Reliance Home Finance Q2 net up 31% at Rs 75 cr

Reliance Home Finance, a Reliance Capital subsidiary, posted a 31 percent rise in net profit at Rs 75 crore for the quarter ended September.

It had reported a profit of Rs 57 crore in the corresponding period last year.

Total income increased to Rs 464 crore in the quarter, against Rs 427 crore in the same period last year, a company statement said.

The company’s assets under management moved up by 17 percent to Rs 16,464 crore.

The disbursement for the September quarter also went up by 29 percent at Rs 2,582 crore, the release said.

The capital adequacy ratio stood at 20 percent, with tier I capital at 13.1 percent and gross NPA ratio remained stable at 0.8 percent as of September.

The company expanded its network to 58 cities, catering to approximately 140 locations.

Reliance Home Finance (RHFL) executive director and chief executive officer Ravindra Sudhalkar said this has been a stable quarter while the liquidity scenario remains under watch.

“RHFL’s focus remains towards increasing the profitability, driven by our focus on assessing the risk appropriately while keeping the delinquencies in control, enabling a quality growth in the book size, thus ensuring robust future profitability,” he said.
The company’s stocks ended 4.41 percent higher at Rs 42.65 apiece on the BSE, against a marginal 0.03 percent decline in the benchmark.