India Shelter Finance Corporation Limited Q4 Results: Net Profit Surges 59% to Rs 248 Cr

India Shelter Finance Corporation Limited, a leading provider of affordable home loans and loan against property, announced its audited financial results for the quarter and full year ended March 31, 2024. In its meeting held today, the company’s Board of Directors approved the financial results, highlighting robust growth across key performance metrics.

In FY24, India Shelter witnessed substantial growth across various parameters. The Assets Under Management (AUM) surged by 40 per cent year-on-year (YoY), reaching Rs. 6,084 Crores. Disbursements for the fiscal year totaled Rs. 2,646 Crores, marking a notable 35 per cent YoY increase. The Profit After Tax (PAT) grew impressively by 59 per cent YoY, amounting to Rs. 248 Crores.

Commenting on the performance, Rupinder Singh, Managing Director, and CEO of India Shelter Finance Corporation said: “It has been a good year for India Shelter, marked by strong financial performance and rapid footprint expansion for sustaining high growth. This year also marked a significant milestone for us with the completion of our Initial Public Offering and subsequent listing on the NSE & BSE on 20th December 2023. This momentous occasion was the culmination of years of dedication and perseverance. It was a surreal and humbling experience as we rang the ceremonial bell, ushering in a new era of growth and opportunity for India Shelter.”

He added further, “India Shelter now operates out of 223 branches in 15 states. We added 40 new branches in FY24. During the year, we witnessed strong AUM growth of 40% YoY, led by a 35% YoY increase in disbursements. Our margins remained in line with our guidance for the medium term at 6%. In terms of asset quality, our stage 3 improved by 16bps YoY to 1.0%.”

“I’m delighted to inform you all that in the current tight liquidity situation, India Ratings and Research has assigned AA- (Stable) as our long-term rating. As we look ahead, we remain determined to pursue providing affordable housing solutions and empowering the underserved segments of our society. With our strong foundation, innovative spirit, and commitment to excellence, we are confident in our ability to create long-term value for all our stakeholders while positively impacting the lives of countless individuals and communities”, he added

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During the fiscal year, India Shelter expanded its footprint by adding 40 new branches, bringing the total to 223 branches across 15 states. The company’s asset quality witnessed improvement, with Gross Stage 3 reducing to 1.0 per cent as of March 2024. The Net Stage 3 also improved to 0.7 per cent for the same period.