4 May 2016
4QFY16 Results Update | Sector:
Financials
BSE SENSEX
25,120
Bloomberg
Equity Shares (m)
M.Cap. (INR b) / (USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val (INR m)
Free float (%)
S&P CNX
7,707
DEWH IN
291.8
57.8/0.9
268 / 141
0/-3/-3
328
65.1
CMP: INR198
TP: INR289 (+46%)
Dewan Housing
Buy
Financials & Valuation (INR Billion)
Y/E MAR
NII
PPP
Adj. PAT
EPS (INR)
EPS Gr. (%)
BV (INR)
RoAA (%)
RoE (%)
Payout (%)
Valuations
P/E (x)
P/BV (x)
P/ABV (x)
Div. Yield
(%)
7.9
1.2
1.2
4.0
6.7
1.0
1.0
3.0
5.5
0.9
0.9
3.7
2016 2017E 2018E
16.6
12.8
7.3
25.0
17.2
172
1.2
15.1
37.1
19.9
15.2
8.6
29.4
17.9
194
1.2
16.1
23.2
24.1
18.7
10.6
36.2
22.8
221
1.2
17.4
23.2
Dewan Housing Finance’s (DEWH) PAT grew 16.9% YoY to INR1.9b in 4QFY16.
While the net income was in line with our estimate, though higher expenses (led
by advertisement and CSR) led to a 6% PAT miss. Healthy AUM growth of 22% YoY
and 5.3% QoQ to INR695b, margin expansion of 7bp YoY to 2.96% and stable asset
quality were the key highlights of DEWH’s performance in the quarter.
Business momentum remained strong for DEWH in 4QFY16, with
sanctions/disbursements up 36%/22% YoY to INR128b/INR78.2b. Increased
repayments of 7.2% as against a run-rate of 4.5% were due to higher pre-
payments and shift in loan mix towards non-housing portfolio, which stood at 28%
of AUM, as compared to 23% in 4QFY15.
Reported NIM improved by 7bp YoY to 2.96%, led by a decline of 61bp YoY in cost
of funds to 9.67%, but was partly offset by moderating yields owing to competitive
pressures.
Asset quality remained stable, with GNPLs of 93bp, as against 95bp in 4QFY15.
However, provisions were higher at INR500m, as the company was required to
make increased provisioning for non-housing loans.
Other highlights:
a) DEWH received INR1.25b as the first tranche of warrant
money (the company had issued convertible warrants of INR5b to the promoter
group company), b) Tier 1 improved by 63bp QoQ to 13.26%, c) Average ticket
size stood at INR1.24m.
Valuation and view:
DEWH continues to perform well on the growth and asset
quality fronts. The company’s margins have improved, and a rating upgrade,
coupled with reduction in base/wholesale rates, is likely to drive further margin
expansion. Moreover, the management’s commitment to lower costs could
provide delta to earnings. The stock trades at 1x FY17E P/B and 6.7x P/E, which is
at a steep discount in comparison to other HFCs, though DEWH’s expected margin
improvement and cost reduction could narrow this gap. Maintain Buy with a TP of
INR289 (1.5x FY17E ABV).
Sunesh Khanna
(Sunesh.Khanna@MotilalOswal.com); +91 22 3982 5521
Alpesh Mehta
(Alpesh.Mehta@MotilalOswal.com) +91 22 3982 5415
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

Dewan Housing
Exhibit 1: Quarterly performance and reason for deviations
Particulars
Total income
Interest expenses
Net Income
Opex (inc. provisions)
Profit before Tax
Tax Provisions
PAT before extraordinary item
Extraordinary Gain
PAT after extraordinary item
Int Exp/ Op. Inc. (%)
Cost to Income Ratio (%)
Tax Rate (%)
4QFY16A
19,666
14,786
4,880
2,050
2,830
934
1,897
0
1,897
75.2
42.0
33.0
4QFY16E
19,422
14,547
4,875
1,812
3,063
1,042
2,021
0
2,021
74.9
37.2
34.0
v/s Est.
