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Tuesday, October 22, 2013

Dewan Housing Q2 net up 7% at Rs 129 cr

Dewan Housing Finance Ltd (DHFL) posted single digit growth in its second quarter net profit on a sequential basis as income remained muted due to a sluggish economy.

In the July-September quarter, the company posted a net profit of Rs 129 crore, a 7.5 per cent increase over the preceding quarter.

The housing finance company had merged First Blue Housing Finance Ltd earlier this year. So, the figures of corresponding quarter last year only reflects the profit of DHFL, which was at Rs 82 crore in the three months ended September 30, 2012.

Its revenue grew by a mere 3.6 per cent (or by Rs 41 crore) sequentially to Rs 1,166 crore.

At the end of September quarter this year, the company’s gross non-performing assets stood at 0.75 per cent of its total advances.

The company said that it has provided fully for potential losses in these loans.

DHFL expects to disburse loans worth Rs 15,000 crore in the full year.

So far, it has disbursed loans worth Rs 6,874 crore.

Much of the demand for home loans, the company spokesperson said, is coming from the outskirts of tier-I cities and from tier-II and tier-III cities.

The company declared its financial results after close of market hours on Monday.

However, during the course of trading, as reports came in that ace-investor Rakesh Jhunjunwala had picked up shares worth Rs 34 crore in the company, the scrip ended up 4.15 per cent at Rs 153.20 on the Bombay Stock Exchange.

Source: thehindubusinessline


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