DHFL Q2 net zooms 149% to Rs 93 cr

Dewan Housing Finance Corporation (DHFL) today reported over 149 per cent increase in net profit at Rs 93.47 crore for the second quarter ended September on rise in loan sanctions and income on exceptional items.

"The rise in net profit is because of an increased loan disbursements and a Rs 35.42 crore gain on exceptional items which we received by selling shares of HDIL, a group firm," DHFL Chairman and Managing Director Kapil Wadhawan told PTI.

The Mumbai-based housing finance company, which generally lends to the low and middle income group, had reported a Rs 37.51 crore net profit in the same quarter last fiscal.

Wadhawan said that disbursement of loans increased by over 70 per cent during the quarter to Rs 1,669.97 crore against Rs 979.32 crore in the same quarter previous year.

Total income of the company grew by 34.43 per cent to Rs 330.85 crore for the quarter ended September 30, 2010 against Rs 246.12 crore in the corresponding quarter last year.

Wadhwan said that the company is likely to finish the current fiscal with a total disbursement of Rs 6,000 crore and a net profit of Rs 230-240 crore.

During the first half of the current fiscal, DHFL's total loan disbursement stood at Rs 2,944.02 crore and net profit at 144.71 crore.

"Over the last seven years, we have been growing at over 35 per cent CAGR. We are on track of continuing the growth momentum in this fiscal and maintaining a robust 35-40 per cent growth for the next couple of years," he added.