Press Release
April 16, 2015
Financial Results for the Period April 1, 2014 to March 31, 2015

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, 2015 at their meeting held in Mumbai on April 16, 2015.


Profit after tax for the year amounted to . 203.80 crores as compared to . 176.96 crores for the previous year.

The profit for the year has been arrived at after charging 19.33 crores (Previous Year NIL) towards of Deferred Tax Liability (DTL) on Special Reserve created during the year. National Housing Bank (NHB), the regulator for Housing Finance Companies (HFCs) in India has stipulated during the year that HFCs should create DTL on creation of Special Reserve. Since the guideline has been introduced during the year, there has been no corresponding charge in the previous year. Hence when compared to the previous year, PAT before the accounting entry of DTL is 223.13 crores indicating a growth of 26.09%


The Board of Directors recommend payment of dividend for the year ended March 31, 2015 of 2.00 per equity share as against 3.00 per equity share in the previous year. Considering that the Company declared a 1:1 bonus during the year, the effective dividend for the year is 4.00 per equity share (pre bonus) as compared to 3.00 per share in the previous year (pre bonus). Dividend payout ratio for the year inclusive of tax on dividend will be 42.92%.

Dividend and the distribution tax on dividend on equity shares have absorbed 72.68 crores and 14.79 crores respectively and the balance, after spending 1.93 crore on Corporate Social Responsibility (CSR) Activities, has been transferred to reserves.

Year on year financial performance is as follows:

( in crore)

Particulars 2014-15 2013-14 Growth (%)
Loan Assets 8915.35 7009.04 27
Net Interest Margin 343.66 270.66 27
Operating Profit 312.75 242.08 29
Profit Before Tax 300.84 244.46 23
Profit After Tax but before DTL on Special Reserve for the year 223.13 176.96 26
Profit After Tax after DTL on Special Reserve for the year 203.80 176.96 15

Loan Portfolio

The loan portfolio as at March 31, 2015 amounted to 8915.35 crores as against 7009.04 crores in the previous year – an increase of 27%.


Loan Disbursements

Loan disbursements during the year were 3120.87 crores as against 2577.47 crores in the previous year, representing a growth of 21%. Cumulative loan disbursements as of March 31, 2015 were 15215.12 crores.

Non-Performing Loans

The gross NPA as at March 31, 2015 stands at 25.05 crores. Gross NPA constitute 0.28% of the total loan outstanding of 8915.35 crores as against gross NPA for the previous year at 18.87 crores or 0.27% of the outstanding loans.

GRUH is required to carry a provision of 8.47 crores in the Balance Sheet as at March 31, 2015 on its NPA portfolio as per the guideline of NHB. GRUH has also made provision on its standard asset portfolio aggregating 39.11 crore in line with the NHB guidelines. Additionally, GRUH carries a provision for contingencies of 16.58 crore. As a result, the Net NPA stands at Rs. NIL indicating a ratio of Net NPA to Loans of NIL at the end of March 31, 2015.


Following the accretion to reserves of 114.39 crore from the current year’s profits, the Networth of the Company has grown to 711.49 crore, up from 607.24 crore in the previous year.

Capital Adequacy Ratio (CAR) for the company stands at 15.36% as at March 31, 2015 as against the required minimum CAR of 12% as stipulated by NHB. The Tier I Capital stands at 13.89% while Tier II capital is 1.47%.


GRUHs deposits portfolio has grown to 1292.10 crores from 1002.88 crores during the year indicating a growth of 29%.

GRUH’s Fixed Deposit programme is 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

During the year, GRUH’s credit rating for Long term Non Convertible Debenture (NCD) and Subordinated Debt NCD’s (Tier II) was upgraded by ICRA to AA+ (Positive) from AA+ (Stable).

GRUH’s NCD’s and Subordinated Debt NCD’s (Tier II) are rated AA+ (Stable) by CRISIL and AA+ (Positive) by ICRA


GRUH expanded its retail office network to 154 offices across 8 states of the country from 142 offices in the last year. GRUH has 44 offices in Gujarat, 44 offices in Maharashtra, 17 offices in Karnataka, 23 offices in Madhya Pradesh, 11 offices in Rajasthan, 7 offices in Chhatisgarh, 7 offices in Tamil Nadu and 1 office in Uttar Pradesh.

April 16, 2015