Statement of Audited Financial Results for the Quarter/ Half Year Ended September 30, 2015

( in crore )

Particulars	Quarter ended Sept 30, 2015	Quarter ended June 30, 2015	Quarter ended Sept 30, 2014	Half Year ended Sept 30, 2015	Half Year ended Sept 30, 2014	Year ended March 31, 2015
Particulars	Un-Audited					Audited
Income from Operations :
a) Revenue from Operations	311.81	294.39	257.73	606.20	499.34	1,060.31
b) Other Income	0.00	0.00	0.00	0.00	0.01	0.01
Total Income	311.81	294.39	257.73	606.20	499.35	1,060.32
Expenditure :
a) Finance Cost	198.74	190.18	166.45	388.92	321.37	677.73
b) Employee Benefit Expenses	15.57	8.40	12.99	23.97	20.85	35.19
c) Other Expenses	9.36	8.10	6.23	17.46	12.93	27.55
d) Depreciation	0.72	0.78	0.80	1.50	(0.46)	1.29
e) Bad Debts Written off	0.12	0.28	0.16	0.40	0.26	2.03
f) Provision for Contingencies	7.05	11.80	3.91	18.85	15.69	15.69
Total Expenditure	231.56	219.54	190.54	451.10	370.64	759.48
Profit Before Tax	80.25	74.85	67.19	155.10	128.71	300.84
Tax Expenses	28.54	24.54	24.10	53.08	43.71	97.04
Net Profit After Tax	51.71	50.31	43.09	102.02	85.00	203.80
Earnings per Share (of 2 each) – Basic ()	1.423	1.384	1.192	2.807	2.352	5.571
– Diluted ()	1.423	1.383	1.190	2.806	2.348	5.566
Debenture Redemption Reserve (*)				–	–	–
Debt Equity Ratio (*)				11.18	10.37	11.55
Debt Service Coverage Ratio (*)				0.42	0.34	0.67
Interest Service Coverage Ratio (*)				1.46	1.46	1.48
Paid-up Debt Capital (*)				35.00	35.00	35.00
Paid-up Equity Share Capital (Face Value of 2)	72.73	72.70	72.61	72.73	72.61	72.68
Reserves and Surplus						638.81

Part – II Selected information for the Quarter/Half year ended September 30, 2015

A. Particulars of Share Holding	Quarter ended Sep 30, 2015	Quarter ended Jun 30, 2015	Quarter ended Sep 30, 2014	Half year ended Sep 30, 2015	Half year ended Sep 30, 2014	Year ended Mar 31, 2015
Public Shareholding
– No. of Shares	150547230	150410310	149982730	150547230	149982730	150306730
– Percentage of Shareholding	41.40	41.38	41.31	41.40	41.31	41.36
Promoter and Promoter Group Shareholding
a) Pledged / Encumbered
– No. of Shares	Nil	Nil	Nil	Nil	Nil	Nil
– Percentage of Shares (as a % of thetotal Shareholding of Promoter andPromoter group)	Nil	Nil	Nil	Nil	Nil	Nil
– Percentage of Shares (as a % of thetotal Share Capital of the Company)	Nil	Nil	Nil	Nil	Nil	Nil
b) Non – Encumbered
– No. of Shares	213077850	213077850	213077850	213077850	213077850	213077850
– Percentage of Shares (as a % of thetotal Shareholding of Promoter andPromoter group)	100	100	100	100	100	100
– Percentage of Shares (as a % of thetotal Share Capital of the Company)	58.60	58.62	58.69	58.60	58.69	58.64
() 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 Earnings Before Interest and Tax + Principal repayment of Loan Assets) / (Interest + Principal repayment of Borrowings).
B. Investor Complaints						Quarter ended Sep 30, 2015
Pending at the beginning of the quarter						Nil
Received during the quarter						1
Disposed off during the quarter						1
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).
Loan Assets have increased from 7,920 crores as on September 30, 2014 to 9,913 crores as on September 30, 2015 registering a growth of 25%.
The aggregate NPAs of the Company are 0.58% of the Loan Assets as against 0.38% of the Loan Assets as on September 30, 2014. The Net NPAs of the Company are 0.20% of the Loan Assets.
During the period under review, there are no transactions in the nature of exceptional or extraordinary items.
Vide circular NHB(ND)/DRS/Policy Circular 65/2014-15 dated August 22, 2014, the National Housing Bank (“NHB”) has directed Housing Finance Companies (HFCs) to provide for a deferred tax liability in respect of amount transferred to “Special Reserve” created under section 36(1)(viii) of the Income Tax Act, 1961. Accordingly, the Company has charged its Statement of Profit & Loss for the quarter and half-year ended September 30, 2015 with the deferred tax liability on additional amount expected to be appropriated towards Special Reserve out of profits.
As per above circular, NHB has advised HFCs to create deferred tax liability in respect of accumulated balance of Special Reserve as on April 1, 2014 from the reserves over a period of 3 years starting with financial year 2014-15, in a phased manner in the ratio of 25:25:50. Accordingly, the Company has created first phase of 25% deferred tax liability on accumulated special reserve as on April 1, 2014 at the year end in annual accounts of FY 2014-15. The Company would create second phase of 25% of deferred tax liability on accumulated Special Reserve as on April 1, 2014 at the year end in annual accounts of FY 2015-16.
During the quarter, ICRA has upgraded GRUH’s Long-Term Borrowing rating from [ICRA] AA+ (pronounced ICRA double A plus) with positive outlook to [ICRA] AAA (pronounced ICRA triple A) with stable outlook.
During the quarter, the Company allotted 1,36,920 Equity Shares pursuant to the exercise of the stock options by certain employees.

