UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th September, 2007

(Rs. in Lacs)
Particulars Quarter Ended Half Year Ended Year ended (Audited)
30.09.2007 30.09.2006 30.09.2007 30.09.2006 31.03.2007
             
1. Income from Operations 12,525.55 7,598.37 23,380.79 14,124.23 33,190.48
2. Other Income 19.16 1.84 30.66 22.11 38.98
3. TOTAL INCOME 12,544.71 7,600.20 23,411.45 14,146.34 33,229.46
4. TOTAL EXPENDITURE 10,425.24 6,214.60 19,397.97 11,500.86 27,089.24
  a) Interest Expenses 8,867.98 5,276.90 16,901.52 9,764.06 23,215.84
  b) Staff Expenses 413.49 255.22 734.62 476.19 1,159.24
  c) Other Expenses 1,143.76 682.49 1,761.83 1,260.61 2,714.16
5. Gross Profit
(before depreciation and taxation)
2,119.47 1,385.60 4,013.48 2,645.49 6,140.23
6. Depreciation 53.69 42.42 105.47 84.04 194.69
7. Profit before Tax 2,065.78 1,343.18 3,908.01 2,561.45 5,945.54
8. Provision for Taxation 450.00 200.00 875.00 425.00 1,105.36
9. Profit after Tax 1,615.78 1,143.18 3,033.01 2,136.45 4,840.18
10. Paid up Equity Share Capital 6,052.30 5,012.25 6,052.30 5,012.25 5,012.25
11. Reserves --- --- --- --- 28,848.51
12. * Earning per Share - Basic & Diluted. 2.72 2.28 5.41 4.26 9.22
13. Aggregate of Non-Promoter Shareholding          
  Number of Shares 27,879,086 20,813,630 27,879,086 20,813,630 20,813,630
  Percentage of Shareholding 46.06% 41.53% 46.06% 41.53% 41.53%

* On Weighted Average Number of Shares & Not Annualised

Notes:

  1. The above financial results were reviewed by the Audit Committee of Directors and subsequently approved by the Board of Directors at their meeting held on 22nd October, 2007. The Limited Review as required under Clause 41 of the Listing Agreement has been completed by the Statutory Auditors of the Company.
  2. The main business of the Company is to provide loans for the purchase or construction, repairs and renovation of residential houses/ flats/real estate to individuals, corporate bodies and builders and all other activities of the Company revolve around the main business and as such there are no separate reportable segments as specified in Accounting Standard (AS-17) on "Segment Reporting", and under paragraph 25(2) of the Housing Finance Companies (NHB) Directions 2001, which needs to be reported.
  3. These results are for the Company on stand - alone basis and do not incorporate the results of its subsidiary.
  4. Housing Loan disbursements during the quarter amounted to Rs. 42,820 lakh as against Rs. 38,106 lakh during corresponding quarter of the previous year showing an increase of 12.37%.
  5. Interest Income on loans includes income of Rs. 93.44 lakh (Rs. 93.22 lakh) being income from securitisation of certain housing loans.
  6. Other Operational Income includes Penal Charges Rs. 77.61 lakh ( Rs. 34.36 lakh), Prepayment Charges of Rs. 72.64 lakh (Rs.37.35 lakh), Income on Sale of Investment Rs.194.60 lakh (Rs.114.97 lakh), Rent Income of Rs. 48.15 lakh (Rs.38.53 lakh) and Commission income of Rs. 20.83 lakh (Rs.4.66 lakh).
  7. Provision for Tax includes provision for Deferred Tax and Fringe Benefit Tax for the Quarter ended 30.09.2007, in accordance with the requirements of Accounting Standard on taxes on Income ( AS-22).
  8. There were no unresolved Investor complaints as on 01.07.2007. During the quarter, the Company received Thirty - Seven complaints, which all were resolved during the quarter. As such there were no unresolved investor complaint at the end of the quarter.
  9. On 16th of August, 2007, the Committee of Directors approved and allotted the conversion of following securities.

    a) 70,65,456 Optionally Convertible Preference Shares (OCPS) into 70,65,456 Equity Shares of Rs. 10/- each at a premium of Rs.65/- per Share to OCPS Holder.
    b) 33,35,000 Equity Warrants of face value Rs. 75/- each into equity shares of Rs.10/- each at a premium of Rs. 65/- per share to Promoter Group Company Warrant Holder.
    c) as a result of (a) & (b) , the paid -up equity share capital of the Company has increased to Rs. 60,52,029,750 divided into 6,05,22,975 equity share of Rs.10/- each.
    d) The Proceeds of the above allotments were utilised to augment long term resources of the Company and used for the purpose for which they were raised.

  10. The Board of Directors of the Company has declared an interim dividend at Rs.1.50 per Share ( 15 %) on the enhanced paid share capital for the financial year 2007-08. The Record Date of payment of this dividend is fixed as 29th October, 2007.
  11. Figures for the corresponding quarter have been regrouped wherever necessary to make them comparable with the current quarter.

For DEWAN HOUSING FINANCE CORPORATION LTD.

RAKESH KUMAR WADHAWAN
(CHAIRMAN)
Place: Mumbai
Date: 22nd October, 2007