The company declared the results during market hours today, 30 January 2012.
Meanwhile, the BSE Sensex was down 316.73 points, or 1.84% to 16,917.25
On BSE, 15.54 lakh shares were traded in the counter as against average daily volume of 3.35 lakh shares in the past one quarter.
Ahead of declaration of Q3 December 2011 results, the LIC Housing Finance stock dropped as much as 2.06% at the day's low of Rs 246.45. The stock hit a 52-week high of Rs 264.30 in intraday trade today, 30 January 2012. The stock had hit a 52-week low of Rs 163.30 on 10 February 2011.
The stock had outperformed the market over the past one month till 27 January 2012, surging 12.65% compared with Sensex's 8.57% return. The scrip also outperformed the market over the past one quarter, gaining 15.33% as against Sensex's 0.32% fall.
The large-cap firm has equity capital of Rs 94.93 crore. Face value per share is Rs 2.
While declaring Q3 December 2012 results, LIC Housing Finance said it was making provision on Standard Assets / non performing assets (NPA) in excess over National Housing Bank (NHB) norms. Pursuant to the revised NHB prudential norms, which require the provision on Standard Assets also, the company has aligned its provisioning policy on Standard Assets / NPA to match with revised NHB norms. Due to this change in the provisioning policy, the company has reversed the excess provision of Rs 78.89 crore (net of provisioning required to be made in current quarter). Had the existing policy been continued, the profit before tax for the current quarter would have been Rs 292.77 crore, the company added.
LIC Housing Finance is one of the largest housing finance companies in India having one of the widest networks across the country. The main objective of the company is providing long term finance to individuals for purchase / construction / repair and renovation of new / existing flats / houses. The company also provides finance on existing property for business / personal needs and gives loans to professionals for purchase / construction of clinics / nursing homes / diagnostic centres / office space and also for purchase of equipments.