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( in crores)

Particulars Quarter
ended
Sept 30,
2012
Quarter
ended
Sept 30,
2011
Quarter
ended
June 30,
2012
Half Year
ended
Sept 30,
2012
Half Year
ended
Sept 30,
2011
Year
ended
March 31,
2012
(Un-Audited) (Audited)
Income from Operations :            
a) Revenue from Operation 156.98 122.38 147.77 304.75 236.36 513.91
b) Other Income 0.01 0.05 0.07
Total Income 156.98 122.39 147.77 304.75 236.41 513.98
Expenditure :            
a) Finance Cost 100.09 74.01 94.49 194.58 140.28 310.11
b) Employee Benefit Expenses 6.94 5.58 5.99 12.93 10.43 19.68
c) Other Expenses 5.07 4.10 4.75 9.82 7.67 16.89
d) Depreciation 0.40 0.55 0.51 0.91 1.12 2.36
d) Provision for Contingencies /
Bad Debts Written off
4.05 5.38 6.50 10.55 17.01 2.18
Total Expenditure 116.55 89.62 112.24 228.79 176.51 351.22
Profit Before Tax 40.43 32.77 35.53 75.96 59.90 162.76
Tax Expenses 13.22 11.85 8.81 22.03 18.43 42.42
Net Profit After Tax 27.21 20.92 26.72 53.93 41.47 120.34
Earnings per Share
(Refer Note No. 4) – Basic ()
 1.531 1.187 1.509  3.040 2.355 6.825
– Diluted () 1.529 1.188 1.505 3.034 2.354 6.802
Debenture Redemption Reserve (*)      
Debt Equity Ratio (*)        9.61  9.18  9.94
Debt Service Coverage Ratio (*)        0.49 0.33 0.58
Interest Service Coverage Ratio (*)        1.45 1.56 1.54
Paid-up Debt Capital (*)       40.00 40.00 40.00
Paid-up Equity Share Capital
( Face Value of 2/- each )
(Refer Note No. 4)
    35.49 35.57 35.30 35.30
Reserves and Surplus         350.25
PART – II Selected information for the half year ended September 30, 2012 (Refer Note No. 4)

A. Particulars of Share Holding As At June
30, 2012
As At Sept
30, 2012
As At Sept
30, 2011
As At March
31, 2012
Public Shareholding        
  • – No. of Shares
70929475  71311390 69940290 69974265
  • – Percentage of Shareholding
39.97 40.10 39.63 39.64
Promoters and Promoter Group Shareholding        
a) Pledged / Encumbered        
  • – No. of Shares
Nil Nil Nil Nil
  • – Percentage of Shares (as a % of
    the total Shareholding of promoter
    and promoter group)
Nil Nil Nil Nil
  • – Percentage of Shares (as a % of
    the total Share Capital of the Company)
Nil Nil Nil Nil
b) Non – encumbered        
  • – No. of Shares
106538925 106538925 106538925 106538925
  • – Percentage of Shares (as a % of
    the total Shareholding of promoter
    and promoter group)
100 100 100 100
  • – Percentage of Shares (as a % of
    the total Share Capital of the Company)
60.03  59.90 60.37  60.36
(*) Information provided pursuant to Securities and Exchange Board of India circular dated May 11, 2009 in terms of Simplified Listing Agreement for Debt Securities.

(*) ISCR = Cash Earning Before Interest and Tax / Interest Expenses; DSCR = (Cash Earning Before Interest and Tax + Principal repayment of Loan Assets) / (Interest + Principal repayment of Borrowings).

