May 17, 2024: IIFL Home Finance (IIFL HFL) has seen its asset under management (AUM) swell from Rs 28,512 crore in FY23 to Rs 35,499 crore in FY24, witnessing a 25% YoY growth, making the company.
Basis the exchange reporting on May 6, 2024, the company with over 20% shareholding of Abu Dhabi Investments Authority (ADIA), saw its the revenue from operations rise from Rs 2,712 crore in FY23 to Rs 33,17 crore in FY24, recording a 23% YoY growth.
The profit after tax (PAT) saw a 32% jump from Rs 768 crore in FY23 to Rs 1,017 crore in FY24. The gross NPA also saw over a 60 bps improvement from 2.1% in FY23 to 1.5% in FY24.
Key highlights
- Home Loans contribute to 77.29 % of the total AUM totalling to over Rs 27,400 crore
- Average Ticket Size (ATS) for all loans stood at Rs 14.26 lakh.
- ATS for home loan is Rs 15.28 lakh and Rs 4.93 lakh for Shakthi Loan (low ticket size loan against property)
- Over 80% of the home loan customers comprises of Women borrowers and co-borrowers as on March 31st, 2024
Monu Ratra, ED and CEO of IIFL Home Finance, said, “IIFL Home Finance remains committed to providing affordable home loans, particularly to EWS and LIG segments, with a focus on first time home buyers and women borrowers/co-borrowers. We have built a strong moat in India’s mortgage lending space and our focus on operational excellence and technology led solutions have resulted in not only growth in AUM, increase in NIMs, reduction in credit cost resulting in better profitability but also fetching more customers who believe in us. The active customer base increased from 2,02, 885 to 2,81,514 which reimposes customers’ faith in the organisation and its offerings.”
“In a decade, we have grown from a sub Rs 2,000 crore AUM to a Rs 35,499 crore AUM today. The next 3 years will see an average growth of 20% in our AUM YoY. In coming years, while we plan to expand our reach with the use of our digital capabilities, we will focus on tapping the deeper geographies of the 17 states we are present in. States such as Gujarat, Rajasthan and others exhibit a huge potential of demand for housing and subsequent loans. We are also working on technological interventions which will help us build customised application processes for customers from tier 3 and 4 markets, resulting in smoother customer experience and eventual lesser loan approval time,” said Ratra.
IIFL Home Finance Ltd., also secured a total funding of over $ 450 million in FY 23-24 from DFIs such as U.S. International Development Finance Corporation (DFC), International Finance Corporation (IFC), and others to support affordable and green housing for low-income and economic weaker sections. This aligns with the government’s vision of Housing For All, promoting financial inclusion, environmental and social responsibility and will be instrumental in addressing the affordable housing gap in India.
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
Email: anuradha.ramamirtham@housing.com
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