1
2
0
13
-8
-10
-6
-6
Comments
NII In-line; Margins expand 7bp YoY
Higher other expenses led to increased opex
Tax rate of 34%
Higher expenses led to PAT miss
Source: MOSL
Growth remains healthy; AUM growth +22% YoY
Growth momentum continued during the quarter, with AUM grew +22% YoY
(5.3%QoQ) to INR695b, whereas loan book grew 21% YoY (4.7% QoQ) to INR
617b. Sanctions grew by +36% YoY (up 37% QoQ, due to seasonality) to INR127b
and disbursements grew 24% YoY (22% QoQ) to INR78.2b.
DEWH securitized assets worth INR12.4b during the quarter, and INR40b during
the year; off balance sheet assets now stand at INR72b i.e. 11% of AUM.
Increased repayments of 7.2% v/s a run-rate of 4.5% were due to higher pre-
payments and changing loan mix towards non-housing portfolio.
The proportion of non-housing loans (Commercial, LAP, Builders and SME
financing) in the overall mix increased to 28% v/s 25% in FY15.
The average ticket size for the outstanding loan book increased to INR1.24m v/s
INR1.22m in 3QFY16, whereas loan to value stood at 49% v/s 56% in 3QFY15.
NIMs improve 7bp YoY; competitive pressure building
Reported NIMs improved 7bp YoY to 2.96%, led by a 61bp YoY decline in cost of
funds to 9.67%, but were partly offset by moderating yields on account of
competitive pressures. Management highlighted that despite high yielding non-
mortgage share increasing, yields are under pressure due to intense competition
and incremental mortgage business is happening at 10.5%
Lower cost of fund is on back of company’s effort to replace its high cost bank
funding with lower priced market papers. DEWH has been able to bring down its
bank borrowing to 53% from 58% in 4QFY15. Management expects to bring
down bank borrowings to 45% in next 2 years. Moreover DHFL has benefitted
from reduction in base rates by banks as bank funding which forms 53% of total
borrowings.
Asset quality stable; PCR of +100%
GNPAs remained stable at 93bp (95bp in 4QFY15) company continues to
adequately provide for all the GNPAs (PCR of +100%) resulting in nil NNPA.
GNPLs in home loan segment stands at 74bps whereas non-mortgage segment
are 124bps.
Provisions were higher at INR500m as the company has to make higher
provisions for non-housing loans.
2
4 May 2016

Dewan Housing
Other Highlights
Company received INR1.25b as first tranche of warrant money (DEWA had
issued convertible warrants of INR5b to promoter group)
Other expenses were higher due to higher advertisement expenses and CSR
expenses.
DEWA received INR2b from building from developer.
Capital adequacy stands at 16.4%, with tier 1 of 12.6%; CAR stood at 17.03%
Valuation and view
DEWH continues to perform well on growth and asset quality front; we expect
the loan growth to remain healthy at a CAGR of 23% over FY16-18 and asset
quality remains healthy with +100% provision coverage ratio.
While the margins have improved further tailwinds for margins exists as
wholesale funds have declined sharply and the company continues to replace
bank borrowings with bonds. Management expects to bring down bank
borrowings to 45% over the next 2 years. Moreover rating upgrade to AAA (by
CARE Ratings) coupled with reduction in banks base rates during 3QFY16 are
likely to provide further leg up to margins.
Management is committed to bring down the costs structure by improving
productivity, rationalizing branch network, centralizing back-end operations.
The stock is trading at 1x FY17E ABV, is a steep discount compared to other HFCs
(all trading above 2.4x P/B), expected improvement in margins and reduction in
cost can lead to narrowing of this gap. We estimate RoA/RoE at 1.3%/17.4% for
FY18. Better than expected growth and cost control should provide upsides to
our RoA/RoE estimates. Maintain Buy with a price target of INR289 (1.5x FY17
Adjusted book value).
