The Hindu Business Line : Dewan Housing Q4 net more than doubles

Mumbai, May 12 Dewan Housing Finance Ltd (DHFL) has more than doubled its Q4 net profit at Rs 29.44 crore, against Rs 13.51 crore in the corresponding quarter of the previous year, aided by a rise in income.

Mr Kapil Wadhawan, the company’s Vice-Chairman and Managing Director, said that its net interest margin in the fourth quarter had improved to 3.02 per cent, against 2.97 per cent in the third quarter.

Total income in the fourth quarter rose 45 per cent to Rs 148 crore (Rs 101 crore) while total expenditure increased 32 per cent to Rs 111 crore (Rs 84 crore). Loan disbursements for fiscal 2007-08 grew 19.6 per cent at Rs 1,761 crore, against Rs 1,472 crore in the previous year.

Mr Wadhawan said there had been a small slowdown in the disbursements as consumers were finding houses less affordable. The average ticket size of the loans has increased to Rs 4 lakh from Rs 2.5 lakh in the year-ago period. He said that real estate prices had eased in the high-end segment and that prices could fall further by around 10-15 per cent.

Performance

The company’s net non-performing assets ratio fell to 1.15 per cent, against 1.23 per cent in the year-ago period. Net profit for the fiscal was up 70.6 per cent at Rs 82.5 crore, against Rs 48.4 crore, a year ago. Capital adequacy ratio stands at 16.5 per cent.

Mr Wadhawan said that DHFL planned to market home loans through the supermarket chain owned by the Wadhawan Food Retail Group. DHFL’s scrip closed Rs 109.3, against the previous close at Rs 113.4.

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