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( in crores)

Particulars Quarter ended Sept 30, 2015 Quarter ended June 30, 2015 Quarter ended Sept 30, 2014 Half Year ended Sept 30, 2015 Half Year ended Sept
30, 2014
Year
ended
March
31, 2015
Un-Audited Audited
Income from Operations :            
a) Revenue from Operations 311.81 294.39 257.73 606.20 499.34 1,060.31
b) Other Income 0.00 0.00 0.00 0.00 0.01 0.01
Total Income 311.81 294.39 257.73 606.20 499.35 1,060.32
Expenditure :            
a) Finance Cost 198.74 190.18 166.45 388.92 321.37 677.73
b) Employee Benefit Expenses 15.57 8.40 12.99 23.97 20.85 35.19
c) Other Expenses 9.36 8.10 6.23 17.46 12.93 27.55
d) Depreciation 0.72 0.78 0.80 1.50 (0.46) 1.29
e) Bad Debts Written off 0.12 0.28 0.16 0.40 0.26 2.03
f) Provision for Contingencies 7.05 11.80 3.91 18.85 15.69 15.69
Total Expenditure 231.56 219.54 190.54 451.10 370.64 759.48
Profit Before Tax 80.25 74.85 67.19 155.10 128.71 300.84
Tax Expenses 28.54 24.54 24.10 53.08 43.71 97.04
Net Profit After Tax 51.71 50.31 43.09 102.02 85.00 203.80
Earnings per Share
(of 2 each)

– Basic ()
1.423 1.384 1.192 2.807 2.352 5.571
– Diluted () 1.423 1.383 1.190 2.806 2.348 5.566
Debenture Redemption Reserve (*)
Debt Equity Ratio (*) 11.18 10.37 11.55
Debt Service Coverage Ratio (*) 0.42 0.34 0.67
Interest Service Coverage Ratio (*) 1.46 1.46 1.48
Paid-up Debt Capital (*) 35.00 35.00 35.00
Paid-up Equity Share Capital
(Face Value of 2)
72.73 72.70 72.61 72.73 72.61 72.68
Reserves and Surplus 638.81
Part – II Selected information for the Quarter/Half year ended September 30, 2015
A. Particulars of Share Holding Quarter ended
Sep 30, 2015
Quarter ended
Jun 30, 2015
Quarter ended
Sep 30, 2014
Half year ended
Sep 30, 2015
Half year ended
Sep 30, 2014
Year ended
Mar 31, 2015
Public Shareholding            
– No. of Shares 150547230 150410310 149982730 150547230 149982730 150306730
– Percentage of Shareholding 41.40 41.38 41.31 41.40 41.31 41.36
Promoter and Promoter Group Shareholding            
a) Pledged / Encumbered            
  • – No. of Shares
Nil Nil Nil Nil Nil Nil
  • – Percentage of Shares (as a % of thetotal Shareholding of Promoter andPromoter group)
Nil Nil Nil Nil Nil Nil
  • – Percentage of Shares (as a % of thetotal Share Capital of the Company)
Nil Nil Nil Nil Nil Nil
b) Non – Encumbered            
  • – No. of Shares
213077850 213077850 213077850 213077850 213077850 213077850
  • – Percentage of Shares (as a % of thetotal Shareholding of Promoter andPromoter group)
100 100 100 100 100 100
  • – Percentage of Shares (as a % of thetotal Share Capital of the Company)
58.60 58.62 58.69 58.60 58.69 58.64
(*) 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 Earnings Before Interest and Tax / Interest Expenses; DSCR = (Cash Earnings Before Interest and Tax +      Principal repayment of Loan Assets) / (Interest + Principal repayment of Borrowings).
B. Investor Complaints Quarter ended
Sep 30, 2015
Pending at the beginning of the quarter Nil
Received during the quarter 1
Disposed off during the quarter 1
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).
  • Loan Assets have increased from 7,920 crores as on September 30, 2014 to 9,913 crores as on September 30, 2015 registering a growth of 25%.
  • The aggregate NPAs of the Company are 0.58% of the Loan Assets as against 0.38% of the Loan Assets as on September 30, 2014. The Net NPAs of the Company are 0.20% of the Loan Assets.
  • During the period under review, there are no transactions in the nature of exceptional or extraordinary items.
  • Vide circular NHB(ND)/DRS/Policy Circular 65/2014-15 dated August 22, 2014, the National Housing Bank (“NHB”) has directed Housing Finance Companies (HFCs) to provide for a deferred tax liability in respect of amount transferred to “Special Reserve” created under section 36(1)(viii) of the Income Tax Act, 1961. Accordingly, the Company has charged its Statement of Profit & Loss for the quarter and half-year ended September 30, 2015 with the deferred tax liability on additional amount expected to be appropriated towards Special Reserve out of profits.

    As per above circular, NHB has advised HFCs to create deferred tax liability in respect of accumulated balance of Special Reserve as on April 1, 2014 from the reserves over a period of 3 years starting with financial year 2014-15, in a phased manner in the ratio of 25:25:50. Accordingly, the Company has created first phase of 25% deferred tax liability on accumulated special reserve as on April 1, 2014 at the year end in annual accounts of FY 2014-15. The Company would create second phase of 25% of deferred tax liability on accumulated Special Reserve as on April 1, 2014 at the year end in annual accounts of FY 2015-16.

  • During the quarter, ICRA has upgraded GRUH’s Long-Term Borrowing rating from [ICRA] AA+ (pronounced ICRA double A plus) with positive outlook to [ICRA] AAA (pronounced ICRA triple A) with stable outlook.
  • During the quarter, the Company allotted 1,36,920 Equity Shares pursuant to the exercise of the stock options by certain employees.
  • A Statement showing Assets and Liabilities as required under clause 41(V) (h) of Listing Agreement is as under:

    ( in crores)

    Particulars As At September 30, As At March 31,
    2015 2014 2015
    Equity and Liabilities      
    Shareholders’ Funds      
    Share Capital 72.73 72.61 72.68
    Reserves and Surplus 741.57 628.54 638.81
      814.30 701.15 711.49
     
    Non-Current Liabilities      
    Long-Term Borrowings 6,858.44 5,073.97 6,624.14
    Deferred Tax Liability (Net) 23.86 0.00 18.78
    Other Long-Term Liabilities 84.90 44.66 35.94
    Long-Term Provisions 83.73 67.84 66.43
      7,050.93 5,186.47 6,745.29
     
    Current Liabilities      
    Short-Term Borrowings 1,274.17 1,474.77 973.18
    Trade Payables 0.79 0.56 0.92
    Other Current Liabilities 1,041.39 794.76 660.76
    Short-Term Provisions 5.81 1.99 89.14
      2,322.16 2,272.08 1,724.00
      10,187.39 8,159.70 9,180.78
     
    Assets      
    Non-Current Assets      
    Tangible Assets 13.49 11.88 12.73
    Intangible Assets 0.87 0.00 1.00
    Non-Current Investments 38.38 41.29 50.50
    Deferred Tax Assets (Net) 0.00 12.10 00.00
    Long-Term Loans and Advances      
        Loans
        Others
    9,324.19
    9.04
    7,417.47
    11.90
    8,384.15
    20.00
    Other Non-Current Assets 19.95 68.25 21.20
      9,405.92 7,562.89 8,489.58
     
    Current Assets      
    Current Investments 107.07 34.23 29.32
    Cash and Bank Balances 25.99 6.03 74.07
    Short-Term Loans and Advances 52.77 50.33 39.06
    Other Current Assets      
        Loans
        Others
    588.80
    6.84
    502.88
    3.34
    542.33
    6.42
      781.47 596.81 691.20
      10,187.39 8,159.70 9,180.78

  • 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 Schedule III to the Companies Act, 2013.

    The estimates and assumptions regarding prepayments and renewals as prescribed by the National Housing Bank (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 quarter / half-year ended September 30, 2015, 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 19, 2015 in terms of Clause 41 of the Listing Agreement.

October 19, 2015
Mumbai
For GRUH Finance Limited
Sudhin Choksey
Managing Director