B. Investor Complaints Quarter
ended
Sept 30,
2012
Pending at the beginning of the quarter Nil
Received during the quarter Nil
Disposed off during the quarter Nil
Remaining unresolved at the end of the quarter Nil

NOTES :-

  • The Company’s main business is to provide loans for purchase or construction of residential houses. All other activities of the Company revolve around the main business. As such, there are no separate reportable segments as per the Accounting Standard on Segment Reporting (AS 17).
  • Disbursements during the half year ended September 30, 2012 amounted to 959.96 crores as compared to 647.56 crores during the corresponding previous year representing a growth of 48%. Loan Assets have increased from 3543.52 crores as on September 30, 2011 to 4672.03 crores as on September 30, 2012 registering a growth of 32%.
  • The Gross NPAs of the Company are 27.88 crores (0.60% of the Loan Assets) as against 39.26 crores (1.11% of the Loan Assets) as on September 30, 2011. Net NPAs have been maintained at Nil.
  • Pursuant to the approval of the Shareholders at the 26th Annual General Meeting, the nominal face value of the equity shares of the Company was sub-divided from 10 each to 2 each with effect from July 26, 2012. Accordingly, the number of shares and the earnings per share of the previous periods, year have been restated to make the same comparable.
  • During the quarter, the Company allotted 3,81,915 Equity Shares pursuant to the exercise of the stock options by certain employees/directors.
  • During the period under review, there are no transactions in the nature of exceptional or extraordinary items.
  • A Statement showing Equity and Liabilities and Assets as required under clause 41(V) (h) of Listing Agreement is as under:

    ( in crores)

    PARTICULARS As At September 30, As At
    March 31,
    2012
    2012 2011
    EQUITY AND LIABILITIES      
    Shareholders’ Funds      
    Share Capital 35.57 35.30 35.30
    Reserves and Surplus 411.94 318.49 350.25
      447.51 353.79 385.55
    Non-Current Liabilities      
    Long-Term Borrowings 2561.52 1944.51 2834.07
    Other Long – Term Liabilities 27.01 4.50 7.33
    Long-Term Provisions 50.79 57.19 41.31
      2639.32 2006.20 2882.71
    Current Liabilities      
    Short-Term Borrowings 653.65 653.22 232.35
    Trade Payables 0.54 1.12 1.18
    Other Current Liabilities 1118.42 673.81 785.60
    Short-Term Provisions 0.90 0.68 48.68
      1773.51 1328.83 1067.81
      4860.34 3688.82 4336.07
    ASSETS      
    Non-Current Assets      
    Tangible assets 10.16 10.37 10.31
    Intangible assets 1.18 1.55 1.35
    Non-Current Investments 21.03 17.16 24.33
    Deferred Tax Assets (Net) 15.04 17.59 11.95
    Long-Term Loans and Advances      
    – Loans 4342.12 3303.90 3795.71
    – Others 4.37 2.28 3.36
    Other Non-Current Assets 9.00 0.00 0.00
      4402.90 3352.85 3847.01
    Current Assets      
    Current Investments 14.95 1.76 0.10
    Cash and Bank Balances 67.46 55.34 169.48
    Short-Term Loans and Advances 39.44 37.19 34.84
    Other Current Assets      
    – Loans 329.91 239.62 281.71
    – Others 5.68 2.06 2.93
    457.44 335.97 489.06
      4860.34 3688.82 4336.07

    The Classification of Assets and Liabilities into Current and Non-Current is carried out based on their residual maturity profile as per the requirement of Revised Schedule VI to the Companies Act, 1956.
    The estimates and assumptions regarding prepayments and renewals as prescribed by the National Housing Bank (NHB) (which are taken into account for ALM purpose) are not considered while classifying the assets and liabilities into Current and Non-current.

  • Previous period/year figures have been regrouped and reclassified, where necessary, to make them comparable with current quarter figures.

The above results for the half-year ended September 30, 2012, which have been subjected to a ‘Limited Review’ by the Auditors of the Company, were reviewed and recommended by the Audit Committee of Directors and subsequently approved by the Board of Directors at its meeting held on October 11, 2012 in terms of Clause 41 of the Listing Agreement.

October 11, 2012
Mumbai
For GRUH Finance Limited
Sudhin Choksey
Managing Director