The Hindu Business Line : HDFC net up 24.6% in Q4; to pay Rs 13.5

HOUSING Development Finance Corporation has reported a 24.6 per cent increase in net profit, year-on-year, for the quarter ended March 31, 2004. Net profit increased to Rs 297.97 crore (Rs 239.19 crore).

Income from operations amounted to Rs 824.31 crore (Rs 789.17 crore).

Gross profit for the quarter (after interest, but before depreciation and tax), rose 19.27 per cent, to Rs 358.83 crore (Rs 300.83 crore).

HDFC's net profit for the year 2003-2004 rose 23 per cent to Rs 851.78 crore (Rs 690.29 crore). Income from operations stood at Rs 3,068.76 crore (Rs 2,967.32 crore).

The board of directors of the company has recommended a dividend of Rs 13.5 per share, higher than last year's dividend of Rs 11 per share.

Total expenditure decreased marginally to Rs 2027.28 crore (Rs 2098.89 crore) on account of decreased interest charges at Rs 1,873.58 crore (Rs 1,969.8 crore).

"Despite the competition and undercutting in the industry, we have shown around 30 per cent growth in disbursals and sanctions for the fifth consecutive year. We have been able to maintain our spreads at 2 per cent or so during the year. We have done a huge amount of liability management and have borrowed aggressively at lower margins to do this, and interest charges came down by 5 per cent this year," said Mr Deepak Parekh, Chairman, HDFC.

HDFC's gross profit for the year amounted to Rs 1,050 crore (Rs 876.73 crore), while depreciation stood at Rs 23.58 crore (Rs 25.7 crore).

Profit before tax for the year amounted to Rs 1,026.98 crore (Rs 851.03 crore) while provision for tax stood at Rs 175.2 crore (Rs 160.74 crore)

Loan disbursements during the year rose 28 per cent to Rs 12,697 crore (Rs 9,951 crore) and loan sanctions 30 per cent, to Rs 15,216 crore (Rs 11,732 crore); the loan portfolio rose 27 per cent during the year, amounting to Rs 28,860 crore as at March 31, 2004.

"Our loan business is up a healthy 27 per cent, and our capex is down because we have not raised fresh money," said Mr Parekh.

The non-performing asset level was at 0.89 per cent, marginally lower from last year's 0.91 per cent.

The company will continue to maintain its performance this year, said Mr Parekh.

New upcoming special economic zones, information technology parks, large industrial parks, a couple of large 100-acre-plus FDI projects in housing presented good opportunities for the company, apart from the expected yearly increase in demand for housing finance.

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