Dewan Housing Finance Reports Significant Profit Growth
Dewan Housing Finance Corporation (DHFL) has announced a substantial increase in its net profit for the quarter ending March 2008. The company's net profit rose by 11.78% to Rs 29.44 crore, compared to Rs 13.51 crore during the same period in the previous year.
Key Financial Highlights:
- Income Growth: DHFL's income witnessed a significant surge of 45.4%, reaching Rs 148.02 crore in January-March 2008, up from Rs 101.80 crore in the corresponding period last year.
- Profit before Depreciation and Tax: The company posted a 10.7% increase in profit before depreciation and tax, standing at Rs 36.74 crore in the fourth quarter.
- Provisions for Taxes: Taxes provisions saw a notable 98% rise to Rs 6.95 crore in the fourth quarter of the previous financial year.
Dividend Announcement
The Dewan Housing board has recommended a 10% final dividend, in addition to the 15% interim dividend paid during the previous financial year.
Private Equity Fund Plans
According to Mr. Kapil Wadhawan, Vice-Chairman and Managing Director, DHFL is set to raise $250 million for the private equity fund by March next year. Initial investors are expected from West Asia and the UK, with over half of the corpus allocated towards real estate projects in emerging cities. Notably, the company had earlier raised Rs 100 crore for another private equity fund, which has been fully invested in various real estate projects.