Star Housing Finance has registered a strong performance during the fourth quarter of FY23. The home loan company with a focus on rural areas has reported a 136 per cent jump in gross loan book year-on-year to Rs 250 crore.
The company’s disbursement during the financial year 2022-23 stood at Rs 18,679 lakh, a growth of 410 per cent over the previous financial year, when the disbursement was Rs 3,657 lakh. Its interest income also saw a jump of nearly 80 per cent to Rs 3,234 lakh during FY23, as against Rs 1,797 lakh during the previous fiscal.
The company’s top-line growth for the 12 months ended March 31, 2023, grew by 92.32 per cent to Rs 3,724 lakh. Profit after tax increased by over 1,000 per cent to Rs 697 lakh during the year.
Ashish Jain, MD, Star HFL said that the leadership team had resolved at the beginning of the financial year that FY 2022-23 would be the beginning of the growth journey for Star HFL. “The company drove the talk by registering strong growth in key business areas,” he added.
“This growth is supported by robust processes and guidelines across operational areas and governed by robust review mechanisms at the senior management and board levels. Through liability programs and capital raising, we have been able to raise funds to fuel growth. Strong connections and follow-up with customers have given us more confidence to grow,” said Jain.
Shares of the BSE-listed company on Monday jumped 8 per cent intraday to Rs 52.90 after the announcement of Q4 results. According to BSE data, the stock has doubled investors’ money in the last one year. The company had done sub-division of its equity shares in December and also issued bonus shares to investors.
Established in 2005, the Mumbai headquartered company has diversified presence across western and southern states