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Aadhar Housing Finance, just two weeks after its listing on May 15th, announced a 43% year-on-year increase in net profit for Q4 FY24, reaching INR 202 crore compared to INR 141 crore last year. Total income rose by 25% to INR 673 crore, reflecting robust business activity. Aadhar's assets under management (AUM) grew 236% year-on-year to INR 21,121 crore, focusing on the economically weaker section (EWS) with an average loan size of INR 10 lakh. The company's strategic growth and recent IPO success underscore its commitment to affordable housing in India.
Aadhar Housing Finance, just two weeks after its listing on May 15th, has reported a strong performance for the March quarter, ending FY24. Advertisement
Net profit for the quarter jumped 43% year-on-year, reaching INR 202 crore compared to INR 141 crore in the same period last year. This growth is mirrored in total income, which rose by 25% to INR 673 crore, showcasing a healthy increase in business activity.
Aadhar positions itself as a leading lender for the economically weaker section (EWS) of society. This segment often faces challenges in securing home loans due to lower income levels. Aadhar's focus on this segment is evident in their asset under management (AUM) which grew 236% year-on-year to a massive INR 21,121 crore by the end of March. Their average loan size of INR 10 lakh caters specifically to the needs of EWS homebuyers, making homeownership a more attainable dream for millions of families.
Aadhar's management attributes their success to a well-defined growth strategy. Managing Director Rishi Anand highlights the importance of a 20% growth in disbursements and a strong liability profile with effectively controlled borrowing costs. The company's focus on long-term borrowings ensures financial stability to support their lending activities of over INR 21,000 crore.
Aadhar's strong financial performance and commitment to the EWS segment paint a promising picture for the future of affordable housing in India. Their recent successful IPO of INR 3,000 crore signifies investor confidence in the company's mission to make homeownership accessible to all. As Aadhar expands its reach and offerings, it is poised to play a key role in bridging the housing gap for millions of EWS families in India.
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