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GRUH Finance FY16-17 PAT higher at Rs. 296.65 crores

Posted On: 2017-04-18 20:07:22

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, 2017 at their meeting held in Mumbai on April 17, 2017.

Profit after tax for the year amounted to 296.65 crores as compared to 243.58 crores for the previous year indicating a growth of 21.79%.

The profit for the year has been arrived at after charging 29.07 crores (Previous Year 24.17 crores) towards of Deferred Tax Liability (DTL) on Special Reserve created during the year and 3.36 crore (Previous Year 2.26 crore) on Corporate Social Responsibility (CSR) Activities.

The Board of Directors recommended payment of dividend for the year ended March 31, 2017 of 2.80 per equity share as against 2.30 per equity share in the previous year. Dividend payout ratio for the year inclusive of tax on dividend will be 41.42%.

The Central Government had vide notification dated March 30, 2016 and circular number 04/2016 dated April 27, 2016 had amended Companies (Accounting Standards) Rules, 2006 ('principal rules') effective FY 1617. According to the amended rules, the proposed dividend is not be recorded as a liability as at March 31, 2017. Accordingly, the proposed dividend of 102.08 crores and Tax thereon of 20.78 crores are not recognised as liability in annual accounts of FY 1617. However, the same will be recognized as liability on approval of shareholders at ensuing Annual General Meeting.

The loan portfolio as at March 31, 2017 amounted to 13,244.32 crores as against 11,114.55 crores in the previous year - an increase of 19%.

The major thrust on Retail Home Loans at 3121.36 crores during the year constituted 75.67% of total disbursement of 4125.28 crores and has grown by 31% over the previous year.

Loan disbursements during the year were 4125.28 crores as against 3856.58 crores in the previous year.

Cumulative loan disbursements as of March 31, 2017 were 23,196.98 crores.

Non-Performing Loans

The gross NPA as at March 31, 2017 stands at 40.58 crores. Gross NPA constitute 0.31% of the total loan outstanding of 13,244.32 crores as against gross NPA for the previous year at 35.55 crores or 0.32% of the outstanding loans.

GRUH carries a provision of 23.95 crores in the Balance Sheet as at March 31, 2017 on its NPA portfolio. Further, GRUH carries provision of 63.13 crores on its standard asset portfolio.

GRUH also carries additional provision for contingencies aggregating 16.63 crores.

The Net NPA stands at NIL indicating a ratio of Net NPA to Loans of NIL at the end of March 31, 2017.

CAPITAL ADEQUACY RATIO

Following the accretion to networth of 277.91 crore, the Networth of the Company has grown to 1113.21 crores, up from 835.30 crore in the previous year.

Capital Adequacy Ratio (CAR) for the company stands at 18.31% as at March 31, 2017 as against the required minimum CAR of 12% as stipulated by NHB. The Tier I Capital stands at 16.81% while Tier II capital is 1.50%.

DEPOSITS

GRUHs deposits portfolio has grown to 1,504.91 crores from 1,462.30 crores during the year indicating a growth of 3%.

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 ICRA and CRISIL.

GRUH's Long term Non Convertible Debenture (NCD) and Subordinated Debt NCD's (Tier II) is rated AAA by ICRA and CRISIL.

RETAIL NETWORK

GRUH expanded its retail office network to 185 offices across 11 states of the country from 179 offices in the last year. GRUH has 48 offices in Gujarat, 50 offices in Maharashtra, 17 offices in Karnataka, 29 offices in Madhya Pradesh, 12 offices in Rajasthan, 12 offices in Chhatisgarh, 10 offices in Tamil Nadu, 4 office in Uttar Pradesh and one each in Bihar, Jharkhand and West Bengal.

AWARDS AND RECOGNITION

During the year, GRUH received the prestigious FE CFO of the Year Award 2017 under the Service Category in the Large Enterprises segment at a function held in Mumbai on March 24, 2017.

Shares of GRUH FINANCE LTD. was last trading in BSE at Rs.391.9 as compared to the previous close of Rs. 369.8. The total number of shares traded during the day was 254130 in over 5950 trades.

The stock hit an intraday high of Rs. 398.9 and intraday low of 383. The net turnover during the day was Rs. 99584361.


Source: Equity Bulls

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