Statement of Audited Financial Results For The Year Ended March 31 2014
Statement of Audited Financial Results For The Year Ended March 31 2014
( in crore )
| Particulars | Quarter ended March 31, 2014 | Quarter ended Dec 31, 2013 |
Quarter ended March 31, 2013 | Year ended March 31, 2014 | Year ended March 31, 2013 |
|---|---|---|---|---|---|
| Income from Operations : | |||||
| a) Revenue from Operation | 254.42 | 217.39 | 194.22 | 845.69 | 650.44 |
| b) Other Income | 0.00 | 0.00 | 0.00 | 0.47 | 0.01 |
| Total Income | 254.42 | 217.39 | 194.22 | 846.16 | 650.45 |
| Expenditure : | |||||
| a) Finance Cost | 147.93 | 140.88 | 108.24 | 543.63 | 404.42 |
| b) Employee Benefit Expenses | 5.96 | 7.96 | 4.16 | 31.73 | 24.18 |
| c) Other Expenses | 5.95 | 5.36 | 5.49 | 21.46 | 20.16 |
| d) Depreciation | 0.64 | 0.69 | 0.54 | 2.45 | 1.97 |
| e) Provision for Contingencies/ Bad Debts Written off |
0.74 | 6.78 | 0.88 | 2.43 | 2.91 |
| Total Expenditure | 161.22 | 161.67 | 119.31 | 601.70 | 453.64 |
| Profit Before Tax | 93.20 | 55.72 | 74.91 | 244.46 | 196.81 |
| Tax Expenses | 19.60 | 20.48 | 11.85 | 67.50 | 50.93 |
| Net Profit After Tax | 73.60 | 35.24 | 63.06 | 176.96 | 145.88 |
| Earnings per Share (of 2 each)
– Basic () |
4.097 | 1.962 | 3.544 | 9.860 | 8.209 |
| – Diluted () | 4.041 | 1.959 | 3.499 | 9.792 | 8.157 |
| Debenture Redemption Reserve (*) | – | – | |||
| Debt Equity Ratio (*) | 10.62 | 10.01 | |||
| Debt Service Coverage Ratio (*) | 0.63 | 0.69 | |||
| Interest Service Coverage Ratio (*) | 1.46 | 1.50 | |||
| Paid-up Debt Capital (*) | 35.00 | 35.00 | |||
| Paid-up Equity Share Capital (Face Value of 2 each) |
36.03 | 35.70 | |||
| Reserves as at March 31 | 571.21 | 455.29 | |||
PART – II Selected information for the quarter / year ended March 31, 2014
| A. Particulars of Share Holding | Quarter ended Mar 31, 2014 | Quarter ended Dec 31, 2013 | Quarter ended Mar 31, 2013 | Year ended Mar 31, 2014 | Year ended Mar 31, 2013 |
|---|---|---|---|---|---|
| Public Shareholding | |||||
| – No. of Shares | 73592225 | 73223660 | 71937750 | 73592225 | 71937750 |
| – Percentage of Shareholding | 40.85 | 40.73 | 40.31 | 40.85 | 40.31 |
| Promoter and Promoter Group Shareholding | |||||
| a) Pledged / Encumbered | |||||
| – No. of Shares | – | – | – | – | – |
| – Percentage of Shares (as a % of the total Shareholding of Promoter and Promoter group) |
– | – | – | – | – |
| – Percentage of Shares (as a % of the total Share Capital of the Company) |
– | – | – | – | – |
| b) Non – Encumbered | |||||
| – No. of Shares | 106538925 | 106538925 | 106538925 | 106538925 | 106538925 |
| -Percentage of Shares (as a % of the total Shareholding of Promoter and Promoter group) |
100 | 100 | 100 | 100 | 100 |
| -Percentage of Shares (as a % of the total Share Capital of the Company) |
59.15 | 59.27 | 59.69 | 59.15 | 59.69 |
(*)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 Earnings Before Interest and Tax / Interest Expenses; DSCR = (Cash Earning Before Interest and Tax + Principal repayment of Loan Assets) / (Interest + Principal repayment of Borrowings).
