The company's net profit was Rs 160 crore in the corresponding period last fiscal.
Mortgage lender Dewan Housing Finance Limited (DHFL) on Wednesday reported a 16.4% rise in net profit at Rs 185.90 crore for the third quarter ended December 2015 on higher loan disbursements. The company's net profit was Rs 160 crore in the corresponding period last fiscal.
The total income increased to Rs 1,885.32 crore from Rs 1,524.91 crore in the same period last fiscal.
"The rise in net profit is a reflection of our robust loan disbursement," said DHFL Chairman and Managing Director Kapil Wadhawan. The loan disbursement of the company rose by 31% to Rs 6,428.37 crore.
ALSO READ: DHFL sees 20% loan growth in FY16 on affordable housing demand
"We have registered a robust demand for home loans in the quarter ended December 31, 2015, as we continue to execute our proven business model of delivering value to customers, combined with affordable rates and world-class service deliverance, which is further helping us to bring about consistent top and bottom line growth," he said.
For the first three-quarters of 2015-16, the company clocked 17.54% rise in net profit to Rs 539.53 crore, compared to Rs 459 crore in the nine months of last fiscal. The company reported a total income of Rs 5,347.34 crore in the first nine months of the current fiscal, compared to Rs 4,398.15 crore in the previous financial year.
On the outlook, he said, the government's decision to implement the recommendations of the 7th pay commission, initiate housing for all by 2022, build smart cities and relax the Foreign Direct Investment (FDI) norms in real estate will provide impetus to the housing finance sector.
"We look forward to further strengthening our leadership by steady disbursement in the last quarter of FY16," he added.
Besides, the company has also given approval for issuance of preferential shares to promoter Wadhawan Global Capital Private Ltd.
So fund infusion of up to Rs 500 crore will be made by March 2015 and the promoter holding will go up following the issuance of the warrant, he said.
On Wednesday, the shares of Dewan Housing Finance closed down 4.93% or Rs 9.50 at Rs 183.30 per scrip on the BSE.
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