Start Housing Finance reports strong Q4 earnings, stock rises

Start Housing Finance
Image Source : START HOUSING FINANCE Start Housing Finance

Star Housing Finance has reported strong performance during the fourth quarter of FY23. The home loan company with an emphasis on rural areas has posted a 136 per cent jump in the gross loan book at Rs 250 crore year-on-year.

The company’s disbursements during the financial year 2022-23 stood at Rs 18,679 lakh which is an increase of 410 per cent from last fiscal when disbursements stood at Rs 3,657 lakh. Its interest income also registered a jump of nearly 80 per cent YoY 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 period ending March 31, 2023, increased by 92.32 per cent YoY at Rs 3,724 lakh. Profit after tax during the year jumped over 1,000 per cent YoY to Rs 697 lakh.

Ashish Jain, MD, Star HFL, said that the leadership team had resolved at the beginning of the financial year that FY 2022-23 shall be the beginning of the growth journey for Star HFL. “The company has walked the talk by registering strong growth across key business areas,” he said.

“This growth is backed by robust processes and guidelines across operational areas and is governed by strong review mechanism at the level of senior management and the Board. Through liability programs and capital raises, we have been able to mobilize funds to fuel the growth. Strong connections and follow-up with customers have provided further confidence to grow,” Jain said.

The BSE-listed company’s shares jumped 8 per cent intraday to Rs 52.90 on Monday post announcement of the Q4 results. According to BSE data, the stock has doubled investors’ money in the last year. The company had in December sub-divided its equity shares and also issued bonus shares to the investors.

Founded in 2005, the Mumbai headquartered company has a diversified presence across western and southern states

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