Total loan disbursement up by 41%
From Rs. 1,600+ Crs of loss in FY21 to Rs.107 Crs of profit in FY22 and Rs. 551 Crs profit in 9 months of FY23
Rs. 19,500+ Crs of disbursals in 9 months of FY23, 41% higher than total disbursals of FY22
National, February 24, 2023: Fullerton India Credit Company Limited (Fullerton India), one of the leading NBFCs in the country, reported a profit of Rs 551 crores for the third quarter of FY23. Total Disbursals stood at Rs 19,500 crores, a jump of 41% companies to the corresponding quarter last year.
The growth story has been inked under the leadership of Mr Shantanu Mitra, who returned from his retirement to take over the reins of the firm at the start of FY22. Post his rejoining, much of the erstwhile senior leadership team was brought back that has played a pivotal role in making the company profitable.
Speaking on the overall performance, Mr. Shantanu Mitra, CEO & MD, Fullerton India and Chairman & Non-Executive Director, Fullerton India Home Finance Company (Grihashakti) said, ‘Our performance of FY22 and in three quarters of FY23 echoes our deep commitment to our customers and our ability to focus on one Fullerton P&L. From a loss of over Rs. 1,600 Crs in FY21, we have turned the company around, achieving a profit of Rs. 107 Crs in FY22. Our disbursals of Rs. 5,207 Crs in FY21 grew 2.7 times to Rs. 14,025 Crs in FY22. Our Asset Under Management (AUM) grew from Rs. 25,049 Cr in FY21 to Rs. 25,398 Crs in FY22. Our business growth and profitability has accelerated significantly in three quarters of FY23. Our profit for this period is Rs.551 Crs, a significant 5.2 times of our profits in FY22. We have already touched Rs. 19,757 Crs of disbursals, 41% higher than our disbursals in entire FY22 and are well poised to cross Rs. 29,000 Crs for FY23. Our AUM at the end of 3 quarters in FY23 is Rs. 34,140 Crs, 34% higher than FY22 AUM. Our performance in FY22 and in three quarters of FY23 has been a true reflection of the very spirit with which we have served our customers. We have focused on catering to the underserved customers in the rural heartlands and in the semi-urban markets of the country through our wide distribution network, a diversified product offering, leveraging our enhanced digital ecosystem.’
Mr. Deepak Patkar, CEO & MD, Fullerton India Home Finance Company (Grihashakti) said, ‘Our home finance business too augmented in FY22, with disbursals of Rs. 1,287 crores, a 130% growth over Rs.558 crores of disbursals in FY21. Our AUM grew from Rs. 4,191 Crs in FY21 to Rs. 4,456 Crs in FY22. Strategic moves like shifting to own sourcing, enhancing our footprint across key markets like Maharashtra, Tamil Nadu, Gujarat, Punjab, focusing on affordable home loans; have transformed Grihashakti and has set this business on a paced growth trajectory. We have achieved tremendous growth in the three quarters of FY23. We have already crossed Rs. 2,274 Crs of disbursal, 77% higher than the total disbursals in FY22. Grihashakti AUM at the end of three quarters of FY23 is Rs. 6,164 Crs, 38% higher than the FY22 AUM. The growth in our disbursals is a testimony to our focus on affordable housing finance for our customers.’