Shriram Housing Finance Limited, housing finance company, promoted by Shriram City Union Finance Limited (Shriram City) and part of the Shriram Group announced their financial results for Q2FY22. In Q2FY22, Assets Under Management (AUM) grew by 53% YoY to Rs 4,255 crore as compared to Rs 2,779 crore. in Q2FY21.
Disbursments werebetter than the pre-covid levels, at Rs 633 crore compared to Rs 221 crore in Q1FY22 and Rs 517 crore in Q2FY21. Profit After Tax grew by 73% QoQ to Rs 18.8 crore compared to Rs 10.9 crore previous quarter. Asset quality improved with Gross Stage 3 assets at 1.72%, declining 36bps sequentially.
Ravi Subramanian, MD & CEO, Shriram Housing Finance said: “Affordable home loan disbursals surpassed the pre-covid levels and I believe Shriram Housing Finance has managed the pandemic stress with great resilience. We expect the disbursal run-rate to continue in 2HFY22. We are witnessing strong festive season demand for housing finance in tier 2 and tier 3 markets, with home affordability rising. We will deepen our presence in rural & semi urban areas where housing finance penetration is low to grow. In 2HFY22, we will focus on our expansion plans with ‘Griha Poorti’, our cross sell program through the Shriram City branch network, and are on track to cover 178distribution points in AP & Telangana by Mar-22.”