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Not defaulted on any financial obligations, reiterates DHFL

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Housing finance company DHFL Monday again asserted that it has not defaulted on any financial obligations and there has been no instance of delay in repayment of any liability.

The company’s shares had tanked by over 42 per cent on Friday, in sync with the broader market trend, due to concerns of liquidity crisis and exposure of non-banking financial companies (NBFCs) to the beleaguered IL&FS Financial Services.

“DHFL today reiterated that the company has neither defaulted on any bonds or repayment of its financial obligations, nor has there been any instance of delay on any repayment of any liability,” a company statement said.

The company Friday had also assured that it has not defaulted on any bonds or repayment.

On September 21, 2018, DHFL fulfilled its commitment of repaying commercial papers worth Rs 575 crore, and as per schedule and terms, the company is repaying Rs 400 crore on September 24, 2018, it said further.

The company said it has also received re-affirmation of credit ratings from CARE and ICRA, indicating a very strong degree of safety regarding timely payment of the financial obligations.

“The reiteration by CARE and ICRA on the high degree of safety of DHFL’s bonds and the organisation’s total commitment to its financial obligations, come at a very critical time.

“Over the past three decades, DHFL has been playing an increasingly transformative role in nation building by expanding home ownership and financial inclusion, transforming the lives of millions of Indian in the LMI and EWS segments,” Kapil Wadhawan, Chairman and MD, DHFL said.

Aligned to a high growth outlook, DHFL ensured of strong fundamentals and said its asset under management (AUM) has been growing at a compounded annual growth rate (CAGR) of 26.4 per cent and with a yearly growth of 387 per cent.

The AUM as on June 30, 2018 stood at Rs 1.21 lakh crore, as against Rs 88,235.70 crore the year-ago period.

DHFL continues to expand its loan disbursements in the affordable housing segment which were Rs 13,582.9 crore for the quarter ended June 30, 2018, demonstrating a 65 per cent increase over the corresponding quarter of the previous year, it said.

“DHFL’s aggressive growth over the last few years have been also reflected in CARE AAA (Triple A) credit rating, and DHFL has also been assigned BWR AAA by Brickworks Ratings. Backed by very robust financial performance, DHFL holds strong liquidity of approximately Rs 10,000 crore in the system to serve all its commitments and liabilities,” Wadhawan said.

On Friday, shares of Dewan Housing Finance Corporation (DHFL) had nosedived to its 52-week low by falling by as much as 59.67 per cent to Rs 246.25 apiece on BSE and closed the session down by 42.43 per cent at Rs 351.55.

The company scrips, however, staged a recovery on bourses Monday and traded 15 per cent higher at Rs 404.30 post noon trade on BSE.

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