STAR HFL, A RURAL FOCUSED HOUSING FINANCE COMPANY ANNOUNCES Q1 RESULTS. REGISTERS 474% INCREASE

Udaipur : The Board of Directors of Star Housing Finance Limited (Star HFL) have announced excellent Q1 FY’2022-23 financial results for the period ending on June 30, 2022.

STAR HFL
STAR HFL

Highest Quarterly Disbursement: Q1 FY2022-23 disbursements stand at Rs. 22.56 crs (highest quarterly disbursement till date). Expansion across operational geographies in the form of physical offices with induction of employees across functions and locations to enable growth. Looking forward to grow the AUM with a CAGR of 100% and a significant increase in the market cap of the company.

Speaking on the performance of the Company, Mr. Ashish Jain, MD of Star HFL said, “Star HFL is now set to grow. This is validated by our business performance in Q1 FY2022-23 and same getting translated in term so financial numbers. We are happy to have registered action in terms of traction across locations, progress on funding, both debt and equity. We are continuing to invest in creating capacity including location expansion, manpower on-boarding and digitization. We look forward to build-up and sustain the momentum of Q1 into the remaining quarters. We see our capacity getting utilized to the fullest through FY’2022-23. We look forward to expand across our business areas from hereon. We shall invest in technology to develop one click digital lending capabilities. We shall continue to strengthen our funding machinery through debt/equity and make the Company ready for institutional equity from domestic/international market.”

Speaking on the performance Natesh Narayanan, CFO of Star HFL said, “Our fund raise efforts continue to get strengthened as we now engage with private sector banks, public sector banks and financial institutions and have developed strong funding pipeline for the year ahead to complement the planned AUM growth. Strengthening of net-worth subject to shareholder’s approval / other approvals would further poise the company well in its efforts to get re-rated by the stakeholders.”

Business strengthened through Co-Lending: Star HFL has operationalised co-lending tie-ups with Capital India Home Loans and Singularity Credit Pvt Ltd resulting in AUM growth across its centres. AUM stands at Rs. 116.32 crs with an annualised growth of 23% in Q1 FY2022-23. Discussion with select banks and financial institutions for co-lending tie-up underway.

Strengthening of Debt Profile: Star HFL has strong relationships with public sector banks (SBI, BoB, UBI, and IOB) and has received credit lines from the NHB. Strong funding pipeline from private sector banks, public sector banks and financial institutions developed to cater to the growth aspirations.

Continued Strengthening of Net Worth: Star HFL continues strengthening its net worth. Post capital raise in Nov 2021, the company now has got board approval to raise fresh capital through preferential allotment on private placement basis. This capital to be infused post shareholder’s approval in the ensuing AGM on July 16, 2022 and other approvals.

Leave a Comment