IIFL Home Finance's net profit increases by 32% in FY24

NEW DELHI: IIFL Home Finance (IIFL HFL), an affordable housing finance company, reported a 32% jump in profit after tax from Rs 768 crore in FY23 to Rs 1,017 crore in FY24.

The company with over 20% shareholding of Abu Dhabi Investments Authority (ADIA), saw its the revenue from operations rise from Rs 2,712 crore in FY23 to Rs 33,17 crore in FY24, recording a 23% year-on-year growth.

Its asset under management (AUM) increased from Rs 28,512 crore in FY23 to Rs 35,499 crore in FY24, witnessing a 25% year-on-year growth, with an average ticket size of Rs 14.26 lakh.

Monu Ratra, ED and CEO of the company said "In just a decade, we have grown from a sub Rs 2,000 crore AUM to Rs 35,499 crore AUM today! Our financial performance is amongst the best in the industry, and the next three years will see an average growth of 20% in our AUM year-on-year. States such as Gujarat, Rajasthan and others exhibit a huge potential of demand of housing and subsequent loans."

Home loans contribute 77.29% of the total AUM, totalling to over Rs 27,400 crore. Disbursement volume increased from Rs 10,061 crore in FY23 to Rs 12,861 in FY24 witnessing 28% growth year-on-year.

The NIM’s saw an improvement of 80 bps and strengthened from 6.5% in FY23 to 7.3% in FY24, with capital adequacy ratio of 42.7%. The gross NPA also saw over a 60 bps improvement from 2.1% in FY23 to 1.5% in FY24.

The company secured a total funding of over $450 million in FY24 from DFIs such as U.S. International Development Finance Corporation (DFC), International Finance Corporation (IFC).