IIFL Home Finance PAT Grows 32% YoY In FY24
Home Loans contribute to 77.29 per cent of the total AUM totalling to over Rs 27,400 crore
IIFL Home Finance (IIFL HFL) has seen its Asset Under Management (AUM) swell from Rs 28,512 crore in the financial year 2022-23 (FY23) to Rs 35,499 crore in FY24, witnessing a 25 per cent year-on-year (YoY) growth, making the company India’s largest affordable housing finance company with an average ticket size of Rs 14.26 lakh.
Basis the exchange reporting on 6 May 2024, the company with over 20 per cent shareholding of Abu Dhabi Investments Authority (ADIA), saw its revenue from operations rise from Rs 2,712 crore in FY23 to Rs 33,17 crore in FY24, recording a 23 per cent YoY growth. The Profit After Tax saw a 32 per cent jump from Rs 768 crore in FY23 to Rs 1,017 crore in FY 24.
The net interest margins (NIMs) saw an improvement of 80 basis points (bps) and strengthened from 6.5 per cent in FY23 to 7.3 per cent in FY24, with a capital adequacy ratio of 42.7 per cent.
The Gross NPA also saw over a 60 bps improvement from 2.1 per cent in FY23 to 1.5 per cent in FY24. The company has the lowest cost-to-income ratios among all affordable housing companies in the country.
Monu Ratra, executive director (ED) and chief executive officer (CEO) of IIFL Home Finance said, “IIFL Home Finance remains committed to providing affordable home loans, particularly to EWS and LIG segments, with a focus on first-time home buyers and women borrowers and co-borrowers. We have built a strong moat in India’s mortgage lending space and our focus on operational excellence and technology led solutions have resulted in not only growth in AUM, an increase in NIMs, and a reduction in credit cost resulting in better profitability but also fetching more customers who believe in us. The active customer base increased from 202885 to 281514 which reimposes customers’ faith in the organisation and its offerings.”
IIFL Home Finance also secured a total funding of over USD 450 million in FY24 from DFIs such as the U.S. International Development Finance Corporation (DFC), International Finance Corporation (IFC), and others to support affordable and green housing for low-income and economically weaker sections. This not only reinforces IIFL HFL as a leading affordable housing company but also aligns with the government’s vision of Housing For All, promoting financial inclusion, and environmental and social responsibility, and will be instrumental in addressing the affordable housing gap in India.
