MUMBAI-BASED Dewan Housing Finance Corporation Limited (DHFL) has recorded a 70% growth in net profit to Rs 37.51 crore in the September quarter after posting a 53 % rise in total income to Rs 246.12 crore.

DHFL chairman Kapil Wadhwan attributed the growth to the company’s strong credit appraisal skills which reduce instances of NPAs. “Over the last seven years, we have been consistently growing at 33% CAGR, in terms of our home loan disbursements. We are hopeful of continuing the growth momentum in this fiscal and maintaining a robust 35-40% growth for the next couple of years.” DHFL posted a 93.76 % growth in loan sanctions to Rs 1180.67 crore.

The company’s net profit for the corresponding quarter in 2008 was Rs 22.07 crore in the unaudited results for the second quarter announced on Tuesday. During the July-September quarter, DHFL raised Rs 300 crore through share sale to investors and promoters. It also raised Rs 225 crore through private placement of long-term debentures to institutions and banks. In a statement, the company said, the funds are being utilised to augment long term resources, enhance and strengthen the company’s equity base and for meeting the general business requirements.

Courtesy:- ET dt:- 28-10-2009