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Quarterly Results & LRR (Clause 41)
curve investors
March 11

Financial Results for the Year ended March 31, 2011

PARTICULARS

Quarter
ended
31.3.2011 		Quarter
ended
31.3.2010		 Year ended
31.3.2011
(Audited)		 Year ended
31.3.2010
(Audited)
 
Rupees in Crores
Income from Operations 3,640.56 2,846.88 12,493.19 11,128.88
Profit on Sale of Investments 133.57 45.42 359.74 209.40
Other Income 10.73 7.02 25.14 22.55
Total Income 3,784.86 2,899.32 12,878.07 11,360.83
Expenditure :


-Interest and Other Charges

- Staff Expenses

- Other Expenses

- Depreciation 		 


2,129.96


38.37

57.35

5.23 		 


1,559.54


32.40

36.22

5.28		  


7,559.94


175.53

256.44

19.20
 

7,063.08


146.65

216.91

18.20
Total Expenditure 2,230.91 1,633.44 8,011.11 7,444.84
Profit Before Tax 1,553.95 1,265.88 4,866.96 3,915.99
Tax Expense 412.00 339.50 1,332.00 1,089.50
Net Profit After Tax 1,141.95 926.38 3,534.96 2,826.49
Earnings per Share - (Rs)

- Basic
- Diluted		  


7.76
7.60		  


6.45
6.26


  24.18
23.66		  


19.76
19.18
Debenture Redemption Reserve
    - -
Debt Equity Ratio
     6.66 6.35
Debt Service Coverage Ratio
    0.17 0.15
Interest Service Coverage Ratio
    0.61 0.64
Paid-up Equity Share Capital
(Face Value Rs 2) 		293.37 287.11 293.37 287.11
Paid-up Debt Capital     - -
Reserves as at March 31     17,023.14 14,910.55
Public Shareholding :

- Number of Shares

- Percentage of Shareholding 		   

146,68,86,690

100

143,55,51,110

100
Promoters and promoter group
shareholding

a)Pledged/Encumbered

- Number of Shares

- Percentage of Shares (to total promoter holding)

- Percentage of Shares (to total share capital))

b)   Non-Encumbered

- Number of Shares

- Percentage of Shares (to total promoter holding)

- Percentage of Shares (to total share capital)






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Consolidated Financial Results

 

PARTICULARS

Year ended 31.3.2011
(Audited)

Year ended 31.3.2010
(Audited)

 

 Rs in Crores

Income from Operations

 13,605.52 12,093.06

Premium and Other Operating Income from Insurance business

 11,647.86 13,095.14

Profit on sale of Investments

 511.70 225.10
Other Income

 27.55

38.50
Total Income

 25,792.63

25,451.80

Expenditure :

Interest and Other Charges

Staff Expenses

Claims paid pertaining to Insurance Business

Other expenses pertaining to Insurance Business

Other Expenses

Depreciation

 

7,876.07
375.99
3,361.85
8,517.95
367.70
48.92

 

7,288.86
316.57
1,733.73
11,791.00
346.57
91.44

Total Expenditure

 20,548.48 21,568.17

Profit Before Tax

 5,244.15 3,883.63
Tax Expense

 1,539.32

 1,254.52
Net Profit (before profit of Associates and adjustment for minority interest)

3,704.83

 2,629.11
Net share of profit of Associates (Equity Method)

 908.43

 605.74

Less : Share of profit /(loss) of minority shareholder

 84.85

 (6.13)

Profit after Tax attributable to the Corporation

 4,528.41

 3,240.98

Earnings per Share – Basic (Rs)

 31.00 22.67

Earnings per Share – Diluted (Rs)

 30.34

 22.01

Paid-up Equity Share Capital  (Face value Rs 2) 

293.37

 287.11

Reserves as at March 31

20,998.65 

17,895.12


The disclosure in terms of Accounting Standard 17 on ‘Segment Reporting’ notified by the Companies (Accounting Standard) Rules, 2006

 

 Consolidated

 

PARTICULARS
 

Year ended 31.3.2011
(Audited)

Year ended 31.3.2010
(Audited)

 

 Rs in Crores

Segment Revenues

     Housing

     Life Insurance

     General Insurance

     Asset Management

     Others

 

13,238.44
11,085.71
686.75
794.71
332.04

 

