Statement of Audited Financial Results for the Quarter / Half Year Ended September 30, 2016

( in crore )

Particulars	Quarter ended Sept 30, 2016	Quarter ended June 30, 2016	Quarter ended Sept 30, 2015	Half Year ended Sept 30, 2016	Half Year ended Sept 30, 2015	Year ended March 31, 2016
Particulars	Reviewed					Audited
Income from Operations :
Revenue from Operations	367.43	346.34	311.81	713.77	606.20	1,275.40
Total Income from Operations	367.43	346.34	311.81	713.77	606.20	1,275.40
Expenditure :
a) Finance Cost	235.14	224.10	198.74	459.24	388.92	807.41
b) Employee Benefit Expenses	17.45	9.74	15.57	27.19	23.97	42.80
c) Other Expenses	9.14	9.66	9.36	18.80	17.46	38.53
d) Depreciation	0.74	0.74	0.72	1.48	1.50	3.03
f) Provisions, Contingencies and Write off	9.13	12.54	7.17	21.67	19.25	21.93
Total Expenditure	271.60	256.78	231.56	528.38	451.10	913.70
Profit from Operations Before Other Income	95.83	89.56	80.25	185.39	155.10	361.70
Other Income	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	95.83	89.56	80.25	185.39	155.10	361.70
Tax Expenses	33.85	29.38	28.54	63.23	53.08	118.12
Net Profit After Tax	61.98	60.18	51.71	122.16	102.02	243.58
Earnings per Share # (of 2 each) – Basic ()	1.703	1.655	1.423	3.358	2.807	6.699
– Diluted ()	1.703	1.655	1.423	3.358	2.806	6.698
Paid-up Debt Capital	35.00	35.00	35.00	35.00	35.00	35.00
Paid-up Equity Share Capital (Face Value of 2/- each)	72.78	72.74	72.73	72.78	72.73	72.74
Reserves excluding Revaluation Reserves as at March 31, 2016						762.56

# Not Annualised for the quarters and half-years.

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).
During the quarter, CRISIL has upgraded GRUH’s Long-Term Borrowings rating from [CRISIL] AA+ (pronounced CRISIL double A plus) with positive outlook to [CRISIL] AAA (pronounced CRISIL triple A) with stable outlook.
GRUH already carries the rating of [ICRA] AAA, (pronounced as ICRA Triple A) with stable outlook from ICRA, to GRUH’s Long – Term Borrowings.
Loan Assets have increased from 9,913 crores as on September 30, 2015 to 12,089 crores as on September 30, 2016 registering a growth of 22%.
The aggregate NPAs of the Company are 0.62% of the Loan Assets as against 0.58% of the Loan Assets as on September 30, 2015. The Net NPAs of the Company are 0.29% of the Loan Assets.
Vide circular NHB(ND)/DRS/Policy Circular 65/2014-15 dated August 22, 2014, the National Housing Bank (“NHB”) had 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, 2016 with the deferred tax liability on additional amount expected to be appropriated towards Special Reserve out of profits. This amount is reflected under the head “Tax Expenses”.
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 and second phase of 25% each deferred tax liability on accumulated special reserve as on April 1, 2014 at the year-end in annual accounts of FY 2014-15 and 2015-16. The Company would create third and final phase of 50% of deferred tax liability on accumulated Special Reserve as on April 1, 2014 at the year-end in annual accounts of FY 2016-17.
During the quarter, the Company allotted 2,12,578 Equity Shares pursuant to the exercise of the stock options by employees.
During the period under review, there are no transactions in the nature of exceptional or extraordinary items.
A Statement showing Assets and Liabilities
( in crores)

Particulars	As At September 30,		As At March 31,
Particulars	2016	2015	2016
Equity and Liabilities
Shareholders’ Funds
Share Capital	72.78	72.73	72.74
Reserves and Surplus	889.56	741.57	762.56
Sub-Total Shareholders’ Funds	962.34	814.30	835.30

Non-Current Liabilities
Long -Term Borrowings	7,243.38	6,858.44	8,628.16
Deferred Tax Liability (Net)	65.29	23.86	58.55
Other Long -Term Liabilities	92.04	84.90	69.64
Long -Term Provisions	98.27	83.73	79.20
Sub – Total Non – Current Liabilities	7,498.98	7,050.93	8,835.55

Current Liabilities
Short-Term Borrowings	2,435.08	1,274.17	23.89
Trade Payables	1.21	0.79	1.18
Other Current Liabilities	1,532.66	1,041.39	1,643.42
Short-Term Provisions	2.68	5.81	103.26
Sub – Total Current Liabilities	3,971.63	2,322.16	1,771.75
Total Equity and Liabilities	12,432.95	10,187.39	11,442.60

Assets
Non-Current Assets
Fixed Assets
Tangible Assets	13.38	13.49	13.83
Intangible Assets	0.67	0.87	0.73
Non-Current Investments	138.94	38.38	32.95
Long-Term Loans and Advances
Loans Others	11,405.16 18.34	9,324.19 9.04	10,497.33 40.26
Other Non-Current Assets	13.00	19.95	28.09
Sub – Total Non – Current Assets	11,589.49	9,405.92	10,613.19

Current Assets
Current Investments	0.00	107.07	109.97
Cash and Bank Balances	54.89	25.99	57.56
Short-Term Loans and Advances	95.33	52.77	37.33
Other Current Assets
Loans Others	683.96 9.28	588.80 6.84	617.22 7.33
Sub – Total Current Assets	843.46	781.47	829.41
Total Assets	12,432.95	10,187.39	11,442.60

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 pre-payments 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”

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

The above results for the quarter and half-year ended September 30, 2016, 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 their meeting held on October 10, 2016 in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.