Press Release
July 27, 2007
Financial results for the quarter ending June 30, 2007

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

GRUH FINANCE LTD.
FINANCIAL RESULTS FOR THE QUARTER ENDING JUNE 30, 2007

The Board of Directors of GRUH Finance Ltd. (GRUH) – a subsidiary of HDFC Ltd., has approved the accounts for the quarter ended June 30, 2007 at its meeting held in Ahmedabad on July 27, 2007.

FINANCIAL RESULTS

GRUH recorded Profit after tax of 5.04 crores for the quarter as compared to 3.19 crores for the previous year.

LENDING OPERATIONS

During the quarter, GRUH disbursed 119.19 crores as against 96.01 crores in the previous year representing a growth of 24%. The sanctions for the quarter have been 142.73 crore as against 108.55 crores for the corresponding quarter of the previous year representing a growth of 31%.

The outstanding loan portfolio at the end of the quarter stood at 1443.23crores and has grown at 28%.

The gross NPA as at June 30, 2007 were 33.17 crores which was 2.30% of outstanding loans of 1443.23 crores. GRUH has continued the practice of building up adequate provisions for contingencies and has set aside 4.54 crores from the current quarter’s revenues. The total provisions for contingencies carried in the books have been 23.35 crores. As a result, the Net NPA at the end of the quarter were 9.82 crores i.e.0.68% of the outstanding loans.

RESOURCE RAISING

GRUH’s Fixed Deposit programme has been rated “FAA+” by CRISIL and “MAA+” by ICRA. The rating of “FAA+” and “MAA+” indicates ‘High Safety” as regards repayment of interest and principal. Public Deposits at 136.14 crore have grown from 95.26 crore as in the previous year.

GRUH’s Commercial Paper (CP) is rated at “P1(+)” by CRISIL and Non Convertible Debenture (NCD) is rated at “AA+” by ICRA. During the quarter, GRUH raised CP to the tune of 100 crore from the market.

RETAIL OFFICE NETWORK

GRUH opened 2 new offices during the quarter taking the total network of retail offices to 76 across 5 states of the western region of the country. GRUH has 30 offices in Gujarat, 26 offices in Maharashtra, 8 offices in Karnataka, 7 offices in Madhya Pradesh and 5 offices in Rajasthan.

July 27, 2007