SRG Housing Finance’s profit up 20% in Q2 FY24, Real Estate News, ET RealEstate

October 30, 2023

NEW DELHI: SRG Housing Finance has reported a growth of 20.09 per cent in its net profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 5.26 crore in Q2 FY24 as against Rs 4.38 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s total income stood at Rs 31.19 crore in Q2 FY24, a growth of 36.26 per cent from Rs 22.89 crore it recorded in the similar quarter last year.

Vinod Jain, managing director, of the company said, “We have been averaging at Rs 20 crore per month for the first half and are aiming to achieve Rs 20-30 crore disbursement per month in the second half, thereby helping us achieve total annual disbursement of Rs 250-300 crore. We have crossed an important milestone of Rs 500 crore AUM in Q2 and are now looking towards a Rs 750- 800 crore AUM within the next 12-18 month, while continuing to focus on sustainable earnings.”

As on September 30, 2023, the company’s net worth stood at Rs 143.36 crore, debt-equity ratio was 3.10, total debts to total assets ratio was 73.23%, operating margin was 21.77%, net profit margin was 16.86%, gross non-performing assets was 2.40% and net NPAs was 0.56%. • Capital Adequacy Ratio as on September 30, 2023 stood at 32.44 % out of which tier I capital 32.03 % and tier II capital was 0.41%.

SRG Housing Finance hopes to expand in South India

In conversation with ETRealty, Vinod Jain, promoter & managing director of SRG Housing Finance talked about company’s journey so far, there liquidity status, expansion plans and much more.

Its assets under management (AUM) stood at Rs 515.38 crore as on September 30, 2023 as against Rs. 370.03 crore as on September 30, 2022, loan disbursements stood at Rs 68.09 crore in the Q2 FY24 as against Rs. 49.69 crore in the Q2 FY23, up 37.03% year-on-year.”Cost to Income levels are elevated at 62.5% due to our sharp increase in branches and manpower. We believe this will even out with increasing disbursements over the remainder part of the year. We are also looking to further expand with 5 branches each in 3 other key states and are preparing our team, systems and processes for the same,” said Jain.

  • Published On Oct 30, 2023 at 01:00 PM IST

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