UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE, 2008

(Rs. in Lacs)
Particulars Quarter Ended Year ended (Audited)
30.06.2008 30.06.2007 31.03.2008
         
1. Income from Operations 14,150.99 10,803.09 52,052.87
2. Other Income 59.71 62.63 289.51
3. TOTAL INCOME 14,210.70 10,865.72 52,342.37
4. TOTAL EXPENDITURE 11,413.18 8,971.71 41,556.91
  a) Interest Expenses 10,058.45 8,033.53 36,462.62
  b) Staff Expenses 476.24 322.33 1,758.59
  c) Other Expenses 878.50 615.86 3,335.70
5. Gross Profit
(before depreciation and taxation)
2,797.52 1,894.01 10,785.46
6. Depreciation 59.05 51.78 212.72
7. Profit before Tax 2,738.47 1,842.23 10,572.74
8. Provision for Taxation 775.00 425.00 2,315.00
9. Profit after Tax 1,963.47 1,417.23 8,257.74
10. Paid up Equity Share Capital 6,052.30 5,012.25 6,052.30
11. Reserves --- --- 37754.72
12. Earning per Share - Basic & Diluted. 3.24 2.83 14.43
13. Aggregate of Non-Promoter Shareholding      
  Number of Shares 27,879,086 20,813,630 27,879,086
  Percentage of Shareholding 46.06% 41.53% 46.06%


Notes:

  1. The above financial results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors at their meeting held on 28th July, 2008.
  2. 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 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. The Results for the quarter ended 30th June, 2008 have been subjected to a "Limited Review" by the statutory Auditors of the Company in compliance with the requirement of listing agreement with Stock Exchanges.
  4. Housing Loan disbursements during the quarter amounted to Rs. 47331 lakh as against Rs. 40940 lakh during corresponding quarter of the previous year showing an increase of 15.61 %
  5. Interest Income on loans includes income of Rs. 39.26 lakh (Rs. 102.10 lakh) being income from securitisation of certain housing loans.
  6. Other income includes Rent Income of Rs. 43.42 lacs (Rs.47.53 lacs) , Commission income of Rs. 14.77 lacs (Rs.11.85 lacs) and Miscellaneous income of Rs.1.52 lacs (Rs.3.25 lacs).
  7. Provision for Tax includes provision for Deferred Tax and Fringe Benefit Tax for the Quarter ended 30.06.2008, in accordance with requirements of Accounting Standard on taxes on Income ( As-22)
  8. There were no unresolved Investor complaints as on 01.04.2008. During the quarter, the Company received Eighteen complaints, which all were resolved during the quarter. As such there were no unresolved investor complaint at the end of the quarter.
  9. 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 : 28th July, 2008