MUMBAI-BASED Dewan Housing Finance Corporation Limited (DHFL) has recorded a 70% growth
in net profit to Rs 37.51 crore in the September quarter after posting a 53 %
rise in total income to Rs 246.12 crore.
DHFL chairman Kapil Wadhwan
attributed the growth to the company’s strong credit appraisal skills which
reduce instances of NPAs. “Over the last seven years, we have been consistently
growing at 33% CAGR, in terms of our home loan disbursements. We are hopeful of continuing the growth momentum in
this fiscal and maintaining a robust 35-40% growth for the next couple of
years.” DHFL posted a 93.76 % growth in loan sanctions to Rs 1180.67 crore.
The company’s net profit for
the corresponding quarter in 2008 was Rs 22.07 crore in the unaudited results
for the second quarter announced on Tuesday. During the July-September quarter,
DHFL raised Rs 300 crore through share sale to investors
and promoters. It also raised Rs 225
crore through private placement of long-term debentures to institutions and
banks. In a statement, the company said, the funds are being utilised to
augment long term resources, enhance and strengthen the company’s equity base
and for meeting the general business requirements.
