SRG Housing Finance's net profit rises 25.48% in Q2 FY25

29 Oct 2024 CW Team

SRG Housing Finance Ltd. (SRGHFL) reported a 25.48% rise in net consolidated profit for the quarter ended September 30, 2024. The company’s profit after tax reached Rs 66 million, compared to Rs 52.6 million in the same quarter last year, according to a filing with the Bombay Stock Exchange (BSE).

SRGHFL’s net consolidated total income stood at Rs 368.4 billion in Q2 FY25, marking an 18.11% growth from Rs 311.9 billion in the corresponding period of the previous fiscal.

Vinod Jain, Managing Director of the company, commented, "Our disbursements rose 41.26% quarter-on-quarter, and we expect this growth trend to continue. As of September 30, 2024, our book value was Rs 141.58 per share, with a debt-equity ratio of 2.68. Our loan book expanded by 26.23% year-on-year to Rs 6.50 billion, keeping us on track to achieve Rs 7.5 billion AUM in the short term and Rs 10 billion in the medium term."

The company reported assets under management (AUM) of Rs 6.5 billion in Q2 FY25, a 26.23% increase, with loan disbursements totalling Rs 629.6 million during the quarter. The loan-to-value (LTV) ratio of the AUM stood at approximately 42%.

As of September 30, 2024, SRGHFL's net worth increased to Rs 2.02 billion from Rs 1.43 billion a year ago, with a return on average equity (ROAE) of 3.56%.

The company’s cost-to-income ratio for Q2 FY25 stood at 64.80%. Gross non-performing assets (NPA) were 1.96%, while net NPA was 0.59%. The capital adequacy ratio was 39.44%, with Tier I capital at 38.98% and Tier II capital at 0.46%. (ET)

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