Repco Home Finance Reports 23.13% Growth in Q3 Net Profit
Real Estate

Repco Home Finance Reports 23.13% Growth in Q3 Net Profit

Repco Home Finance has announced a significant growth of 23.13 percent in its net consolidated profit for the quarter ending December 30, 2023. According to a filing with the Bombay Stock Exchange (BSE), the company's profit after tax (PAT) soared to Rs 994.4 million in Q3 FY24, compared to Rs 807.6 million in the corresponding quarter of the previous fiscal year.

During the said quarter, the company's net consolidated total income surged to Rs 3.93 billion, marking an 18.85 percent increase from Rs 3.30 billion reported in the similar quarter last year.

Loan sanctions witnessed a notable growth of 4%, reaching Rs 7.77 billion in Q3 FY24, while loan disbursements rose to Rs 7.59 billion as opposed to Rs 6.96 billion in Q3 FY23. Notably, the loan spread maintained at 3.4%, and the return on assets stood at 3.1% during this quarter.

As of December 31, 2023, Repco Home Finance's overall loan book amounted to Rs 131.85 billion. The company's loans to the non-salaried segment accounted for 51.3% of the outstanding loan book, while loans to the salaried segment constituted 48.7%. Housing loans comprised 75.6% of the loans, with home equity products making up the remaining 24.4% of the outstanding loan book.

However, the company also disclosed its non-performing assets (NPA) figures, indicating gross NPAs amounting to Rs 618 crore and net NPAs totaling Rs 2.47 billion as of December 31, 2023. The gross NPA ratio stood at approximately 4.7%, with the net NPA ratio at about 1.9% of the loan assets.

Moreover, Repco Home Finance reported provisions for expected credit losses totaling Rs 5.28 billion, equivalent to 4.1% of the total loan assets. The company's capital adequacy ratio stood at 34.7%.

The company's latest financial results indicate a robust performance amidst evolving market conditions, with steady growth in key financial metrics and prudent risk management practices.

Repco Home Finance has announced a significant growth of 23.13 percent in its net consolidated profit for the quarter ending December 30, 2023. According to a filing with the Bombay Stock Exchange (BSE), the company's profit after tax (PAT) soared to Rs 994.4 million in Q3 FY24, compared to Rs 807.6 million in the corresponding quarter of the previous fiscal year.During the said quarter, the company's net consolidated total income surged to Rs 3.93 billion, marking an 18.85 percent increase from Rs 3.30 billion reported in the similar quarter last year.Loan sanctions witnessed a notable growth of 4%, reaching Rs 7.77 billion in Q3 FY24, while loan disbursements rose to Rs 7.59 billion as opposed to Rs 6.96 billion in Q3 FY23. Notably, the loan spread maintained at 3.4%, and the return on assets stood at 3.1% during this quarter.As of December 31, 2023, Repco Home Finance's overall loan book amounted to Rs 131.85 billion. The company's loans to the non-salaried segment accounted for 51.3% of the outstanding loan book, while loans to the salaried segment constituted 48.7%. Housing loans comprised 75.6% of the loans, with home equity products making up the remaining 24.4% of the outstanding loan book.However, the company also disclosed its non-performing assets (NPA) figures, indicating gross NPAs amounting to Rs 618 crore and net NPAs totaling Rs 2.47 billion as of December 31, 2023. The gross NPA ratio stood at approximately 4.7%, with the net NPA ratio at about 1.9% of the loan assets.Moreover, Repco Home Finance reported provisions for expected credit losses totaling Rs 5.28 billion, equivalent to 4.1% of the total loan assets. The company's capital adequacy ratio stood at 34.7%.The company's latest financial results indicate a robust performance amidst evolving market conditions, with steady growth in key financial metrics and prudent risk management practices.

Next Story
Infrastructure Energy

J&K CM Rules Out Power Privatisation, Focuses on Sector Reform

Jammu and Kashmir Chief Minister Omar Abdullah has dismissed speculation regarding privatisation of electricity in the Union Territory, emphasising that his priority is to strengthen and reform the power sector.“We are not discussing privatisation. By reducing losses, improving billing efficiency, and enhancing revenue, there will be no need for it. My vision is to strengthen and reform the power sector in J&K,” Abdullah stated.He addressed the gathering at the 58th Engineers’ Day at SKICC on Monday evening, an event honouring Bharat Ratna Sir M Visvesvaraya for his pioneering contri..

Next Story
Infrastructure Urban

Mumbai’s Sassoon Dock to Get Tech-Driven Modernisation with Finland

The Maharashtra government, in collaboration with Finland, will modernise Mumbai’s historic Sassoon Dock using advanced technology, state minister Nitesh Rane announced on Wednesday.Rane met a delegation of Finnish officials and representatives of Finnish companies at the dock to discuss strategic plans for upgrading the facility in south Mumbai, according to an official statement.Built in the 19th century, Sassoon Dock is one of Mumbai’s oldest and busiest fishing harbours. Operations currently exceed its original capacity, raising concerns over hygiene, odour, fish handling standards, an..

Next Story
Infrastructure Energy

Agarwal Industrial Wins Rs 3.3 Billion IOCL Bitumen Tender

Agarwal Industrial Corporation rose 3.84 per cent to Rs 945.65 after announcing it had secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 3.3 billion.In a regulatory filing during market hours, the company confirmed it had won the tender to supply Bulk Bitumen (VG-30 and VG-40 grades) to IOCL’s Kakinada locations.The firm quantity under the award totals around 60,500 tonnes across 11 parcels, while the optional quantity is approximately 33,000 tonnes across six parcels. This brings the total awarded quantity to roughly 93,500 tonnes. At current market prices, the firm o..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?