| Financial Results for the year ended March 31, 2008 |
| PARTICULARS |
Quarter ended
31.3.2008 |
Quarter ended
31.3.2007 |
Nine Months ended
31.12.2007 |
Year ended 31.3.2008 (Audited) |
Year ended 31.3.2007 |
| |
Rupees in crores |
Income from Operations:
Interest Income
Other Operating Income
Profit on Sale of Investments |
2,240.26
69.41
2.54 |
1,527.50
90.14
111.65 |
5,543.73
189.69
130.72 |
7,783.99
259.10
133.26 |
5,314.03
236.19
292.30 |
| Other Income |
8.00 |
4.48 |
11.71 |
19.71 |
20.76 |
| Total Income (excluding Profit on Sale of Investments - Subsidiaries and Associates) |
2,320.21 |
1,733.77 |
5,875.85 |
8,196.06 |
5,863.28 |
Expenditure:
Interest and Other Charges
Staff Expenses
Other Expenses
Depreciation |
1,359.79
31.03
35.35
4.49 |
1,005.06
21.35
26.09
5.15 |
3,783.09
86.77
146.19
12.11 |
5,142.88
117.80
181.54
16.60 |
3,666.85
91.27
152.90
17.46 |
| Total Expenditure |
1,430.66 |
1,057.65 |
4,028.16 |
5,458.82 |
3,928.48 |
| Profit Before considering Exceptional Items |
889.55 |
676.12 |
1,847.69 |
2,737.24 |
1,934.80 |
| Exceptional Items - Profit on Sale of Investments - Subsidiaries and Associates (Refer Note 4 below) |
202.07 |
0.00 |
434.19 |
636.26 |
32.98 |
| Profit Before Tax |
1,091.62 |
676.12 |
2,281.88 |
3,373.50 |
1,967.78 |
| Tax Expense |
323.50 |
126.07 |
613.75 |
937.25 |
397.40 |
| Net Profit After Tax |
768.12 |
550.05 |
1,668.13 |
2,436.25 |
1,570.38 |
Earnings per Share - (Rs)
Basic
Diluted |
27.34
26.39 |
21.91
20.32 |
62.52
58.89 |
89.86
85.28 |
62.65
58.25 |
Paid-up Equity Share Capital
(Face value Rs 10) |
284.04 |
253.00 |
281.57 |
284.04 |
253.00 |
| Reserves as at March 31 |
|
|
|
11,663.31 |
5,298.39 |
Aggregate of public Shareholding:
Number of Shares
Percentage of Shareholding |
|
|
28,15,70,039
100 |
28,40,37,985
100 |
25,30,06,607
100 |
Consolidated Financial Results |
PARTICULARS |
Year ended 31.3.2008
(Unaudited) |
Year ended 31.3.2007
(Audited) |
|
Rs in crores |
Income from Operations:
Interest Income
Other Operating Income
|
8,036.42
833.73
|
5,458.98
913.75
|
Other Income |
20.07 |
21.19 |
Total Income (excluding Profit on Sale of Investments - Subsidiaries and Associates) |
8,890.22 |
6,393.92 |
Expenditure:
Interest and Other Charges
Staff Expenses
Other Expenses
Depreciation
|
5,271.97
228.53
618.62
31.89
|
3,761.35
268.61
410.77
57.38
|
Total Expenditure |
6,151.01 |
4,498.11 |
Profit Before considering Exceptional Items |
2,739.21 |
1,895.81 |
Exceptional Items - Profit on Sale of Investments - Subsidiaries and Associates |
676.70 |
32.98 |
Profit before Tax |
3,415.91 |
1,928.79 |
Tax Expense |
1,036.88 |
447.12 |
Net Profit (before profit of Associates and adjustment for minority interest) |
2,379.03 |
1,481.67 |
Net share of profit of Associates (Equity Method) |
354.74 |
267.35 |
Share of profit of minority shareholder |
21.58 |
7.04 |
Profit after Tax attributable to the Corporation |
2,712.19 |
1,741.98 |
Earnings per Share – Basic (Rs.) |
100.07 |
69.52 |
Earnings per Share – Diluted (Rs.) |
94.94 |
64.63 |
Paid-up Equity Share Capital
(Face value Rs 10) |
284.04 |
253.00 |
Reserves as at March 31 |
14,134.03 |
6,201.88 |
Aggregate of public Shareholding
Number of Shares
Percentage of Shareholding
|
28,40,37,985
100
|
25,30,06,607
100
|
The disclosure in terms of Accounting Standard 17 on ‘Segment Reporting’ notified by the Companies (Accounting Standard) Rules, 2006 |
| |
Consolidated |
PARTICULARS
|
Year ended 31.3.2008
(Unaudited) |
Year ended 31.3.2007
(Audited) |
| |
Rs in crores |
Segment Revenues
Housing
Life Insurance
General Insurance
Asset Management
Call Centre and Data Processing
Others
|
8,398.64
84.71
6.31
398.74
-
77.83
|
6,042.86
22.69
5.30
