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Reliance Home Finance Q2 net jumps 105% to Rs 41 cr

This is the company's first financial result post its listing on the bourses in September this year

Press Trust of India  |  New Delhi 

company results, Q2, second quarter
Illustration by Ajay Mohanty

Home on Monday reported 105 per cent jump in net profit to Rs 41 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 Capital had logged a net profit of Rs 20 crore in the July-September quarter of last fiscal, 2016-17. The total of the company rose by over 53 per cent from a year ago to Rs 407 crore for the July-September quarter of 2017-18, Home said in a regulatory filing.

The company's was at Rs 266 crore in the same period of 2016-17. Its gross non-performing assets (NPA) ratio has improved from 1.2 per cent to 0.8 per cent as at end-September. The assets under management (AUM) stood at Rs 14,119 crore as on September 30, up 53 per cent 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, Home "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 Home closed over 7 per cent up at Rs 87.60 on BSE.

First Published: Mon, October 30 2017. 17:50 IST
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