Key concerns:
1) Though the asset quality performance has remained healthy, it
remains monitorable 2) Cost to income ratio remains higher than peers at ~30%
Exhibit 3: One year forward P/B chart
Avg(x)
Min(x)
14.6
3.0
2.5
2.0
6.0
1.5
1.0
0.5
0.0
0.3
1.0
1.1
PB (x)
Peak(x)
Avg(x)
Min(x)
2.8
Exhibit 2: One year forward P/E chart
20
15
10
5
0
2.5
6.6
PE (x)
Peak(x)
Source: MOSL
Source: MOSL
4 May 2016
3

Dewan Housing
Exhibit 4: Quarterly Snapshot
1Q
Profit and Loss (INR m)
Interest Income
Interest Expenses
Net Interest Income
Fees and Other Income
Total Income
Operating Expenses
Employee
Others
Operating Profits
Provisions
PBT
Taxes
PAT
Asset Quality (%)
GNPA
NNPA
Provisions coverage
Ratios (%)
Cost to Income
Tax Rate
CAR
Tier I
Margins Reported - Cumulative (%)
Cost of Funds
NIMs
Business (INR b)
Sanctions
Disbursements
Loan book
Average ticket size Rs lac
Borrowing Mix (%)
Banks and FI
NHB
NCD
Deposits
Others
Multilateral Agencies
FY14
2Q
3Q
4Q
1Q
FY15
2Q
3Q
4Q
1Q
FY16
2Q
3Q
4Q
Variation (%)
QoQ YoY
4
4
3
29
5
13
9
16
1
4
1
-1
2
24
26
20
21
20
28
12
41
16
43
13
5
17
10,641 11,073 12,465 13,580 13,985 14,120 14,884 15,406 16,331 17,640 18,461 19,159
8,380 8,787 9,878 10,782 10,706 10,801 11,336 11,754 12,343 13,575 14,197 14,786
2,261 2,286 2,587 2,798 3,279 3,319 3,548 3,652 3,988 4,065 4,264 4,373
433 599 549 591
281
387 381 419
201 477 392 507
2,694 2,885 3,136 3,389 3,560 3,706 3,929 4,071 4,189 4,542 4,656 4,880
854 1,060 917 1,222 1,086 1,226 1,264 1,210 1,256 1,318 1,372 1,550
393 403 401 564
449
472 490 549
550 549 563 615
461 657 516 658
637
754 774 661
705 769 809 935
1,840 1,825 2,219 2,167 2,474 2,480 2,665 2,861 2,934 3,223 3,285 3,330
250 100 250 100
250
200 250 350
320 450 480 500
1,590 1,725 1,969 2,067 2,224 2,280 2,415 2,511 2,614 2,773 2,805 2,830
387 434 585 655
753
758 819 888
881 970 946 934
1,203 1,291 1,384 1,412 1,471 1,523 1,596 1,623 1,733 1,804 1,859 1,897
0.8
0.8
0.9
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.8
1.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
97.4 102.9 90.7 104.4 104.6 107.4 108.2 100.2 106.9 111.3 110.8 101.7
31.7
21.0
16.4
11.1
10.6
2.7
48
36
351
10
70
6
12
0
12
0
36.7
23.8
18.0
12.4
10.6
2.7
44
33
358
10
68
6
12
0
13
0
29.2
26.4
17.5
12.3
10.5
2.7
59
40
379
10
68
6
19
0
7
0
36.1
30.2
17.2
12.0
10.6
2.7
73
56
406
11
69
5
20
0
7
0
30.5
30.4
16.5
11.6
10.5