213.58
191.35
51.12
|
Total Segment Revenues
Less : Inter-segment adjustments |
8,966.23
76.01 |
6,526.90
99.21 |
Total Income |
8,890.22 |
6,427.69 |
Segment Results
Housing
Life Insurance
General Insurance
Asset Management
Call Centre and Data Processing
Others |
3,432.76
(243.51)
(16.77)
240.33
-
27.81 |
2,004.81
(125.56)
2.50
119.60
(1.16)
15.72
|
Total Segment Results
Less : Inter-segment adjustments
Less : Unallocated Expenses |
3,440.62
24.71
1,036.88 |
2,015.91
87.12
447.12 |
Profit before Tax |
2,379.03 |
1,481.67 |
Capital Employed
Housing
Life Insurance
General Insurance
Asset Management
Others |
12,871.59
9,042.99
102.76
513.38
99.32 |
5,335.51
4,990.17
94.44
142.15
94.35
|
- The Directors have recommended a dividend of Rs 25 per share.
- Approvals during the year ended March 31, 2008 aggregated to Rs 42,520 crores as compared to Rs 33,332 crores during the corresponding period in the previous year - representing an increase of 28%. Disbursements during this period amounted to Rs 32,875 crores as compared to Rs 26,178 crores during the corresponding period in the previous year - representing an increase of 26%.
- Other Operating Income for the year ended March 31, 2008 includes Dividend Income of Rs 68.64 crores (Previous Year Rs 117.89 crores) and Surplus on deployment of funds in Cash Management Schemes of Mutual Funds of Rs 111.78 crores (Previous Year Rs 38.76 crores).
- (i) Exceptional Item during the quarter represents profit of Rs 202.07 crores (net of tax Rs 156.28 crores) on sale of a part of the Corporation’s investment in its subsidiary - HDFC ERGO General Insurance Company Ltd. Consequent to the said sale, the Corporation’s shareholding in the said subsidiary stands at 74%.
ii) In earlier quarters, the Corporation had realized a profit of Rs 434.19 crores (net of tax Rs 335.80 crores) on sale of its entire holding in Intelenet Global Services Pvt Ltd and sale of a part of its holding in HDFC Standard Life Insurance Company Ltd to Standard Life Group, UK thereby increasing their stake in the company to 26%.
- In accordance with past practice, the Corporation has not recognized a net gain of Rs 293.59 crores on mark to market of derivatives (other than those covered by Accounting Standard 11) in its Profit and Loss Account. This is also in accordance with the recent announcement by The Institute of Chartered Accountants of India on accounting for derivatives.
- During the quarter ended March 31, 2008, the Corporation has allotted 16,06,116 equity shares of Rs 10 each pursuant to conversion of FCCBs and 8,61,830 equity shares pursuant to exercise of stock options by certain employees.
- The standalone Corporation’s main business is to provide loans for the purchase or construction of residential houses. All other activities of the standalone Corporation revolve around the main business. As such, there are no separate reportable segments, for the standalone Corporation, as per Accounting Standard on Segment Reporting (AS 17), issued by the Institute of Chartered Accountants of India.
- There was no investor complaint that was unresolved as of January 1, 2008. During the quarter ended March 31, 2008, the Corporation received two investor complaints, both of which were resolved. As such there was no unresolved investor complaint at the end of the said quarter.
- Figures for the previous period have been regrouped wherever necessary, in order to make them comparable.
The above results were reviewed and recommended by the Audit Committee of Directors and subsequently approved by the Board of Directors at the meeting held on April 30, 2008.
Deepak S Parekh
Chairman
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