DHFL Q3 net profit at Rs 305.9 crore, up 25%

By: | Published: January 23, 2018 5:38 AM

Dewan Housing Finance Ltd (DHFL) on Monday reported 25% growth in net profit to Rs 305.9 crore for the three months to December 2017 as compared with Rs 244.8 crore during the same quarter in 2016 because of higher home loan disbursements to low and middle income segments.

Dewan Housing Finance Ltd, DHFL offers, Kapil Wadhawan, housing loan, india, Union Budget, Griha Utsav exhibitions, National Housing Bank, plot loans, SME loanKapil Wadhawan, chairman of DHFL says, while 2017 has laid the foundation for a growth-oriented ecosystem for the affordable housing sector, 2018-19 holds stronger potential for greater progress.

Dewan Housing Finance Ltd (DHFL) on Monday reported 25% growth in net profit to Rs 305.9 crore for the three months to December 2017 as compared with Rs 244.8 crore during the same quarter in 2016 because of higher home loan disbursements to low and middle income segments. The lender’s asset under management grew by 29.4% to cross the Rs 1 lakh crore-mark (Rs 1,01,286) from Rs 78,296 crore in the corresponding quarter of the previous year. The mortgage lender’s total income grew 11.5% to Rs 2,634.2 crore in the third quarter ended December 2017 as compared to Rs 2,643.2 crore in the same quarter in 2016. Loan disbursement grew 53.6% to `10,846 crore in the quarter ended December 2017 and the company’s gross NPA was Rs 806 crore or 0.96% of advances. DHFL offers a range of home loan products including home loan, home extension loan, home improvement loan, plot loans, SME loan, project loan mortgage loan and non-residential property loan through its distribution network across 350 locations in the country. In the quarter ended December last year, the lender’s loan book outstanding grew 21.8% to Rs 83,962 crore as against Rs 68,961 crore in the corresponding quarter of the previous year. The company’s assets under management grew 23%year-on-year to Rs 88,236 crore as of June end. The company’s average loan ticket size at the portfolio level stands at Rs 14.5 lakh.

Kapil Wadhawan, chairman of DHFL says, while 2017 has laid the foundation for a growth-oriented ecosystem for the affordable housing sector, 2018-19 holds stronger potential for greater progress. “The robust growth is an outcome of our continued efforts towards expansion strategies to widen financial inclusion across India,” he says.  Over the past six months, DHFL had organised 23 Griha Utsav exhibitions in tier 2 and 3 locations to provide the low and middle income segment easy access to affordable finance and housing options. For the upcoming Union Budget, the company suggests that the government should carve out deduction for repayment of housing loan principal from Section 80C and extend the limit to Rs 2 lakh from Rs 1.5 lakh at present. The company also suggests that deduction, similar to term deposit under Section 80C(xxi) be made available to deposits placed with housing finance companies registered with National Housing Bank.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition