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( in crores)

Particulars Quarter
ended Sept.
30, 2011
Quarter
ended Sept.
30, 2010
Half year
ended Sept.
30, 2011
Half year
ended Sept.
30, 2010
Year ended
March 31,
2011
  (Un-Audited) (Audited)
Income from Operations :
a) Interest Income 114.78 77.64 219.55 151.25 334.38
b) Other Operating Income 7.46 5.66 15.33 10.65 25.71
Total Income 122.24 83.30 234.88 161.90 360.09
Expenditure :          
a) Interest and Other charges 74.01 47.47 140.28 88.68 200.92
b) Staff Expenses 5.66 4.17 10.56 7.70 16.03
c) Other Expenses 4.02 3.79 7.29 6.67 14.46
d) Depreciation 0.55 0.43 1.12 0.79 1.83
e) Provision for Contingencies / Bad
Debts Written off
5.38 1.29 17.01 11.26 2.74
Total Expenditure 89.62 57.15 176.26 115.10 235.98
Profit Before Other Income 32.62 26.15 58.62 46.80 124.11
Other Income 0.15 0.15 1.28 0.39 1.46
Profit Before Tax 32.77 26.30 59.90 47.19 125.57
Tax Expenses 11.85 9.88 18.43 14.82 34.06
Net Profit After Tax 20.92 16.42 41.47 32.37 91.51
Earning per Share – Basic () 5.934 4.709 11.774 9.292 26.192
– Diluted () 5.938 4.684 11.770 9.244 26.129
Debenture Redemption Reserve (*)    
Debt Equity Ratio (*)     9.18 9.30 9.33
Debt Service Coverage Ratio (*)     0.33 0.37 0.45
Interest Service Coverage Ratio (*)     1.56 1.67 1.65
Paid-up Equity Share Capital (Face Value of 10/- each)     35.30 34.94 35.16
Paid-up Debt Capital (*)     40.00 40.00 40.00
Reserves and Surplus     318.49 265.26 282.78
Public Shareholding          
– No. of Shares     13988058 13635063 13849848
– Percentage of Shareholding     39.63 39.02 39.39
Promoters and Promoter Group Shareholding          
a) Pledged / Encumbered          
No. of Shares
    Nil Nil Nil
Percentage of Shares (as a % of the total shareholding of promoter and promoter group)
    Nil Nil Nil
Percentage of Shares (as a % of the total share capital of the Company)
    Nil Nil Nil
b) Non – encumbered          
No. of Shares
    21307785 21307785 21307785
Percentage of Shares (as a % of the total shareholding of promoter and promoter group)
    100 100 100
Percentage of Shares (as a % of the total share capital of the Company)
    60.37 60.98 60. 61
  • (*) 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)

 

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, 2011 amounted to 647.56 crores as compared to 529.35 crores during the corresponding previous year representing a growth of 22%. Loan Assets have increased from 2741.76 crores as on September 30, 2010 to 3543.52 crores as on September 30, 2011 registering a growth of 29%.
  • Gross NPAs of the Company as on September 30, 2011 were 39.26 crores (1.11% of the Loan Assets) as against 37.43 crores (1.37% of the Loan Assets) as on September 30, 2010.
  • NHB vide circular no. NHB.HFC.DIR.3/CMD/2011 dated August 5, 2011 has made changes to the existing provisioning requirement for Non-Performing Assets and also introduced provisioning for Standard Individual Home Loan Assets. As a result of this, a provision of 12.87 crores is required to be made in respect of Standard Individual Home Loan Assets and an additional provisioning of 3.66 crores is required to be carried in respect of Non-Performing Assets. During the quarter, an amount of 7.80 crores (Net of Deferred Tax of 3.74 crores) has been met from General Reserve to meet the additional provision required on Standard Individual Home Loan Assets as on March 31, 2011. The additional provision on Non-Performing Assets and Standard Individual Home Loan Assets created during the period amounting to 4.99 crores has been charged to the Profit and Loss Account.
  • During the quarter, the Company allotted 56,338 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.
  • There was no investor complaint that was unresolved as of July 1, 2011. During the quarter ended September 30, 2011, the Company received two investor complaints, both of which were resolved. As such there was no unresolved investor complaint at the end of the said quarter.
  • A Statement of Assets and Liability as required under clause 41(V) (h) of Listing Agreement is as under:

    ( in crores)

    Particulars Half year ended Sept. 30,
    2011 2010
    Un-Audited
    Funds Employed    
    Share Capital 35.30 34.94
    Reserves and Surplus 318.49 265.26
    Loan Funds 3246.14 2791.32
    Total 3599.93 3091.52
    Application of Funds    
    Loan Assets 3543.52 2741.76
    Investments 18.92 32.58
    Net Current assets 7.98 294.56
    Fixed Assets 11.92 9.96
    Deferred Tax Assets 17.59 12.66
    Total 3599.93 3091.52

  • 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, 2011, 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 25, 2011 in terms of Clause 41 of the Listing Agreement.

October 25, 2011
Mumbai
For GRUH Finance Limited
Sudhin Choksey
Managing Director