2.8
59
43
428
11
63
5
24
7
0
1
33.1
30.6
16.2
11.6
10.5
2.8
61
43
447
11
64
4
25
8
0
0
32.2
30.7
15.5
10.9
10.3
2.8
71
49
478
12
60
4
28
8
0
0
29.7
31.0
16.5
12.5
10.3
2.9
94
63
510
12
58
3
28
8
0
3
30.0
30.0
15.8
12.0
10.0
2.9
79
49
538
12
55
3
32
8
0
3
29.0
30.1
15.3
11.6
9.9
2.9
77
50
563
12
54
3
33
8
0
2
29.5
28.8
16.4
12.6
9.6
2.9
93
64
590
12
31.8
28.0
17.0
13.3
9.7
3.0
128
78
618
0
37
22
5
36
24
21
53
53
3
2
32
33
8
8
0
0
4
4
Source: Company, MOSL
4 May 2016
4

Dewan Housing
Story in charts
Exhibit 5: Sanctions grew at healthy +36% YoY (INR b)
Sanctions (INR b)
YoY Gr. (%)
Exhibit 6: Disbursement growth at +24% YoY
Disbursement (INR b)
YoY Gr. (%)
33 39 51 48 44
59 61 71 94 79 77 93 128
59 73
24 30 29 36 33 40 56 43 43 49 63 49 50 64 78
Source: Company, MOSL
Source: Company, MOSL
Exhibit 7: Falling CoF led to YoY NIM improvement (%)
Exhibit 8: AUM Mix: Non-retail now forms 28% of AUM
Individual Loans
5
13
5
14
5
14
6
16
5
16
Commercial / LAP
6
17
77
5
18
7
18
75
6
18
74
Project Loans
6
17
76
8
16
74
9
16
72
82
81
81
79
79
77
Source: Company, MOSL
Source: Company, MOSL
Exhibit 9: High cost bank borrowings decrease to 500bp YoY
12
6
12
70
Banks
Money market
6
7
7
8
8
14
5
4
4
6
5
6
19 20 24 25 28
12
68
68
69
63
64
60
NHB
11 10
3
3
28 32
58
55
Others
10 12
3
3
33 32
54
53
12
2
33
53
Exhibit 10: AUM growth remains healthy (%)
AUM (INRb)
28.0 28.1 26.9
AUM growth (%)
28.0 27.3
25.3
24.3
22.2
469
494
526
569
600
628
660
695
Source: Company, MOSL
Source: Company, MOSL
4 May 2016
5

Dewan Housing
Exhibit 11: Financials:
Valuation
metrics
66
ICICIBC*
HDFCB
AXSB
KMB*
YES
IIB
DCBB
FB
JKBK
SIB
Private Aggregate
SBIN (cons)*
PNB
BOI
BOB
CBK
UNBK
OBC
INBK
CRPBK
ANDB
IDBI
DBNK
Public Aggregate
HDFC*
LICHF
DEWH
IHFL
GRHF
REPCO
RECL
POWF
SHTF
MMFS
BAF
MUTH
SKSM
NBFC Aggregate
Rating
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
CMP
(INR)
215
1,127
462
712
918
1,040
90
49
66
18
180
81
86
149
189
118
84
95
37
51
67
29
1,131
451
198
669
256
616
171
173
1,043
307
6,947
194
596
Mcap
(USDb)
18.9
43.2
16.7
19.7
5.8
9.4
0.4
1.3
0.5
0.4
116.2
21.2
2.4
1.0
5.2
1.6
1.2
0.4
0.7
0.1
0.5
1.9
0.2
36.4
27.1
3.5
0.9
4.3
1.4
0.6
2.6
3.5
3.6
2.6
5.6
1.2
1.1
58.0
EPS (INR)
FY17
18.1
58.5
35.0
24.7
74.6
50.5
7.1
3.7
18.0
3.1
24.1
16.8
4.0
16.4
47.3
28.2
25.0
21.1
18.7
22.8
5.7
10.0
FY18
20.8
70.3
41.0
31.3
91.8
63.8
8.4
4.5
21.6
3.7
28.7
21.6
