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Wednesday, January 30, 2013

Dewan Housing net up 22% on higher revenue

Dewan Housing Finance Corp (DHFL) reported a 22 per cent jump in its third-quarter net profit as the non-banking finance company earned higher revenue from its core business of lending for home loans.

For October-December quarter, the Mumbai-based DHFL’s net profit rose to Rs 91 crore from Rs 75 crore, a year ago.

Total income increased 27 per cent to Rs 840.64 crore.

The company sanctioned loans worth Rs 3,922 crore (up 23 per cent) in the quarter ended December 31, 2012. In the same period, disbursements increased 31 per cent to Rs 2,983 crore (Rs 2,279, a year earlier) reflecting the robust demand for housing.


In a meeting held today, the board approved borrowings by way of private placement of secured debentures up to an amount not exceeding Rs 3,000 crore, in one or more tranches.

The board also approved borrowing by way of issue of unsecured redeemable non-convertible subordinated debentures (Tier-II) upto an aggregate value of Rs 1,000 crore on private placement basis.

Shares of DHFL closed unchanged from its previous close at Rs 206.25 on the Bombay Stock Exchange.


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