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"We expect 25-30 percent growth in home loan disbursements in the current fiscal and don't see any fall in demand," DHFL Chairman and MD Kapil Wadhawan told reporters on the sidelines of launching of the second real estate fund by the company's venture capital arm, Arthveda Fund.
The company's loans grew 28.06 percent to Rs 2138.6 crore in the September quarter up from Rs 1,670 crore year ago. Similarly, sanctions rose 39.86 percent to Rs 3112 crore in this period against Rs 2225 crore compared to previous year.
Referring to defaults, Wadhawan said the firm was not facing any rise in delinquencies despite repeated rate hikes. "We don't see any pressure on the loan book as of now and hopeful of closing this year with a gross non-performing assets below 1 percent by end of this fiscal," Wadhawan said.
He also said though the cost of borrowing has gone up for the NBFC, most of the rising costs had been passed on to the end-users.
The company is also planning to raise around Rs 500 crore of capital to support its future business growth.
"We are looking at raising around Rs 500 crore of equity capital but are yet to finalise the type of instruments through which we will raise that may be a QIP or a rights issue among others," he said.
Amidst reports that the promoters of the company, Wadhawan family, was looking to dilute their stake to raise capital from some PE players, he said it is an ongoing process and the company is constantly looking at raising debt capital.
DHFL posted 23 percent drop in its net profit to Rs 71.89 crore in the second quarter of current fiscal compared to Rs 93.47 crore in the same period last year. However, its total income grew 78 percent to Rs 588.97 crore in Q2 compared to Rs 330.85 crore year ago.
Source: EconomicTimes
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