Mortgage lender HDFC Ltd's subsidiary Gruh Finance has registered an increase of 25.7 per cent in its net profit at Rs 110.45 crore for the fourth quarter ended March 31, 2017. The company had reported net profit of Rs 87.82 crore during the January-March period of 2015-16. Total revenues during the last quarter of 2016-17 rose to Rs 416.11 crore, an increase of 13.4 per cent from Rs 366.91 crore a year ago. Gruh Finance net profit grew by 21.8 per cent to Rs 296.65 crore in 2016-17, compared to Rs 243.58 crore in 2015- 16. Its revenue increased by 16.6 per cent to Rs 1,487.39 crore last fiscal as against Rs 1,275.40 crore in 2015-16. The board of the company has also recommended a dividend of Rs 2.80 per equity share for 2016-17. Gruh said it will remit dividends, once approved, within two days after its ensuing annual general meeting. The company's main business is to give loans for purchase or construction of residential houses. Loan assets of the company grew by 19 per cent to Rs 13,244 crore in 2016-17, as against Rs 11,115 crore in 2015- 16. On asset front, the gross non-performing assets (NPAs) were 0.31 per cent at the end of March 2017 compared to 0.32 per cent as on March 31, 2016. "The net NPAs of the company are nil as against 0.09 per cent as on March 31, 2016," Gruh Finance said. The company reported zero net NPAs at the end of March The net NPAs of the company are nil as against 0.09 per cent as on March 31, 2016, it added. Shares of Gruh Finance closed 2.04 per cent down at Rs 369.80 on BSE today.
Gruh Finance Q4 net rises 26% to Rs 110 crore
Press Trust of India |