Kolkata: Grihum Housing Finance, formerly Poonawalla Housing Finance, has earned Rs 46 crore net profit in the March quarter, registering a 24% sequential rise, backed by steady business expansion. The net profit rose 151% year-on-year over Rs 18 crore seen in the fourth quarter last year.
Net profit in the fiscal year ended March 31 rose 21% to a record Rs 140 crore.
Grihum’s assets under management increased 32% to Rs 8,277 crore in FY24 while reporting highest-ever organic disbursement of Rs 2,914 crore, an increase of 26%.
The housing financier attributed growth in scale of business to expansion of distribution and sourcing channels. It added 28 branches in FY24, expanding the total network to 210.
Gross non-performing asset ratio stood at 0.95% with net NPA at 0.56% at the end of March.
During the year, Grihum raised fresh equity of Rs 1,038 crore from US private equity group TPG in two tranches, boosting net worth by 98% to Rs 2,390 crore. TPG owns 99% in the mortgage lender, who’s capital adequacy ratio stood at 47.31% while liquidity buffer was Rs 2,443 crore as of March-end.
