Reliance Home Finance Q3 net more than doubles to Rs 46 crore

Reliance Home Finance Q3 net more than doubles to Rs 46 crore

MUMBAI: Reliance Home Finance has posted a 100 per cent increase in its net profit at Rs 46 crore for the quarter ended December 2017 on higher income from operations.

This is the company’s first quarterly earnings post listing on the stock exchanges earlier during this fiscal.

Reliance Home Finance Ltd (RHFL) had reported a net profit of Rs 23 crore in the corresponding October-December quarter of 2016-17.

Total income rose to Rs 421 crore, up by 56 per cent from Rs 270 crore in the same quarter a year ago, the company said in a regulatory filing.

The home financier also improved on its asset quality with gross non-performing assets (NPAs) reducing to 0.8 per cent of the gross advances at the end of December 2017, from 1.1 per cent as on December 31, 2016.

“Q3 has been very robust for Reliance Home Finance on all parameters. Macro environment is extremely favourable for funding affordable housing segment, which we will grow at an accelerated pace,” Ravindra Sudhalkar, Executive Director and Chief Executive Officer, RHFL said in a statement.

The company will cater to its customers from more than 200 locations through 75 branches in addition to the growth in business through online channel including 24 new branches in 2018-19, he said.

The asset under management (AUM) of the company witnessed an increase of 54 per cent to Rs 14,862 crore as on December 31, 2017.

Promoters have a stake of 75 per cent in RHFL, foreign investors own 7.9 per cent, domestic institutions including banks and mutual funds have 5.3 per cent while the rest of 11.8 per cent is held by public and others.

The company offers services such as home loans, affordable housing loans, loan against property, construction finance besides giving property solution services.

Stock of the company closed 1.32 per cent up at Rs 68.85 on BSE on Wednesday.

PTI