DHFL Q2 profit rises 29% worth INR 233 cr

Dewan Housing Finance Corporation (DHFL) has reported a 28.8 percent jump in net profit of about INR 232.61 crore for the quarter ended September 30.

DHFL has said in a statement that the total income has risen by 19.66 percent to INR 2,167.72 crore as against INR 1,811.63 crore.

Disbursements and Loan sanctions were INR 6,609 crore and INR 8,437 crore in the July-September quarter of the current fiscal, up  32 percent and 10 percent respectively, over the same period of the previous financial year.

DHFL Chairman and Managing Director Kapil Wadhawan  said, “We are positive that the decision of RBI to cut rates coupled with a strong demand for affordable housing will enable us to deploy more capital thereby boosting growth in the coming quarters.”

An interim dividend has declared by the company for the 2016-17, at INR 1 per share or 10 percent of the equity shares of INR 10 each.

The company’s board has approved on private placement basis the issuance of Non-Convertible Debentures (NCDs) for up to INR 5,000 crore and Non-Convertible Subordinated Unsecured Debentures up to INR 1,000 crore.

DHFL’s assets under Management has grown by 19.71 percent to INR 75,223 crore during the quarter ended September 30, 2016 as against INR 62,837 crore in the same quarter of the previous year.

Wadhawan also added, “The sector has witnessed significant growth in the past one decade on the back of the steady growth in the economy, growing acceptability of home finance as an option for home purchase among consumers and rise in penetration of housing finance companies in various micro markets.”