DHFL Appoints Harshil Mehta, CEO As Joint Managing Director and CEO
DHFL, one of India’s leading housing finance companies today announced the appointment of Mr. Harshil Mehta, CEO as Joint Managing Director and CEO of DHFL, as on September 1, 2017.
This development is reflective of DHFL’s commitment to continue the successful implementation of the Group’s vision and ambitious growth strategies. This also signifies DHFL’s endeavours to develop a proficient executive team with broad-based experience to accelerate the organization’s growth, provide greater impetus to support the Housing for All mission and remain focused on serving the LMI customer segment.
Kapil Wadhawan, Chairman and Managing Director, DHFL said, “DHFL’s inception 33 years ago was based on the fundamental necessity of enabling home ownership for customers in the LMI segment. DHFL has been making tremendous progress aligned to the priorities we outlined and has continued to deliver strong organizational performance, on an overall basis. The affordable housing industry is at an extremely exciting stage. Over the last few months, led by several transformative changes undertaken by the Government in India, DHFL demonstrated commendable agility and great responsiveness in leveraging every opportunity that came our way. DHFL has already embarked upon the next stage of growth. We operate in an environment that requires greater speed to market, stronger customer relations and increasing flexibility. To maintain a greater growth momentum, DHFL as a Group, is undertaking strategic steps towards accelerated growth that involve involve several of our business units and an expanded charter for DHFL’s leadership team.
On behalf of all my colleagues on the DHFL Board, I welcome Harshil as a DHFL Board member as he brings a great combination of keen business acumen, a clear vision and strong leadership skills. This step is testimony to the trust and confidence that the board has in Harshil and his leadership capabilities. I am confident that Harshil’s presence on the Board will significantly contribute to DHFL’s ability to leverage new opportunities, anticipate future challenges and navigate through an increasingly competitive business environment.”
Harshil Mehta said, “It is a great honour as well as great responsibility to be present on DHFL’s Board alongside other highly respected members. It is very encouraging that DHFL’s continued committed efforts towards fulfilling its vision of expanding financial inclusion across India through home ownership and various strategic endeavors undertaken, find strong acknowledgment in the industry. As a group, we have a clear growth trajectory to pursue and achieve. A key aspect of DHFL’s industry position and operating performance has been its emergence as a comprehensive financial services provider and continued efforts to broaden it’s services bouquet. An integral part of this endeavor also includes the verticalisation strategy adopted for DHFL’s home loan and non-home loan businesses that has brought greater business focus and leveraged internal synergies. I look forward to working together with every member of DHFL’s leadership team to collaborate across all key businesses, expand our capabilities and further cement DHFL’s leadership position as a comprehensive financial services company focused on expanding financial inclusion across the country.”
DHFL registered a net profit growth of 29% to Rs 260 crore for the quarter ended June 30, 2017. Assets under Management (AUM) grew by 23% quarter-on-quarter, reaching Rs 88,236 crore from Rs 72,012 crore as on June 30, 2017.
Performance Details for the quarter ended June 30, 2017 as compared to the corresponding quarter of the previous year:
- Net profit increased by 29% to 260 crore for the quarter ended June 30, 2017 as against Rs 201 crore in the corresponding quarter of the previous year
- Profit before tax rose by 26% to Rs 381 crore for the quarter ended June 30, 2017 as against Rs 303 crore in the corresponding quarter of the previous year
- Loan book outstanding grew 20% to Rs. 76,225 crore during the quarter ended June 30, 2017 as against Rs 63,647 crore in the corresponding quarter of the previous year
- Loan disbursements and sanctions were Rs 8,237 crore and Rs 10,863 crore, respectively for the quarter ended June 30, 2017, showing an increase of 33% and 23% respectively, over the corresponding period of the previous year
- Total Income was up by 23% to Rs. 2,408 crore during the quarter ended June 30, 2017 as against Rs 1,956 crore in the corresponding quarter of the previous year
- Gross NPA stood at 0.97% amounting to Rs 737 crore
DHFL’s average loan ticket size at the portfolio level stands at Rs 14.3 lakhs. DHFL offers a range of home loan products including home loan, home extension loan, home improvement loan, plot loans, mortgage loan, project loan, SME Loan and non-residential property loan to all customer segments across India, retaining its concerted focus on the low and middle income segment