A Statement showing Assets and Liabilities as required under clause 41(V) (h) of Listing Agreement is as under:

( in crores)

Particulars	As At September 30,		As At March 31,
Particulars	2015	2014	2015
Equity and Liabilities
Shareholders’ Funds
Share Capital	72.73	72.61	72.68
Reserves and Surplus	741.57	628.54	638.81
	814.30	701.15	711.49

Non-Current Liabilities
Long-Term Borrowings	6,858.44	5,073.97	6,624.14
Deferred Tax Liability (Net)	23.86	0.00	18.78
Other Long-Term Liabilities	84.90	44.66	35.94
Long-Term Provisions	83.73	67.84	66.43
	7,050.93	5,186.47	6,745.29

Current Liabilities
Short-Term Borrowings	1,274.17	1,474.77	973.18
Trade Payables	0.79	0.56	0.92
Other Current Liabilities	1,041.39	794.76	660.76
Short-Term Provisions	5.81	1.99	89.14
	2,322.16	2,272.08	1,724.00
	10,187.39	8,159.70	9,180.78

Assets
Non-Current Assets
Tangible Assets	13.49	11.88	12.73
Intangible Assets	0.87	0.00	1.00
Non-Current Investments	38.38	41.29	50.50
Deferred Tax Assets (Net)	0.00	12.10	00.00
Long-Term Loans and Advances
Loans Others	9,324.19 9.04	7,417.47 11.90	8,384.15 20.00
Other Non-Current Assets	19.95	68.25	21.20
	9,405.92	7,562.89	8,489.58

Current Assets
Current Investments	107.07	34.23	29.32
Cash and Bank Balances	25.99	6.03	74.07
Short-Term Loans and Advances	52.77	50.33	39.06
Other Current Assets
Loans Others	588.80 6.84	502.88 3.34	542.33 6.42
	781.47	596.81	691.20
	10,187.39	8,159.70	9,180.78

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 Schedule III to the Companies Act, 2013.

The estimates and assumptions regarding prepayments and renewals as prescribed by the National Housing Bank (which are taken into account for ALM purpose) are not considered while classifying the assets and liabilities into Current and Non-current.

Previous period/year figures have been regrouped and reclassified, where necessary, to make them comparable with current quarter figures.

The above results for the quarter / half-year ended September 30, 2015, which have been subjected to a ‘Limited Review’ by the Auditors of the Company, were reviewed and recommended by the Audit Committee of Directors and subsequently approved by the Board of Directors at its meeting held on October 19, 2015 in terms of Clause 41 of the Listing Agreement.