NBFC major Fullerton India Credit Company (Fullerton India) reported profit of Rs 551 crore for the October-December quarter of FY23 (Q3FY23). Total Disbursals, too, jumped 41 per cent year-on-year (YoY) at Rs 19,500 crore in nine months of FY23 (9MFY23).
That apart, the company reported a 34 per cent surge in assets under management (AUM) to Rs 34,140 crore in 9MFY23. Profit, on the other hand, was registered 5.2x (times) higher than FY22 at Rs 551 crore.
Speaking on the overall performance, the management said that the company's performance in FY22 and 9MFY23 reflected deep commitment to 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," said Shantanu Mitra, CEO & MD, Fullerton India and Chairman & Non-Executive Director, Fullerton India Home Finance Company (Grihashakti).
Besides, the company's home finance segment clocked 77 per cent climb in total disbursals in 9MFY23 to Rs 2,274 crore. At the end of 9MFY23, 'Grihashakti AUM' was 38 per cent higher than FY22 AUM at Rs 6,164 crore.
The management said that the growth in total disbursals of the housing finance segment attributes the company's focus on affordable housing finance for customers.
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"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" said Deepak Patkar, CEO & MD, Fullerton India Home Finance Company (Grihashakti).
Fullerton India is registered as an NBFC - Investment and Credit Company (NBFC-ICC) with the Reserve Bank of India, and a member of SMFG Group. The company's primary services constitute financing of SME for working capital and growth, loans for commercial vehicles and two-wheelers, home improvement loans, loans against property, personal loans, among many others.