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

(Rs. in Lacs)
Particulars Quarter Ended Half Year Ended Year ended (Audited)
30.09.2008 30.09.2007 30.09.2008 30.09.2007 31.03.2008
             
1. Income from Operations 16,004.21 12,464.09 30,155.20 23,267.18 52,052.87
2. Other Income 74.59 79.51 134.30 142.14 289.51
3. TOTAL INCOME 16,078.80 12,543.60 30,289.50 23,409.32 52,342.37
4. TOTAL EXPENDITURE 13,158.01 10,424.14 24,571.19 19,395.85 41,556.91
  a) Interest Expenses 11,442.56 8,867.98 21,501.00 16,901.51 36,462.62
  b) Staff Expenses 619.45 414.92 1,095.69 737.25 1,758.59
  c) Other Expenses 1,096.00 1,141.24 1,974.50 1,757.09 3,335.70
5. Gross Profit
(before depreciation and taxation)
2,920.79 2,119.46 5,718.31 4,013.47 10,785.46
6. Depreciation 59.12 53.69 118.17 105.47 212.72
7. Profit before Tax 2,861.68 2,065.77 5,600.14 3,908.00 10,572.74
8. Provision for Taxation 655.00 450.00 1,430.00 875.00 2,315.00
9. Profit after Tax 2,206.68 1,615.77 4,170.14 3,033.00 8,257.74
10. Paid up Equity Share Capital 6,052.30 6,052.30 6,052.30 6,052.30 6,052.30
11. Reserves --- --- --- --- 37754.72
12. * Earning per Share - Basic & Diluted. 3.65 2.72 6.89 5.41 14.43
13. Aggregate of Non-Promoter Shareholding          
  Number of Shares 27879086 27879086 27879086 27879086 27879086
  Percentage of Shareholding 46.06% 46.06% 46.06% 46.06% 46.06%

* On Weighted Average Number of Shares & Not Annualised

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 24th October, 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 Half year ended 30th September, 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. 50954 lac as against Rs. 42820 lac during corresponding quarter of the previous year showing an increase of 19 %
  5. Interest Income on loans includes income of Rs. 40.05 lac (Rs. 93.44 lac) being income from securitisation of certain housing loans
  6. Other income includes Rent Income of Rs. 45.93 lakh (Rs.48.15 lac) and Commission income of Rs. 26.46 lac (Rs.20.83 lac) and Miscellaneous income of Rs.1.52 lacs (Rs.3.25 lacs)
  7. Provision for Tax includes provision for Deferred Tax and Frienge Benefit Tax for the Quarter ended 30.09.2008, in accordance with the requirements of Accounting Standard on taxes on Income ( As-22)
  8. There were no unresolved Investor complaints as on 01.07.2008. During the quarter, the Company received Fifteen 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: 24th October, 2008