Aadhar Housing Finance posted a 37% on year increase in their profit after tax to Rs 200 crore in the first quarter of this fiscal, from Rs. 146 crore a year ago.
The total assets under management for the housing finance company stood at Rs. 21,726 crore, a 21% growth on year, from Rs. 17,947 crore.
The company added 13 new branches, expanding in one new state, Himachal Pradesh. They have a total of 535 branches. “Some states have good credit culture like Rajasthan, Maharashtra, Telangana, Andhra Pradesh which helps push business in these areas”, said Rishi Anand, MD & CEO, Aadhar Housing Finance Limited.
The housing finance company saw improvement in gross non performing assets (GNPA) or bad loans. GNPA improved to 1.31% in the June quarter, against 1.46% last year.
“We cater to low income groups where the bounce rates are high, but they don’t turn out to be bad loans because of emotional attachment with the house”, Anand said.
As of June 2024, the number of loan accounts have crossed 2,74,000 for Aadhar Housing Finance. Average ticket size for the company stood at Rs. 10.2 lakh.
Shares for Aadhar Housing Finance on BSE were trading at Rs. 420, up 1.72%