11,669.89
12,717.92
424.72
735.50
136.46

Total Segment Revenues

Add : Unallocated Revenues
Less : Inter-segment Adjustments

 26,137.65
26.18
(371.20)		 25,684.49
48.50
(281.19)

Total Revenues

 25,792.63 25,451.80

Segment Results

     Housing

     Life Insurance

     General Insurance

     Asset Management

     Others

 

4,992.54
(99.00)
(36.43)
576.67
205.72

 

4,010.41
(275.19)
(94.46)
458.17
64.12

Total Segment Results

Less : Unallocated
Less : Inter-segment Adjustments		 5,639.50
(118.85)
 (276.50)		 4,163.05
(27.82)
(251.60)

Profit before Tax

 5,244.15 3,883.63

Capital Employed

     Housing

     Life Insurance

     General Insurance

     Asset Management

     Others

  17,036.46
485.54
323.38
635.15
314.61		   14,673.12
357.55
181.43
561.10
127.95
Total Segment Capital Employed
Unallocated
Inter-segment Adjustments		 18,795.14
1,005.82
1,491.06

 15,901.15
1,142.33
1,138.75
Total Capital Employed

 21,292.02

18,182.23

 

a) Asset Management segment includes portfolio management, mutual fund and property investment management.

 

b) Others include project management, investment consultancy and property related services.


    Notes:

  1. Statement of Assets and Liabilities (Audited) :

    Rs. in Crores
      As At

    PARTICULARS

    		31.3.2011 31.3.2010 31.3.2011 31.3.2010
     
    Standalone
    Consolidated
    FUNDS EMPLOYED        

    SHAREHOLDERS’ FUNDS

         Share Capital

         Reserves and Surplus

    		 293.37
     17,023.14

    		 287.11
    14,910.55    		 293.37
    20,998.65    		 287.11
    17,895.12
      17,316.51 15,197.66 21,292.02 18,182.23
    POLICY LIABILITIES (Policyholders’
    Funds)    		 - - 26,092.16 19,564.46
    LOAN FUNDS 1,15,410.49 96,565.31 1,18,359.87 98,463.33
    MINORITY INTEREST - - 650.49 523.08
      1,32,727.00 1,11,762.97 1,66,394.54 1,36,733.10
    APPLICATION OF FUNDS        
    LOANS
    		1,17,126.62 97,966.99 1,20,517.56 1,00,485.19
    INVESTMENTS
    		 11,832.39 10,727.45 40,964.97 32,743.06
    DEFERRED TAX ASSET (Net)
    		448.14 285.73 472.50 314.49
    CURRENT ASSETS, LOANS AND
    ADVANCES
    		 9,861.02 7,439.15 13,262.46 9,770.51
    Less : CURRENT LIABILITIES AND
    PROVISIONS    		 6,775.12 4,878.47 9,901.80 7,192.69
      3,085.90 2,560.68 3,360.66 2,577.82
    FIXED ASSETS :
    Gross Block
    Less : Depreciation    		 547.55
    313.60    		 524.46
    302.34    		 1,393.84
    763.81    		 1,130.33
    688.02
      233.95 222.12 630.03 442.31
    GOODWILL ON CONSOLIDATION - - 279.43 170.23
    DEFICIT IN THE REVENUE ACCOUNT
    (Policyholders’ Account)    		 - - 169.39 -
      1,32,727.00 1,11,762.97 1,66,394.54 1,36,733.10

  2. The Directors have recommended a dividend of  Rs. 9 per Share.

  3. Approvals during the year ended March 31, 2011 aggregated to Rs.75,185 crores as compared to Rs.60,611 crores during the corresponding period in the previous year - representing an increase of 24%. Disbursements during this period amounted to Rs.60,314 crores as compared to Rs.50,413 crores during the corresponding period in the previous year - representing an increase of 20%.

  4. The Corporation’s main business is financing by way of loans. As such, there are no separate reportable segments, for the Corporation, as per the Accounting Standard on Segment Reporting (AS 17), notified by the Companies (Accounting Standards) Rules, 2006.

  5. During the quarter ended March 31, 2011, the Corporation has allotted 25,22,850 equity shares of Rs.2 each pursuant to exercise of stock options by certain employees / directors.

  6. There was no investor complaint that was unresolved as on January 1, 2011. During the quarter, the Corporation received 3 (three) investor complaints, all of which were resolved and as such there was no unresolved investor complaint as at the end of the quarter.

  7. 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 May 10, 2011.

 

Deepak S Parekh

Chairman