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Grihum Housing Finance reported a 21% rise in net profit to INR 140 crore for FY24, driven by a 32% increase in assets under management to INR 8,277 crore. Organic disbursements reached a record INR 2,914 crore, up 26% year-over-year. The company expanded sourcing channels and added 28 new branches, taking the total to 210. Revenue grew 46% to INR 1,046 crore with net interest margin of 8.3% and cost of borrowings at 8.1%. MD and CEO Manish Jaiswal credited the results to Grihum achieving a 30% CAGR and establishing itself as a national housing finance company serving over 77,000 customers.
Grihum Housing Finance, formerly known as Poonawalla Housing Finance, reported a 21% year-on-year rise in net profit to INR 140 crore for FY24. This was driven by strong growth in assets under management, which increased 32% to INR 8,277 crore as of March 31. Advertisement
The company recorded its highest ever bottom-line during the year. Organic disbursements reached INR 2,914 crore, rising 26% year-on-year and also marking a new high.
Grihum expanded its sourcing and distribution channels, aiding the rise in organic disbursements. It added 28 new branches in 2023-24, taking the total to 210. The housing financier also focused on key markets through direct and digital sourcing.
Investing in frontline business teams through the year led to an improvement in disbursements. Revenue grew 46% to INR 1,046 crore. Net interest margin was 8.3% while cost of borrowings averaged 8.1% from over 30 liability relationships, including large mutual funds.
Manish Jaiswal, MD and CEO of Grihum Housing Finance, said that Grihum Housing Finance has achieved an impressive 30% CAGR, establishing itself as a national-scale AHFC serving over 77,000 customers.
The company raised fresh equity of INR 1,038 crore during the year under review. As a result, the net worth rose 98% y-o-y to INR 2,390 crore. Its Capital Adequacy Ratio stood at 47.31% while the liquidity buffer is INR 2,443 Cr. 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 the housing finance company's balance sheet. This provides the Company headroom for growth for the next 24-36 months without any fresh capital requirements in the business. The funds have helped Grihum focus on digital transformation to bring further efficiency in its business operations.
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