The net profit of Grihum Housing Finance, the erstwhile Poonawalla Housing Finance, rose 21% year-on-year (y-o-y) to Rs 140 crore in FY24 owing to a strong growth in assets under management.
The assets under management of the company rose 32% y-o-y to Rs 8,277 crore as on March 31. The company posted its highest ever bottom-line during the year.
The organic disbursement at Rs 2,914 crore, a growth of 26% y-o-y, also its highest ever.
The company witnessed an expansion in sourcing and distribution channels, which aided the organic disbursements. It added 28 branches in 2023-24, taking the total number to 210. Further, the housing finance company focussed on key markets through direct and digital sourcing.
It invested into frontline business teams throughout the year, which led to an improvement in disbursements.
The revenue saw a growth of 46% y-o-y to Rs 1,046 crore while the net interest margin came at 8.3% for the year under review.
“With a steadfast focus on this mission, we’ve achieved an impressive 30% growth CAGR, establishing ourselves as a national-scale AHFC, serving over 77,000 customers,” Manish Jaiswal, managing director, and chief executive officer, Grihum Housing Finance said.
“Beyond our core operations, we actively collaborate with regulators and financial institutions to shape inclusive and affordable housing finance processes,” he added.
The company raised fresh equity of Rs 1,038 crore during the year under review. As a result, the net worth rose 98% y-o-y to Rs 2,390 crore. The company’s asset quality remained stable with gross non-performing asset ratio at 0.95%, and net non-performing asset ratio at 0.56% as on March 31.
The company raised capital in two tranches during the year from TPG, which has strengthened housing finance company’s balance sheet.