AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31st March, 2005.

(Rs. in Lacs)
Particulars Nine Month Ended(Unaudited) Quarter Ended
(Audited)
Year Ended
(Audited)
Consolidated Financial Results for the Year Ended (Audited)
31.12.2004 31.03.2005 31.03.2004 31.03.2005 31.03.2004 31.03.2005 31.03.2004
                 
1. Interest from Operations 11,585.23 4,519.55 3,899.30 16,104.79 14,421.37 17,862.22 16,366.89
2. Other Income 130.78 146.87 158.35 277.65 267.19 242.72 447.81
3. TOTAL INCOME 11,716.01 4,666.43 4,057.65 16,382.44 14,688.56 18,104.94 16,814.70
4. TOTAL EXPENDITURE 8,921.09 3,707.60 3,026.77 12,628.68 11,457.79 13,781.75 13,100.24
  a) Interest 7,574.96 3,016.17 2,473.91 10,591.12 9,704.76 11,474.39 11,104.36
  b) Staff Cost 543.21 278.10 224.96 821.31 673.53 967.09 798.80
  c) Other Expenditure 802.92 413.33 327.90 1,216.25 1,079.50 1,340.27 1,197.08
5. Gross Profit
(before depreciation and taxation)
2,794.92 958.83 1,030.88 3,753.75 3,230.77 4,323.19 3,714.46
6. Provision for Contingencies 541.00 (275.18) 326.77 265.82 406.27 272.18 522.15
7. Depreciation 94.73 16.56 16.57 111.29 83.69 122.97 95.10
8. Profit before Tax 2159.19 1,217.45 688.05 3,376.64 2,740.81 3,928.04 3,097.21
9. Provision for Taxation 412.51 253.69 62.32 666.20 500.89 798.07 587.87
10. Net Profit
(before prior adjustment and minority share in profit)
1,746.68 963.67 625.73 2,710.44 2,239.92 3,129.97 2,509.34
11. Prior Period Adjustment - - - - - 11.62 (7.34)
12. Minority Share of Profit - - - - - 185.54 (133.29)
13. Net Profit 1,746.68 963.67 625.73 2,710.44 2,239.92 2,932.81 2,368.71
14. Paid up Equity Share Capital 3,579.81 5,011.61 5,011.61 5,011.61 3579.81 5,011.61 3579.81
15. Reserves --- --- --- 13,947.51 9,090.37 16,071.82 9.254.46
16. Earning Per share - Basic & Diluted. (Rs.) 4.81 2.42 1.71 7.05 6.12 7.66 701
17. Aggregate of Non-Promoter Shareholding Number of Shares - 20,804,330 19,510,070 20,804,330 19,510,070 - -
  Percentage of Shareholding - 41.51% 54.50% 41.51% 54.50% - -

* Not Annualised / Not Weighted

Notes:

  1. The above financial results are based on the Audited Accounts, which have been reviewed by Audit Committee and subsequently approved and taken on record by the Board of Directors at their meeting held on 13th May, 2005.
  2. The Board of Directors is pleased to recommend a Dividend @20% on the expanded Equity Share Capital, for full year+B36.
  3. The Board of Directors has also approved payment of interim dividend as final on Preference Shares @ 9% on 50, 00,000 Preference Shares of Rs.10/- each for the year and the same shares have been redeemed during the year.
  4. The main business of the Company is to provide loans for the purchase or construction of residential houses and all other activities of the Company are allied to the main business and as such there are no separate segment as specified in the Accounting standard on Segment Reporting (AS 17) which needs to be reported.
  5. Loan sanctions during the year ended 31st March, 2005 amounted to Rs. 75048 lacs as against Rs 52484 lacs during the previous year showing an increase of 43 %. Disbursements during the year ended 31st March 2005 amounted to Rs. 63376 Lacs as against Rs.46744 lacs during the previous year showing an increase of 35 %.
  6. The Company successfully completed Rights issue of Equity shares in January 2005 to raise total funds of Rs.5011.32 Lacs ( 1,43,18,063 Equity Shares of Rs. 10/- each for cash at a premium of Rs.25/- per Share) and alloted the shares on 8/2/2005 in consultation with The Stock Exchange, Mumbai.
  7. Other Income includes dividend of Rs.61.81 lacs (Rs.49.45 lacs) from subsidiary company and dividend of Rs.7.27 lacs (Rs.1.91 lacs) on other investments and Rs.208.57 lacs (Rs.215.53 lacs) being profit on sale of investments including mutual fund dividend.
  8. Company has transferred Rs 254.70 from General Reserves to Profit & Loss account to meet contingency provision pertaining to earlier years.
  9. Income from Operations include Interest Income of Rs.482.96 lacs (Rs.365.04 lacs) being income from securtisation of individual housing loans.
  10. In accordance with AS 22 relating to "Accounting for the taxes on Income" issued by the Institute of Chartered Accountants of India, the Company has provided Rs. 69.98 lacs (Rs. 62.31 lacs) in the Profit & Loss Account for the year ended 31.03.05 towards deferred tax liability.
  11. The Earning per Share has been computed in accordance with the Accounting Standard on Earning per Share (AS 20) issued by the Institute of Chartered Accountants of India.
  12. There were NIL unresolved complaints as on 01.01.05. During the quarter ended 31st March'05, the Company received 28 complaints, which were resolved during the quarter.
  13. Figures except for the year have been regrouped wherever necessary to make them comparable with the current period.

For DEWAN HOUSING FINANCE CORPORATION LTD.

RAKESH KUMAR WADHAWAN
(CHAIRMAN)
Place: Mumbai
Date: 13th May, 2005