18.7
20.7
55.2
38.4
32.2
27.4
21.6
27.9
8.7
15.6
P/E (x)
FY17
8.1
19.3
13.2
28.8
12.3
20.6
12.7
13.1
3.7
5.8
17.0
7.0
4.8
21.3
9.1
4.0
4.2
3.4
4.5
2.0
2.2
11.6
2.9
7.3
31.2
11.2
6.2
9.9
30.7
18.8
3.9
4.2
13.8
19.8
22.9
7.8
17.4
14.5
FY18
6.4
16.0
11.3
22.8
10.0
16.3
10.8
10.9
3.1
4.8
14.3
5.8
3.8
4.6
7.2
3.4
3.1
2.6
3.5
1.7
1.8
7.7
1.9
5.7
27.0
9.3
4.9
8.2
24.0
14.7
3.4
4.0
11.1
16.3
19.0
6.1
13.0
12.5
BV (INR)
P/BV (x)
RoA (%)
RoE (%)
36
42
40
49
32
40
68
82
8
11
33
42
44
50
42
43
75
94
16
19
303 366
25
32
34
46
FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18
145 159 1.01 0.84 1.19 1.22 11.1 11.8
332 386 3.39 2.92 1.88 1.85 18.9 19.6
251 285 1.84 1.62 1.45 1.43 14.7 15.2
206 237 3.45 3.00 1.38 1.54 13.9 14.8
387 460 2.37 1.99 1.71 1.72 20.9 21.7
334 389 3.11 2.67 1.92 1.96 16.2 17.6
69
77 1.31 1.17 0.94 0.90 10.9 11.5
50
53 0.98 0.92 0.64 0.65 7.7 8.7
152 168 0.44 0.39 1.02 1.07 12.4 13.5
31
34 0.57 0.52 0.58 0.61 10.3 11.4
2.35 2.08
243 266 0.69 0.63 0.61 0.64 10.2 11.3
220 239 0.37 0.34 0.48 0.55 7.9 9.4
318 334 0.27 0.26 0.05 0.19 1.3 5.7
171 187 0.87 0.79 0.49 0.55 9.9 11.5
584 626 0.32 0.30 0.41 0.43 8.4 9.1
323 354 0.37 0.33 0.45 0.54 9.1 11.3
458 483 0.18 0.17 0.29 0.33 5.6 6.8
290 311 0.33 0.31 0.45 0.51 7.5 9.1
152 169 0.24 0.22 0.57 0.59 12.9 13.4
196 216 0.26 0.24 0.62 0.65 12.2 13.6
125 132 0.53 0.51 0.29 0.39 4.7 6.8
128 141 0.23 0.21 0.38 0.53 8.0 11.6
0.57 0.53
192 216 5.90 5.23 2.29 2.28 19.4 20.1
213 252 2.12 1.79 1.51 1.51 20.4 20.9
203 234 0.98 0.85 1.25 1.27 16.9 18.3
302 336 2.21 1.99 3.84 3.69 23.4 25.7
28
35 9.00 7.24 2.33 2.34 32.4 33.5
181 218 3.41 2.83 2.16 2.10 19.7 21.0
332 370 0.51 0.46 1.90 1.88 14.0 14.4
310 341 0.56 0.51 2.07 1.85 14.1 13.2
507 581 2.06 1.79 2.17 2.27 15.7 17.1
119 133 2.58 2.31 2.14 2.26 13.7 15.0
1,622 1,928 4.28 3.60 3.04 2.79 20.3 20.6
156 177 1.24 1.10 2.96 3.22 16.8 19.2
142 177 4.21 3.37 5.25 5.46 27.5 28.8
2.27 2.03
*Multiples adj. for value of key ventures/Investments; For ICICI Bank and HDFC Ltd BV is adjusted for investments in subsidiaries
4 May 2016
6

Dewan Housing
Financials and valuations
Income Statement
Y/E March
Operating Income
Interest Expended
Net Interest Income
Change (%)
Fee Income
Net Income
Change (%)
Operating Expenses
Operating Profit
Change (%)
Provisions
% of average loans
Extra ordinary Income
PBT
Tax
Tax Rate (%)
Reported PAT
