DHFL Q3 net profit surges 25 pc to Rs 306 cr

DHFL Q3 net profit surges 25 pc to Rs 306 cr

Housing finance company DHFL on Monday reported 25% rise in its net profit to Rs 305.9 crore for the quarter ended December 31, and announced plans to raise up to $2 billions for business expansion.

The Mumbai-based company had posted a net profit of Rs 244.8 crore in the third quarter last fiscal.

DHFL's total income was up by 11.5% to Rs 2,643.2 crore during the quarter under review. It was Rs 2,362.6 crore in the year-ago period.

"Loan book outstanding grew by 21.8% to Rs 83,962 crore during the quarter ended December 31, 2017 as against Rs 68,961 crore in the corresponding quarter of the previous year," the company said in a statement.

On asset sides, it said the Gross NPA stood at 0.96% amounting to Rs 806 crore at the end of the latest quarter.

Dewan Housing Finance Corporation (DHFL) said its average loan ticket size at the portfolio level stood at Rs 14.5 lakh.

The company further announced that it will raise funds up to $2 billion, in one or more tranches, over the next few quarters through medium term notes (MTN).

"Funds will be deployed for business expansion and is a step towards diversifying the borrowing portfolio thereby reducing the cost of funds," it said.

The notes will be listed on Singapore Exchange Securities Trading Limited or such other stock exchanges, it added.  

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