Statement Unaudited Financial Results Quarter Ended June 30, 2019

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019 PREPARED IN COMPLIANCE WITH THE INDIAN ACCOUNTING STANDARDS (IND-AS)

( in crore except per equity share data)

Particulars
Particulars	Quarter ended June 30, 2019	Quarter ended Mar 31, 2019	Quarter ended June 30, 2018	Year ended Mar 31, 2019
	Reviewed			Audited
Revenue from Operations :
a) Interest Income	520.26	543.77	438.08	1,972.17
b) Fees Income	12.70	13.95	12.86	54.02
c) Others	0.01	0.05	0.01	0.46
Total Revenue from Operations	532.97	557.77	450.95	2,026.65
Expenses :
a) Finance Cost	348.70	374.09	263.14	1,301.20
b) Impairment on Financial Instruments	–	(26.13)	2.50	(16.63)
c) Employee Benefit Expenses	14.29	12.79	14.99	64.76
d) Depreciation and Amortisation	2.88	0.82	0.83	3.40
e) Establishment Expenses	1.59	3.10	3.19	13.06
f) Other Expenses	11.59	14.74	10.59	45.82
Total Expenses	379.05	379.41	295.24	1,411.61
Profit Before Tax	153.92	178.36	155.71	615.04
Tax Expense
– Current Tax	36.10	37.97	40.40	159.79
– Deferred Tax (Net)	2.18	10.74	0.20	8.05
Total Tax Expense	38.28	48.71	40.60	167.84
Profit for the period	115.64	129.65	115.11	447.20
Other Comprehensive Income
(A) Items that will not be reclassified to profit or loss
(i) Re-measurements of defined benefit plans	(0.23)	(0.33)	(0.10)	(0.82)
(ii) Income tax relating to items that will not be reclassified to profit or loss	0.08	0.12	0.03	0.29
Other Comprehensive Income	(0.15)	(0.21)	(0.07)	(0.53)
Total Comprehensive Income for the period	115.49	129.44	115.04	446.67
Earnings per Share (of 2 each)# – Basic ()	1.58	1.77	1.57	6.10
– Diluted ()	1.58	1.76	1.57	6.09
Paid-up Equity Share Capital (Face Value of 2 each)	146.74	146.74	146.29	146.74
Reserves excluding Revaluation Reserves as at March 31				1,744.70

# EPS is not annualized for the quarter ended June 30, 2019, March 31, 2019 and June 30, 2018.

NOTES :

The Financial Results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 – Interim Financial Reporting, prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015 (Ind AS), as amended from time to time, and other accounting principles generally accepted in India.
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 Ind AS 108 “Operating Segments” specified under section 133 of the Companies Act, 2013.
The Board of Directors of the Company, at its meeting held on January 7, 2019, approved a Scheme of Amalgamation, for the merger of GRUH Finance Limited with Bandhan Bank Limited with effect from proposed Appointed Date of January 1, 2019. In this regards, Competition Commission of India, Shareholders, Secured and Unsecured Creditors of the Company have approved proposed scheme of merger. No objection has been received from National Housing Bank, BSE and NSE. The scheme remains subject to receipt of approval of National Company Law Tribunal.The proposed transaction does not have any impact on the current financial statement of the Company as at and for the quarter ended June 30, 2019.
Loan Assets have increased from 15,913 crore as on June 30, 2018 to 17,737 crore as on June 30, 2019 registering a growth of 11%.
As the Company carries a provision of 119.58 crore for the expected future credit losses, as against the required provision under the IND-AS of 53.46 crore (including 8.30 crore for the quarter), no further provision has been considered necessary for the quarter.
The Company has adopted IND-AS 116 “Leases” effective from April 1, 2019 for its lease contracts existing on that date by following the “prospective method” resulting into a recognition of Right of Use Asset of 42.70 crore and a Lease Liability of the equivalent amount. Its effect on the profit for the quarter is insignificant. The comparatives for the year ended March 31, 2019 have not been retrospectively adjusted.
The Financial Statement includes the results for the quarter ended March 31, 2019 which are the balancing figures between the audited figures for the full financial year and the published figures for the nine months ended December 31, 2018 as limited reviewed by the statutory auditors.
Previous period/year figures have been regrouped and reclassified, where necessary, to make them comparable with current quarter figures.

The above Unaudited Financial Results for the quarter ended June 30, 2019 have been reviewed and recommended by the Audit Committee of Directors and subsequently approved by the Board of Directors at its meeting held on July 25, 2019 in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The aforesaid results have been subjected to ‘Limited Review’ by the Statutory Auditors of the Company who have issued unmodified report thereon.