SRG Housing Finance Targets Rs 750 Cr AUM in FY25
Dec 10, 2023 19:13
SRG Housing Finance aims to reach Rs 750 crore in asset under management (AUM) by FY25, driven by expansion in southern states and a new Mumbai office. The company reported strong Q2 FY24 results with significant growth in income and net interest income.
New Delhi, Dec 10 (PTI) Mortgage firm SRG Housing Finance plans to achieve Rs 750 crore asset under management (AUM) during the next financial year, a top company official has said.
"We have achieved AUM of Rs 500 crore in the last quarter. We hope to achieve the next milestone of Rs 750 crore in 2024-25," SRG Housing Finance Managing Director Vinod Kumar Jain told PTI.
The company got listed on bourses in August this year.
Currently, Rajasthan and Gujarat contribute about 60 per cent of its business.
The mortgage firm plans to expand its footprint in southern states.
The company will also open its branches in Andhra Pradesh, Telangana and Karnataka in the next few months, Jain said.
Also, from April next year, the treasury and pan India business team will work from Mumbai, he added.
During the second quarter of the current financial year, the mortgage firm recorded 20 per cent growth to Rs 5.26 crore compared to Rs 4.39 crore a year ago.
Its total income stood at Rs 31.20 crore, with a growth of 37.90 per cent.
The company's net interest income surged 38 per cent to Rs 13.52 crore from Rs 10.85 crore.
During the September 2023 quarter, the net interest margin (NIM) declined to 2.73 per cent against 3 per cent in the year-ago period.
The decline was due to the rise in the repo rate, Jain said.
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