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Wednesday, July 24, 2013

Dewan Housing posts 54% jump in Q1 net

In line with the financial performance of other housing finance companies, Dewan Housing Finance Limited’s (DHFL) first quarter net profit soared 54 per cent, pushed up by strong demand for home loans from individual customers.

In the April-June period, the Mumbai-based company posted a net profit of Rs 120 crore, against Rs 78 crore a year ago. Total income increased 53 per cent to Rs 1,127 crore. The housing finance company’s total disbursements increased 35 per cent at Rs 3,615 crore during the quarter ended June 30.

Last week, the company’s larger peers — HDFC and Indiabulls Housing Finance — posted a 17 per cent and 31 per cent increase in first quarter net profit, respectively.

The housing finance companies have been seeing good demand for loans in tier-II and tier-III cities. Also, a higher loan amount disbursed by banks and home finance entities because of rising project costs is contributing to rising disbursements.

Shares of DHFL closed at Rs 160.10 per share, up 4.37 per cent, on the Bombay Stock Exchange.

Source: thehindubusinessline


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