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DHFL - Update on price fall - Kapil Wadhawan, CMD, DHFL

Posted On: 2018-09-21 17:42:14

This market movement has come as a big surprise to not only DHFL as an organization it is also for the industry at large. We wish to categorically state that DHFL has not defaulted on any bonds or repayment nor has there been any single instance of delay on any of its repayment of any liability. We do not have any exposure with IL&FS. DHFL continues its loan growth disbursements in the affordable housing segment going forward. The Loan disbursements were INR 13,582.9 crore for the quarter ended June 30, 2018, showing an increase of 65% over the corresponding quarter of the previous year.

Our fundamentals are strong and we hold a strong liquidity of approx. RS.10,000 crores in the system which equates to 6 months of cash. Our CP book shall be about 6% of our total borrowings and the total assets and liability book is over INR 1 Lakh crore. We shall remain cash surplus even after considering repayment till March 2019 of all our liabilities on account of CP, NCD, interest payment, bank dues etc. We are extremely well-matched in case of the ALM position.

Our borrowing is well diversified with a banking consortium of 31 banks, NCDs, CPs, ECB and masala bonds. We are one of the deposit taking HFC with a public Deposit portfolio of RS.10,803 crores. Our ratings on any of our debt instruments or fixed deposits are neither under watch nor there is any down grade in the existing credit rating. DHFL enjoys high credit rating of CARE AAA (Triple A) and has been assigned BWR AAA from Brickworks Rating. There is also no regulatory issue or concern with respect to the company.

Our Promoters have neither pledged any of their shares nor have availed loan against shares of the company.

Our Asset quality is strong and we have registered lowest NPAs in the industry and have reported Gross Stage 3 Loan Assets (equivalent to Gross NPA%) at 0.93%. The testimony of our investor's trust in the organization was proven by 3 successful NCDs. DHFL's committed efforts towards driving financial inclusion have translated into a net profit growth of 35% to INR 435 crore for the quarter ended June 30,2018. Profit before tax rose by 43% to INR 638.2 crore for the quarter ended June 30, 2018. Loan book outstanding grew 33% to INR 1,00,980.50 crore during the quarter ended June 30,2018. Assets Under Management (AUM) grew by 37% year-on-year, reaching INR 1,20,939.50 crore as on 30th June 2018 from INR 88,235.70 crore as on June 30, 2017. Strong AUM and disbursement growth, CAGR of 26.4% and 36.1% respectively. Considering that two-thirds of DHFL's home loan portfolio is retail home loans wherein our average home loan ticket size is below 16.1 lakhs, DHFL has always endeavoured to protect the margins at 300 to 305 bps.

Shares of DEWAN HOUSING FINANCE CORPORATION LTD. was last trading in BSE at Rs.351.55 as compared to the previous close of Rs. 610.6. The total number of shares traded during the day was 13779136 in over 183669 trades.

The stock hit an intraday high of Rs. 615.6 and intraday low of 246.25. The net turnover during the day was Rs. 5074489786.


Source: Equity Bulls

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