Change (%)
Adjusted PAT
Change (%)
Proposed Dividend
Balance Sheet
Y/E March
Share Capital
Reserves & Surplus
Net Worth
Borrowings
Change (%)
Total Liabilities
Investments
Change (%)
Loans
Change (%)
Net Fixed Assets
Net Current Assets
Total Assets
E: MOSL Estimates
2011
18,456
13,901
4,555
35.1
1,495
7,126
108.0
2,562
4,564
105.4
214
0.15
354
4,704
1,131
24
3,574
125.6
3,220
103.3
521
2012
28,633
23,496
5,138
28.6
2,395
8,899
24.9
3,349
5,551
21.6
463
0.20
250
5,338
1,304
24
4,034
12.9
3,784
17.5
478
2013
37,977
31,194
6,783
32.0
1,992
9,596
7.8
3,039
6,557
18.1
450
0.2
0
6,107
1,588
26
4,519
12.0
4,519
19.4
720
2014
46,705
37,826
8,879
30.9
2,280
11,851
23.5
3,800
8,051
22.8
700
0.2
0
7,351
2,061
28
5,290
17.1
5,290
17.1
1,202
2015
57,160
44,596
12,564
41.5
1,860
15,221
28.4
4,740
10,480
30.2
1,050
0.2
0
9,430
3,218
34
6,213
17.4
6,213
17.4
968
2016
71,541
54,900
16,641
32.4
1,577
18,267
20.0
5,495
12,771
21.9
1,750
0.3
0
11,021
3,730
34
7,292
17.4
7,292
17.4
2,800
2017E
85,066
65,197
19,868
19.4
1,735
21,603
18.3
6,363
15,240
19.3
2,200
0.3
0
13,040
4,447
34
8,593
17.9
8,593
17.9
2,002
(INR Million)
2018E
102,475
78,356
24,118
21.4
1,943
26,061
20.6
7,349
18,712
22.8
2,700
0.3
0
16,012
5,460
34
10,552
22.8
10,552
22.8
2,459
(INR Million)
2018E
2,918
61,437
64,355
899,186
22.6
963,540
9,660
16.6
926,996
22.0
11,289
15,595
963,540
2011
1,044
14,512
15,556
206,897
122.3
224,978
6,877
562.7
199,304
117.1
2,354
12,991
224,978
2012
1,168
19,159
20,327
246,717
19.2
268,971
2,141
-46.8
254,694
27.8
2,582
6,059
268,971
2013
1,282
31,089
32,371
322,527
30.7
354,898
2,750
-36.3
342,219
34.4
4,379
5,549
354,898
2014
1,284
34,465
35,750
398,749
23.6
434,498
7,215
71.9
408,732
19.4
9,877
8,674
434,498
2015
1,457
44,901
46,358
494,456
24.0
540,814
10,062
19.8
515,109
26.0
9,846
5,796
540,814
2016
2,918
47,252
50,170
611,037
23.6
661,207
8,932
17.9
617,750
19.9
10,338
24,187
661,207
2017E
2,918
53,686
56,604
733,238
20.0
789,842
9,379
17.5
759,833
23.0
10,855
9,776
789,842
4 May 2016
7

Dewan Housing
Financials and valuations
Ratios
Y/E March
Spreads Analysis (%)
Avg. Yield - Housing loans
Avg. Cost of Funds
Interest Spread on Housing loans
Net Interest Margin (On AUM)
Profitability Ratios (%)
RoAE
RoAA
Int. Expended/Int.Earned
Other Inc./Net Income
Efficiency Ratios (%)
Fees/Operating income
Op. Exps./Net Income
Empl. Cost/Op. Exps.
