DHFL Q1FY09-10: Loan Disbursement Grows 63.52%; Net Profit up by 59 % - IndiaPRWire.com

DHFL (Dewan Housing Finance Corporation Limited), India's leading housing finance company, has reported 59.24% increase in net profit to Rs. 31 crore for the quarter ended June 30, 2009
DHFL (Dewan Housing Finance Corporation Limited), India’s leading housing finance company, has reported 59.24% increase in net profit to Rs. 31 crore for the quarter ended June 30, 2009 as against Rs. 20 crore in the corresponding quarter last fiscal. The Company also reported 50.48% increase in total income to Rs. 213.85 crore for the first quarter. The Board of Directors of the Company announced un-audited results for the first quarter ended on June 30, 2009, at a meeting held in Mumbai on July 28, 2009.
Performance Details:
The company recorded a robust growth of 102.25% to Rs. 1056.01 cr in Loan sanctions & 63.52% to Rs. 773.94 cr in loan disbursements during the first quarter ended June 30, 2009.
Outstanding Mortgage Portfolio as on June 30, 2009 was Rs. 6379.07 crores as against Rs. 4489.7 cr as on June 30, 2008, thus showing a growth of 42.08%.
The Company's total Income for the quarter ended June 30, 2009 was Rs. 213.85 crores as against Rs. 142.1 crores in the corresponding quarter last year, registering growth of 50.48%.
Net Profit of the Company for quarter ended June 30, 2009 was Rs.31.26 crores as against Rs. 19.63 crores in the quarter ended June 2008, a rise of 59.24%.
The Net NPAs of the Company as on 30 June 2009 stood at 1.06% as against 1.43% as on 30 June 2008.
Important Announcement:
Pursuant to clause 30 of the Listing Agreement, we would like to inform you that the following Directors of the Company have submitted their resignation from the Board due to their pre-occupation and other commitments. The Board of Directors at its meeting held today has accepted their resignations after acknowledging their respective contributions to the growth of the Company :-
Shri Rakesh Kumar Wadhawan - Non-Executive Chairman
Shri Sarang Wadhawan - Non-Executive Director
Shri Ashok Kumar Gupta - Non-Executive Independent Director
With the aforesaid changes in the constitution of the Board, now the company has two Promoter Directors and six Independent Directors, including a nominee of M/s. Caledonia Investments Plc, UK.
Consequent upon the resignation of Shri Rakesh Kumar Wadhawan as the Chairman, Shri Kapil Wadhawan has been elevated to the post of Chairman & Managing Director w.e.f from 28th July, 2009, by the Board, as recommended by Remuneration and Compensation Committee of the Board.
Other Business Highlights & New Initiatives:
DHFL upgraded its service centre at Aurangabad to a branch, this quarter.
DHFL currently has a network of 76 Branch offices, 5 Zonal offices, 6 Regional Processing Centres, 79 Service Centres and 35 Camp locations includingrepresentative offices in London, UK and Dubai, UAE and a regional processing set-up, Chandigarh.
In eastern India, DHFL has strengthened its network with a strategic tie up with the United Bank of India (UBI), a leading Public Sector Bank for joint financing of home loans in the region, in addition to its own branches.
DHFL announced the launch of its subsidiary DHFL Property Services; that acts as an advisory for project cost management, technology transfer and exclusive marketing of projects to promote affordable housing.
DHFL’s NPA continues to be one of the lowest in industry.
Mr. Kapil Wadhawan, Chairman and Managing Director, DHFL, said, “DHFL has recorded a robust business growth for the first quarter including a healthy loan portfolio and net profit growth. Over the last seven years, we have been consistently growing at 33% CAGR, in terms of our home loan disbursements and we are hopeful of continuing the growth momentum in this fiscal.”

DHFL successfully closed its QIP and raised Rs 300 crore through this route including a preferential allotment of shares to the promoters. The company proposes to utilise funds to augment long term resources, enhance and strengthen the company’s equity base as well as meet the general business requirements of the company.