| B. Investor Complaints | Quarter ended March 31, 2014 |
|---|---|
| Pending at the beginning of the quarter | Nil |
| Received during the quarter | Nil |
| Disposed off during the quarter | Nil |
| Remaining unresolved at the end of the quarter | Nil |
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 year ended March 31, 2014 amounted to 2,577.47 crores as compared to 2,174.39 crores during the corresponding previous year representing a growth of 19%. Loan Assets have increased from 5,437.80 crores as at March 31, 2013 to 7,009.04 crores as at March 31, 2014 registering a growth of 29%.
- The Gross NPAs of the Company are 18.87 crores (0.27% of the Loan Assets) as against 17.64 crores (0.32% of the Loan Assets) as on March 31, 2013. Net NPAs of the Company are Nil as against 2.70 crores (0.05% of the Loan Assets) as on March 31, 2013
- Revenue from operations for the quarter ended March 31, 2014 includes write back of excess provision of 19.22 crores made in the earlier quarters of the year as against 14.94 crores written back in the corresponding quarter in the previous year.
- During the quarter ended March 31, 2014, the Company has allotted 3,68,565 equity shares of 2 each 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.
- A Statement showing Assets and Liabilities (Audited) :
( in crores)
Particulars As at March 31, 2014 2013 Equity and Liabilities Shareholders’ Funds Share Capital 36.03 35.70 Reserves and Surplus 571.21 455.29 607.24 490.99 Non-Current Liabilities Long-Term Borrowings 5,054.33 3,705.75 Other Long – Term Liabilities 15.52 22.06 Long-Term Provisions 52.87 41.70 5,122.72 3,769.51 Current Liabilities Short-Term Borrowings 472.99 68.77 Trade Payables 0.80 0.75 Other Current Liabilities 974.35 1,215.70 Short-Term Provisions 65.12 54.31 1,513.26 1,339.53 7,243.22 5,600.03 Assets Non-Current Assets Tangible Assets 10.47 10.48 Intangible Assets 0.56 1.30 Non-Current Investments 43.28 40.33 Deferred Tax Assets (Net) 16.90 12.46 Long-Term Loans and Advances Loans 6,579.62 5,015.35 Others 26.82 27.03 6,677.65 5,106.95 Current Assets Current Investments 9.68 24.81 Cash and Bank Balances 83.17 22.12 Short-Term Loans and Advances 37.09 21.72 Other Current Assets Loans 429.42 422.45 Others 6.21 1.98 565.57 493.08 7,243.22 5,600.03 The Classification of Assets and Liabilities into Current and Non-Current is carried out based on their residual maturity profile as per the requirement of Revised Schedule VI to the Companies Act, 1956.
The estimates and assumptions regarding prepayments and renewals as prescribed by the National Housing Bank (NHB) (which are taken into account for ALM purpose) are not considered while classifying the assets and liabilities into current and non-current.
- The Board of Directors have recommended a dividend of 3 Per Share of face value of 2 each. The dividend recommended will also be applicable for the full year in respect of Equity Shares issued during the year.
- The Board of Directors have recommended the issue of bonus shares in the ratio of one equity share for every one equity share held.
- Figures of the quarter ended March 31, 2014 and March 31, 2013 are the balancing figures between audited figures in respect of the full financial year and published year to date figures up to the third quarter of the relevant financial year.
- Previous period/year figures have been regrouped and reclassified, where necessary, to make them comparable with current quarter figures.
The above audited results were reviewed and recommended by the Audit Committee of Directors and subsequently approved by the Board of Directors at the meeting held on April 11, 2014.
| April 11, 2014 Mumbai |
For GRUH Finance Limited |
| Sudhin Choksey Managing Director |
