Reliance Home Finance Q2 profit doubles to Rs41 crore
New Delhi: Reliance Home Finance Monday reported 105% jump in net profit to Rs41 crore for the September quarter of the current fiscal.
This is the company’s first financial result post its listing on the bourses in September this year. The subsidiary of the Reliance Capital had logged a net profit of Rs20 crore in the July-September quarter of last fiscal 2016-17. The total income of the company rose by over 53% from a year ago to Rs407 crore for the July-September quarter of 2017-18, Reliance Home said in a regulatory filing.
The company’s income was at Rs266 crore in the same period of 2016-17. Its gross non-performing assets (NPA) ratio has improved from 1.2% to 0.8% as at end-September. The assets under management (AUM) stood at Rs14,119 crore as on 30 September, up 53% from a year ago.
“We expect to grow our loan book at an accelerated pace, higher than the industry growth, primarily driven by affordable housing segment which has shown tremendous growth potential,”said Ravindra Sudhalkar, executive director & chief executive officer, Reliance Home Finance.
“We will continue to strengthen our distribution capabilities through presence in more than 100 locations, as well as growth in the online channel, to cater to the extremely large untapped market,” he added. The stock of Reliance Home Finance closed over 7% up at Rs87.60 on BSE.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.
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