Housing Development Finance Corporation Ltd has posted a 28.86 per cent rise in its consolidated net profit at Rs 951.17 crore (Rs 9.51 billion) for the fiscal ended March 31, 2004, compared to Rs 738.09 crore (Rs 7.38 billion) in the previous financial year.
The board has recommended a dividend of Rs 13.5 per share for the fiscal 2003-04, HDFC said in a release on Friday.
The income of operations on consolidated basis for FY04 increased to Rs 3,248.15 crore (Rs 32.48 billion) [Rs 3,085.05 crore (Rs 30.85 billion) in FY03], the housing finance major said.
On a standalone basis, the net profit jumped to Rs 851.78 crore (Rs 8.52 billion) [Rs 690.29 crore (Rs 6.90 billion)] in FY04 with income of operations pegged at Rs 3,068.76 crore (Rs 30.69 billion) [Rs 2,967.32 crore (Rs 29.67 billion)].
For the fourth quarter ended March, net profit and income from operations stood at Rs 297.97 crore (Rs 2.98 billion) [Rs 239.19 crore (Rs 2.39 billion)] and Rs 824.31 crore (Rs 8.24 billion) [Rs 789.17 crore (Rs 7.89 billion)], respectively.
Approvals for FY04 aggregated to Rs 15,216 crore (Rs 152.16 billion) [Rs 11,732 crore (Rs 117.32 billion)], representing an increase of 30 per cent.
Disbursements for the year rose by 28 per cent to Rs 12,697 crore (Rs 126.97 billion) [Rs 9,951 crore (Rs 99.51 billion)].
HDFC, in a communication to BSE, said the board has given an approval to raise upto $500 million by issuance of foreign currency bonds or such other securities, subject to a nod by the shareholders and other necessary clearances.
The loan portfolio, inclusive of investment in preference shares, debentures and inter-corporate deposits for financing real estate projects, as on March 2004 amounted to Rs 28,860 crore (Rs 288.60 billion) [Rs 22,668 crore (Rs 226.68 billion)], representing an increase of 27 per cent.
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