Reports 97% y-o-y Increase In AUM, 71% y-o-y Increase In Income, 41% y-o-y Increase In PAT
Mumbai (Maharashtra) [India], January 18: Star Housing Finance Limited (Star HFL), a BSE listed (BSE: 539017) a professionally run rural focused retail home finance company has continued its growth momentum reflecting in the Business and financial numbers for the period ending December 31, 2023.
The Company has achieved milestones across asset and liability side of the business during the period and has continued expanding its footprints across existing and new geographies. Courtesy this performance, the financial numbers have been robust for the period
Key Performance Highlights for the nine months period ending/as of Dec 31, 2023:
Business Numbers: AUM increased 96.54% y-o-y to Rs. 368.67 crs. The Company disbursed Rs. 166.89 crs registering y-o-y growth of 33.80%. Star HFL has now provided housing finance assistance cumulatively to more than 4500 Indian families in EWS/LIG segment towards purchase/construction of own home
Asset Quality Remains Intact: PAR (0+ days past due) stood at 3.84%, of which GNPA stands at 1.64% and NNPA as of Dec 31, 2023 stands at 1.24%
Income Growth: Interest income grew by 81.87% y-o-y and total income grew 70.87% y-o-y
Profitability: Profit After Tax registered 40.82% y-o-y growth
Network Expansion: Star HFL has expanded to North with a presence in Ghaziabad in NCR and is now present across its operational geographies with 26 physical offices and 8 digital PoPs. Star HFL has 200+ housing financial professionals across geographies and business functions
Corporate Governance Strengthened: Star HFL appointed Mr. C Ilango a seasoned professional in mortgage space and ex MD of CanFin Homes as Independent Director on the board. With a distinguished 36-year career in commercial banking, Mr. C Ilango brings a wealth of experience and leadership to Star HFL.
Fund Raise: During the period, Star HFL got incremental term loan sanctions of Rs. 203.42 crs credit lines from 11 banks and financial institutions of which Rs. 148.42 crs has been drawn-down. The pipeline remains robust to cater to the planned growth. In Q3, Star HFL has issued warrants amounting to Rs.60 crs, of which the warrant subscription price i.e 25% amounting to Rs.15 crs has been received.
Employee Ownership Strengthened: Continuing with the philosophy of employee ownership, Star HFL board has approved the ESOP II scheme for eligible employees. This is the second scheme implemented by the Company considering the expanded employee base and the contribution made by eligible employees to the growth of the Company.
Speaking on the performance for the period, Mr. Kalpesh Dave CEO of Star HFL said, “We are happy to have registered robust growth during the period keeping the quality intact. The capital raise through warrants has strengthened the capitalization levels. Liability pipeline remains robust which helps us to plan for growth. We continue to invest in technology, manpower and branch infrastructure providing a strong foundation for balance sheet scale up. We have strengthened our presence in existing geographies and forayed into north through a presence in the NCR. Through this growth our focus remains on enabling retail credit access to first time new to credit home buyers towards purchase of own home. We look forward to round off the current financial year with this momentum”
Mr. Ashish Jain, MD of Star HFL said, “Star HFL is a board driven professionally managed organization. We as a team have inculcated the culture of giving precedence to quality and shall continue with this philosophy in our onward journey. Our employees are our valued assets and in line with promoting employee ownership ESOP II scheme has been approved. We remain committed as a responsible lending organization to create value for all stakeholders as we march ahead in this journey of becoming an institution of repute”.
Star Housing Finance Limited (Star HFL) is BSE listed rural focused housing finance company. The Company has been operational in the low-cost housing finance space since 2009. Star HFL provides long term housing finance assistance to EWS/LIG families towards purchase/construction of low-cost housing units (affordable housing) in its operational geographies. Star HFL is a professionally managed Company with a presence across states of Maharashtra, Madhya Pradesh, Gujarat, Rajasthan and Tamil Nadu. Star HFL is registered as a Primary Lending Institution (PLI) under the Pradhan Mantri Awas Yojana (PMAY) and has received subsidy for its qualified customers under CLSS scheme. Star HFL has its Registered & Corporate Office in Mumbai, Maharashtra.
If you have any objection to this press release content, kindly contact [email protected] to notify us. We will respond and rectify the situation in the next 24 hours.
