the office of Director by any order issued by SEBI or any other authority. The company also stated that there are no inter-se relationships between Waghela and other directors on the board.

This appointment aligns with GICHFL's commitment to maintaining a strong and diverse board with extensive industry experience. Shareholders will have the opportunity to approve this appointment, potentially bringing valuable insights to the company's strategic direction and governance.

GIC Housing Finance , a prominent player in the housing finance sector, has released its financial results for the fourth quarter, revealing a mixed performance with some positive indicators despite a decline in net profit.

Financial Performance

The company reported a net profit of ₹351.00 million for Q4, marking a significant decrease from ₹535.90 million in the same period last year. This represents a year-over-year decline of approximately 34.50%. The profit also saw a sequential dip, down from ₹496.00 million in the previous quarter.

Despite the profit downturn, GIC Housing Finance demonstrated resilience in its revenue. The Q4 revenue stood at ₹2.70 billion, showing a modest increase from ₹2.60 billion year-over-year, indicating a growth of about 3.80%.

Asset Quality Improvement

In a positive development, the company's Stage 3 assets, which typically represent non-performing assets, showed improvement. The Stage 3 assets decreased to 3.03% from 3.47% quarter-over-quarter, suggesting enhanced asset quality management and potentially lower credit risk.

Dividend Announcement

In a move that may please shareholders, GIC Housing Finance has recommended a dividend of ₹4.50 per equity share. This dividend announcement comes as a welcome development for investors, especially in light of the challenging profit scenario.

Outlook

While the decline in net profit may raise some concerns, the improvement in asset quality and the slight increase in revenue provide some counterbalance. The company's ability to maintain revenue growth and improve asset quality in a challenging environment could be seen as positive indicators for its operational efficiency.

The recommended dividend also suggests that the management maintains a positive outlook on the company's financial health and is committed to delivering value to shareholders.

Investors and market watchers will likely keep a close eye on GIC Housing Finance's performance in the coming quarters, particularly focusing on whether the company can reverse the trend in profit decline while maintaining its improvements in other areas.