DHFL Q2 profit rises 52% at Rs 439 crore on healthy growth in loan disbursements; total income up by 32%


New Delhi: Mortgage firm Dewan Housing Finance Corporation (DHFL) Wednesday reported 52 percent jump in net profit at Rs 439 crore for the quarter ended 30 September, helped by healthy growth in loan disbursements.

The company had earned a profit of Rs 288 crore in the same quarter of the previous fiscal, DHFL said in a statement.

Shares of the company in the recent past have taken a huge beating on concerns of liquidity crisis. Following a series of default by group companies of IL&FS, liquidity tightness was apparent in the market putting pressure on interest rates.

Loan disbursements were Rs 13,870 crore for the quarter ended 30 September, showing an increase of 39 percent over the corresponding quarter of the previous year, it said.

Representational image. Reuters.

Total income was up by 32 percent to Rs 3,468 crore during the quarter ended September as against Rs 2,632 crore in the corresponding quarter of the previous year.

It further said that the loan book outstanding rose to Rs 1,10,093 crore during the quarter, as against Rs 81,380 crore in the corresponding quarter a year ago, an increase of 35 percent.

Gross non-performing asset of the company stood at 0.96 percent.

The company further said that it has neither defaulted on any bonds or repayment of its financial obligations, nor has there been any instance of delay on any repayment of any liability.

It has repaid nearly Rs 14,000 crore of liability from 24 September, 2018 till date, which includes CP repayment of over Rs 9,000 crore and it is extremely well-matched in case of the ALM position, the statement said.

Shares of the company closed at Rs 234.90 per unit, up 4.38 percent on the stock exchanges.

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