Money & Banking

IndoStar Capital net up 6% at ₹224 crore

Our Bureau Mumbai | Updated on May 30, 2018 Published on May 30, 2018

Non-banking financial company IndoStar Capital Finance (IndoStar), which went public earlier this month, witnessed a 6 per cent jump in its profit after tax at ₹224 crore for the full financial year 2018, against ₹210 crore in the previous fiscal.

The NBFC, which is majorly into corporate lending, saw its net interest income increase by 14 per cent at ₹379 crore in FY18. Its NII stood at ₹332 crore in the year-ago period.

The company’s total loan disbursals for the year stood at ₹5,388 crore, up 10 per cent from the previous fiscal’s disbursals of ₹4,903 crore. Its assets under management saw a 19 per cent growth at ₹6,207 crore in FY18

R Sridhar, Executive Vice-Chairman & CEO, said: “Our PAT increased 6 per cent while we made substantial investments in creating branch infrastructure and manpower for expanding into new business segments.”

He also maintained that corporate lending will remain the NBFC’s primary growth engine.

Indostar looks at strengthening its corporate lending business even as the universal banks are planning to bring down their exposure to the corporates and focus on retail lending.

The NBFC’s gross NPA was down by 1.3 per cent as on March 31, 2018, compared to 1.4 per cent as on March 31, 2017. The Net NPA of the company was at 1.1 per cent as on March 31, 2018, compared to 1.2 per cent as on March 31, 2017.

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Published on May 30, 2018
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