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DHFL Q2 Net Profit More Than Doubles

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For the second quarter of 2018-19, Dewan Housing Finance Corporation Limited (DHFL) reported a significant 52.55 percent increase in net profit to Rs 438.7 crore from Rs 287.8 crore in the same period last year.

Its revenue from operations for the quarter grew by 33.8 percent to Rs 3,515.7 crore as against Rs 2,627.9 crore in 2017. The increase in profit was despite an increase in provisions and the current NBFC liquidity crisis.

DHFL Q2 Net Profit More Than Doubles
 

Its provision for expected credit loss rose by 46.6 percent on a quarter-on-quarter basis and 20 percent on a year-on-year basis to Rs 132.74 crore for the September 2018 quarter. Gross non-performing assets (NPAs) as a percentage of the gross advances increased to 0.96 percent from 0.93 percent in the previous quarter. Net interest margin contracted to 3.15 percent in September as against 3.44 percent in June.

The company said that its secured non-convertible debentures (NCDs) worth Rs 219 crore are due for payment of principal on 21 November 2018 and NCDs worth Rs 511 crore on 25 November. Its secured NCDs worth Rs 9 crore are due on 14 January 2019 and NCDs worth Rs 16.5 crore due on 19 March 2019, it further said.

Shares of DHFL have crashed 65 percent in the last three months after the liquidity crisis in IL&FS that affected the stocks of non-banking and housing finance companies in India.

Read more about: dhfl
Story first published: Wednesday, November 21, 2018, 16:57 [IST]
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