Asset-Liability Profile (%)
Loans/Borrowings Ratio
Debt/Equity (x)
Gross NPA (INR Mn)
Net NPA (INR Mn)
Valuations (Consolidated)
Book Value (INR)
Growth (%)
Price-BV (x)
Adjusted BV (INR)*
Price-ABV (x)
OPS (INR)
Growth (%)
Price-OP (x)
EPS (INR)
Growth (%)
Price-Earnings (x)
Dividend Per Share
Dividend Yield (%)
E: MOSL Estimates *
2011
12.7
9.3
3.41
3.129
2012
12.6
10.4
2.25
2.263
2013
12.7
11.0
1.76
2.27
2014
12.4
10.5
2.0
2.2
2015
12.4
10.0
2.4
2.5
2016
12.6
9.9
2.7
2.7
2017E
12.4
9.7
2.7
2.8
2018E
12.2
9.6
2.6
2.8
26.7
2.0
75.3
36.1
21.1
1.53
82.1
42.3
17.1
1.45
82.1
29.3
15.5
1.34
81.0
25.1
15.1
1.27
78.0
17.5
15.1
1.21
76.7
8.9
16.1
1.18
76.6
8.0
17.4
1.20
76.5
7.5
32.7
35.9
39.9
43.1
37.6
35.5
30.4
31.7
46.3
28.3
32.1
46.4
17.7
31.1
41.4
12.3
30.1
41.4
11.4
27.4
41.1
10.4
27.4
41.0
103.8
13.3
943
125
96.9
12.1
1,316
0
94.2
10.0
2,632
431
97.6
11.2
3,948
933
96.0
10.7
4,738
726
98.9
12.2
5,686
509
96.5
13.0
6,823
293
97.0
14.0
8,187
88
74
42.6
2.7
58.0
3.4
21.9
61.4
9.1
14.1
48.8
14.1
1.8
0.9
87
16.8
2.3
72.0
2.7
23.8
8.7
8.3
14.8
5.6
13.3
1.8
0.9
126
45.1
1.6
126
1.6
26
7.6
7.7
17.6
18.7
11.2
2.5
1.3
139
10.3
1.42
139
1.42
31
22.6
6.3
20.6
16.9
9.6
4.4
2.2
159
14.3
1.24
159
1.24
36
14.8
5.5
21.3
3.5
9.3
3.5
1.7
172
8.1
1.2
169
1.2
44
21.7
4.5
25.0
17.2
7.9
8.0
4.0
194
12.8
1.0
193
1.0
52
19.3
3.8
29.4
17.9
6.7
5.9
3.0
221
13.7
0.9
221
0.9
64
22.8
3.1
36.2
22.8
5.5
7.2
3.7
4 May 2016
8

Dewan Housing
Corporate profile
Company description
Exhibit 11: Sensex rebased
Dewan Housing Finance’s (DEWH) promoted by
the Wadhawan Group in 1984, is the 3rd largest
housing finance company in India AUM of
INR630bn as on September 2015 (after HDFC and
LIC Housing Finance). DHFL offers home loans to
low and middle income segment in tier II and III
cities. DEWH is the third largest HFC in India with,.
DHFL is present at 367 locations across India via
branches, subsidiaries and alliances with public
sector banks.
Exhibit 12: Shareholding pattern (%)
Dec-15
Promoter
DII
FII
Others
34.9
2.0
35.5
27.6
Sep-15
34.9
1.8
25.9
37.4
Dec-14
39.6
0.3
20.6
39.5
Exhibit 13: Top holders
Holder Name
Hemisphere Infrastructure India Pvt Ltd
Galaxy Infraprojects & Developers Pvt Ltd
Silicon First Realtors Pvt Ltd
Jhunjhunwala Rakesh Radheshyam
Government of Singapore
%
Holding
3.7
3.6
3.5
3.4
1.8
Note: FII Includes depository receipts
Exhibit 14: Top management
Name
Kapil Wadhawan
Harsil Mehta
Dheeraj Wadhawan
Designation
Chairman & MD
CEO
Director
Exhibit 15: Directors
Name
Kapil Wadhawan
Dheeraj Wadhawan
G P Kohli*
Name
V K Chopra*
M Venugopalan*
Vijaya Sampath*
*Independent
Exhibit 16: Auditors
Name
T R Chadha & Co
Rajendra Neeti & Associates
Jayshree Dagli & Associates
Type
Statutory
Statutory
Secretarial Audit
Exhibit 17: MOSL forecast v/s consensus
EPS
(INR)
FY16
FY17
FY18
MOSL
forecast
25.0
29.4
36.2
Consensus
forecast
28.0
33.4
41.3
Variation
(%)
-10.7
-12.0
-12.4
4 May 2016
9

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