Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
IIFL Home Finance (IIFL HFL) has reported impressive financial results for FY24, with a 32% rise in profit after tax to INR 1,017 crore. Revenue from operations increased by 23% to INR 3,317 crore, and their Asset Under Management (AUM) grew by 25% to INR 35,499 crore. Loan disbursements rose by 28% to INR 12,861 crore. The company maintains a robust capital adequacy ratio of 42.7% and reduced gross non-performing assets from 2.1% to 1.5%. Securing over USD 450 million in funding, IIFL HFL continues to drive affordable housing, addressing India's 2.1 crore unit housing shortage.
IIFL Home Finance (IIFL HFL), in the affordable housing sector, has reported impressive financial results for FY24, solidifying its position as a major contributor to India's dream of homeownership for all. Advertisement
The company witnessed a significant 32% jump in profit after tax, reaching INR 1,017 crore compared to INR 768 crore in FY23. This growth reflects the rising demand for affordable housing solutions across India, particularly in tier-2 and tier-3 cities.
IIFL HFL's revenue from operations also saw a healthy 23% increase, reaching INR 33,17 crore. This growth is paralleled by a remarkable 25% expansion in their Asset Under Management (AUM), which now stands at INR 35,499 crore. This significant rise in AUM can be attributed to a 28% year-on-year increase in loan disbursements, totaling INR 12,861 crore in FY24. Notably, the average loan size remains accessible to a broad range of borrowers, hovering around INR 14.26 lakh.
Monu Ratra, CEO of IIFL HFL, emphasizes the company's strategic focus on affordable housing as a key driver of their success. "In just a decade, we have grown from a sub-INR 2,000 crore AUM to INR 35,499 crore AUM today!" he states. He highlights the immense potential in states like Gujarat and Rajasthan, where a significant portion of the population seeks affordable housing solutions. Home loans currently make up a substantial 77.29% of their total AUM, exceeding INR 27,400 crore.
IIFL HFL demonstrates a robust financial position with a capital adequacy ratio of 42.7%, indicating a strong ability to withstand potential economic challenges. Additionally, their gross non-performing assets (NPAs) have improved, dropping from 2.1% to 1.5%. This signifies a decrease in the risk of loan defaults. Looking ahead, the company projects an optimistic future, anticipating an average annual AUM growth of 20% for the next three years.
To further fuel their expansion plans, IIFL HFL has secured over USD 450 million in funding during FY24. This includes contributions from prominent Development Finance Institutions (DFIs) such as the U.S. International Development Finance Corporation (DFC) and the International Finance Corporation (IFC). This strategic funding allows IIFL HFL to continue providing affordable housing solutions and cater to the growing demand in the Indian market.
According to a 2022 report by the Ministry of Housing and Urban Affairs (MoHUA), India faces a housing shortage of approximately 2.1 crore units. A significant portion of this gap falls within the affordable housing segment. IIFL HFL's success story exemplifies the significant role private lenders can play in bridging this gap.
IIFL HFL's impressive financial performance and unwavering commitment to affordable housing make them a significant player in shaping India's housing landscape. Their focus on this vital segment offers hope for millions of aspiring homeowners and contributes to the national goal of inclusive and accessible housing for all.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
