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Tuesday April 19, 05:51 PM
GRUH Finance Ltd. - Financial Results for the Period April 1, 2004 to March 31, 2005
Financial Results Profit after tax for the year amounted to Rs. 16.71 crores as compared to Rs. 13.32 crores for the previous year, an increase of 25.45 %. The Board of Directors recommend payment of dividend for the year ended March 31, 2005 of Rs. 2.10 per share as against Rs.1.80 per share in the previous year. Dividend and the distribution tax on dividend on equity shares have absorbed Rs. 5.57 crores and Rs. 0.78 crores respectively and the balance Rs. 12.68 crores (previous year Rs 11.88 crores ) is being transferred to reserves. Housing Loan Portfolio The loan portfolio as at March 31, 2005 amounted to Rs. 816.53 crores as against Rs. 581.63 crores in the previous year - an increase of 40%. Lending Operations Loan Disbursements Loan disbursements during the year were Rs. 299.83 crores as against Rs. 218.13 crores in the previous year, representing a growth of 37 %. Cumulative loan disbursements as of March 31, 2005 were Rs.1,742.65 crores. Net Interest Margin The profitability has also been looking up on account of improvement in the Net Interest Margin. The ratio of Net Interest Margin to Average Total Assets at the end of the year is 3.70% as against Net Interest Margin of 3.35% in the previous year. GRUH has also achieved recovery of Rs.1.97 Crore in respect of bad debts written off in the earlier years. Non-Performing Loans The norms for recognising Non Performing Assets (NPA) for all Housing Financing Companies (HFC) have been changed by National Housing Bank (NHB) effective March 31, 2005. As per the new norms HFCs are expected to flag all those loan accounts which are outstanding for more than 90 days as NPA as against 180 days past dues under the old norms. GRUH has accordingly adopted the new norms effective March 31, 2005 and its gross NPA stands at Rs 15.93 Crore or 1.95 % (total loan outstanding portfolio of Rs. 816.53 Crore) as on March 31, 2005 under the new norms as against NPA under old norms for the previous year at Rs. 9.79 Crore - 1.68% of the outstanding loan. Thus GRUH has successfully migrated from the old norms to the new norms of the NPA without much adverse impact on its recoveries and profitability. GRUH has continued the practice of building up more than required provisions for contingencies and has set aside Rs.2.75 Crore from the current year's operating profits. Though GRUH is required to carry provision of Rs. 2.70 Crore as per the new norms of NHB but as a result of excess provision being built, Rs. 10.52 Crore is being carried in the Balance Sheet as at March 31, 2005. The ratio of Net NPA to Net Loan stands at 0.67% at the end of March 31, 2005 Capital Adequacy Ratio GRUH's Capital Adequacy Ratio (CAR) stands at a healthy level of 15.63% as at March 31, 2005 as against the minimum required CAR of 12% as stipulated by NHB. Deposits GRUH's Fixed Deposit programme has been rated “FAA+” by CRISIL (CRSL.BO, news) and “MAA+” by ICRA respectively. The rating of “FAA+” and “MAA+” indicates 'High Safety” as regards repayment of interest and principal. GRUH's Commercial Paper (CP) is rated at “P1(+)” and Non Convertible Debenture (NCD) is rated at “AA” by CRISIL. To view the results table, copy-paste the link given below in your browser window: http://www.businesswireindia.com/attachments/Audited_Financial_Results(1).xls Media contact details Mahesh Shah, Housing Development Finance Corporation Limited, +91(22) 2282 0282 Extn: 410, maheshs@hdfcindia.com
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