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Reliance Home Finance, a subsidiary of Anil Ambani-promoted Reliance Capital, witnessed a muted 4 .4 per cent growth in its net profit at ₹ 173 crore for the quarter ended March 31, 2018. The company’s net profit for the same quarter last year was at ₹ 181 crore. However, the company said that the net profit was down because of an one-time tax benefit that the company received during the March quarter in last fiscal.
The Mumbai-based company, which got listed in September last year, reported a 20 per cent growth in the net income at ₹ 450 crore during the fourth quarter this year driven by a strong demand coming in from the affordable housing segment.
The company’s assets under management (AUM) grew 47 per cent at ₹ 16,379 crore on an year on year basis and the disbursements were ₹ 8,695 crore, year-on-year increase of 19%. The company’s cost-to-income ratio improved to 38% in FY18 as against 55% in FY17 on the back of improved operational efficiencies.
The gross NPA has remained stable at 0.8 per cent for the last 5 years. The company is not looking to raise any fresh funds this year and would rather fuel its expansion activities from the internal accruals. The company is likely to increase its network to 75 branches this year from current 54.
The Board of Directors of Reliance Home Finance has also recommended a dividend of ₹1 (10%) per share on fully paid-up equity share of ₹ 10 each.
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