Press Release
April 11, 2014
Financial Results for the Period April 1, 2013 to March 31, 2014

Corporate office
Netaji Marg,
Nr. Mithakhali Six Roads,
Ahmedabad – 380 006
Gujarat, India.
Phone : +91 – 079 – 26421671 – 75
Fax : +91 – 079 – 2656 9215


The Board of Directors of GRUH Finance Ltd. (GRUH) – a subsidiary of HDFC Ltd. – has approved the annual audited accounts for the year ended March 31, 2014 at their meeting held in Mumbai on April 11, 2014.


Profit after tax for the year amounted to 176.96 crores as compared to 145.88 crores for the previous year, an increase of 21%.

The Board of Directors recommend payment of dividend for the year ended March 31, 2014 of 3.00 per equity share as against 2.50 per share in the previous year. Dividend payout ratio for the year inclusive of tax on dividend will be 35.88%.

Dividend and the distribution tax on dividend on equity shares have absorbed 54.04 crores and 9.18 crores respectively and the balance has been transferred to reserves.

The Board of Directors has also recommended the issue of Bonus shares in the ratio of 1 equity share for every 1 equity share held.

Year on year financial performance is as follows:

( in crore)

Particulars 2013-14 2012-13 Growth (%)
Loan Assets 7009.04 5437.80 29
Net Interest Margin 270.66 217.75 24
Operating Profit 242.08 193.80 25
Profit Before Tax 244.46 196.81 24
Profit After Tax 176.96 145.88 21

Housing Loan Portfolio

The loan portfolio as at March 31, 2014 amounted to 7009.04 crores as against 5437.80 crores in the previous year – an increase of 29%.


Loan Disbursements

Loan disbursements during the year were 2577.47 crores as against 2174.39 crores in the previous year, representing a growth of 19%. Cumulative loan disbursements as of March 31, 2014 were 12094.05 crores.

Non-Performing Loans

The gross NPA as at March 31, 2014 stands at 18.87 crores. Gross NPA constitute 0.27% of the total loan outstanding of 7009.04 crores as against gross NPA for the previous year at 17.64 crores or 0.32% of the outstanding loans.

GRUH is required to carry a provision of 7.60 crores in the Balance Sheet as at March 31, 2014 on its NPA portfolio as per the guideline of NHB. GRUH has also made provision of its standard loan asset portfolio aggregating 30.82 crore in line with the NHB guidelines. Additionally, GRUH carries a provision for contingencies of 12.04 crore. As a result, the Net NPA stands at NIL indicating a ratio of Net NPA to Loans of NIL at the end of March 31, 2014.


Following the accretion to reserves of 116.25 crore from the current year’s profits, the Networth of the Company has grown to 607.24 crore, up from 490.99 crore in the previous year.

Capital Adequacy Ratio (CAR) for the company stands at 16.36% as at March 31, 2014 as against the required minimum CAR of 12% as stipulated by NHB. The Tier I Capital stands at 14.70% while Tier II capital is 1.66%.


GRUHs deposits portfolio has grown to 1002.88 crores from 649.95 crores during the year indicating a growth of 54%. During the year, ICRA upgraded the rating on GRUH’s Fixed Deposit programme to MAAA from MAA+.

GRUH’s Fixed Deposit programme is now rated “FAAA” by CRISIL and “MAAA” by ICRA. The rating of “FAAA” and “MAAA” indicates the degree of safety of repayment of principal and interest is Very Strong.

GRUH’s Short Term borrowings including Commercial Paper (CP) and short term NCD’s is rated at “A1(+)” by CRISIL and ICRA and GRUH’s Long term Non Convertible Debenture (NCD) is rated at “AA+” by CRISIL and ICRA.

GRUH’s Subordinated Debt NCD’s (Tier II) is rated AA+ by CRISIL and ICRA.


GRUH expanded its retail office network to 142 offices across 7 states of the country from 134 offices in the last year. GRUH has 42 offices in Gujarat, 41 offices in Maharashtra, 15 offices in Karnataka, 21 offices in Madhya Pradesh, 10 offices in Rajasthan, 7 offices in Chhatisgarh and 6 offices in Tamil Nadu.

April 11, 2014