Fullerton India posts impressive growth, profit goes up by 43%

fullerton-kx7B--621x414@LiveMintFullerton India, one of India’s ace non-banking financial companies with an extensive pan-India presence on Friday declared its audited financial results for the fiscal year ending 31st March 2016.

The total revenue was up by 32% to Rs.2,277 crores as against Rs. 1,720 cr. in the previous year. The Profit (PBT) for the year increased by 43% to Rs.430 crores as against Rs.301 crores in the previous year. NPAs continue on a declining trend this year also with net NPA to total customer outstanding for the current year at 1.3% as compared to last year’s 1.4%, thus bucking the overall industry trend.

Fullerton India witnessed growth of 33% in its Assets under Management (AUM), at Rs.11,508 crores as compared to Rs. 8,669 during the last financial year. Last year, the company added 3,86,295 loan accounts taking the total number of loan accounts to 16,49,075 as of 31st March 2016. The financial year also saw an improved capital adequacy ratio of 21.9% as against 19.6% last year.

Commenting on the company’s financial performance, its Chief Executive Officer and Managing Director Shantanu Mitra said, “Fullerton India has delivered a strong financial outcome, with another year of strong, high-quality growth. We strive to expand our presence as a leading retail and rural financial solutions provider, with a wide range of products and services. We have a portfolio that is well diversified, across asset classes and across geographies, and one that we continue to expand on. Strong risk management protocols have ensured that asset quality remains strong, with net NPAs improving year-on-year. This is a market of opportunity, and we will continue to drive inclusive growth through innovative and customer-centric solutions.”

Fullerton India has carved a niche for itself in the financial services sector through a differentiated product portfolio catering to an extensive customer base across the country. Loans against property, commercial vehicle loans and personal loans continue to lead the product segment across markets. Today, Fullerton India employs 8,738 professionals across its corporate office and 488 branches, with nearly 65% of the workforce serving the rural business under the brand Gramshakti.

The company has leveraged analytics, digitalisation and technology to deliver solutions to customers. With a strong management team, and strong governance standards, Fullerton India continues to deliver reliable, transparent and timely service, and build high levels of stakeholder trust.

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