Micro Housing Finance Corporation announces HYE Sep 30, 2012 financials (unaudited) - highlights include crossing 2000 loan sanctions, establishing over 100 project partnerships
Micro Housing Finance Corporation ("MHFC"), a housing finance company that is focused on providing housing loans to financially excluded urban lower income families, announced its HYE Sep 30, 2012 unaudited results.Tweet
-- Micro Housing Finance Corporation ("MHFC"), a housing finance company that is focused on providing housing loans to financially excluded urban lower income families, announced its HYE Sep 30, 2012 unaudited results.
Income from Operations was 74% higher at Rs 357 lakhs as against Rs 205 lakhs in the corresponding period last year, and after expenses, the company's PBT was Rs 99 lakhs, up 52% over the Rs 65 lakhs made in HYE Sep 30, 2011. The company made a provision of Rs 26 lakhs for tax (NIL for corresponding period last year), after which PAT is Rs 73 lakhs.
Housing loans outstanding as on Sep 30, 2012 was Rs 48.5 cr, growing more than twice over the corresponding figure of Rs 21 cr in the previous year. In terms of cumulative housing loans sanctioned, this stands at Rs 89 cr, also more than double the figure of Rs 41.5 cr in the previous corresponding period. 2,000 families, mostly employed in the informal sector, ranging from self employed vegetable vendors and barbers to salaried employees like housemaids, drivers and security guards, have now bought homes with housing assistance from MHFC. The company continues to have NIL non performing assets.
For the full year 3/2013, the company expects to touch close to Rs 150 cr in cumulative loan sanctions and Rs 90 cr in loan disbursals. It has approx Rs 37 cr in equity and has also raised debt financing commitments of approx Rs 39 cr from financial institutions, including its regulator, the National Housing Bank, the premier housing finance institution, HDFC Ltd and various commercial banks.
According to Madhusudhan Menon, Chairman of MHFC, "This was a very good half for MHFC on all fronts, especially in terms of new projects and new loans sanctioned. The company sanctioned 600 loans in the first half and per current run rate, expects to sanction close to 1500 loans for the full year which will be an approx 100% growth over previous year. Partnerships with developers have also crossed 100 with 30 new projects including 2 PPP projects being approved in this half. Most importantly, we continue to have NIL NPAs. Our earliest customers have gone through 3 years of loan servicing, clearly demonstrating the creditworthiness of our target segment."
MHFC received its license from the National Housing Bank in February 2009 and began operations in June 2009. Its loan amounts are usually around Rs 5 lakhs (not exceeding 85% of the cost of the house) for a period not exceeding 15 years, with the house serving as security for the loan. Its rate of interest is currently between 12% and 14% per annum. It has a project-led approach and ties up with developers, both public and private, who have a similar focus on urban affordable housing (as defined as being in a price range generally not exceeding Rs 10 lakhs). Partnerships include tie-ups with builders like Tata Housing and Poddar Developers in Mumbai. MHFC also has an active presence in Pune, Ahmedabad, Surat, Nagpur, Indore, Bhopal and Kolkata, and currently helps finance customers (who are financially excluded) on over 100 low-income housing projects.
The HYE Sep 30, 2012 unaudited results are available online on the company website at the following address: http://mhfcindia.com/HYE_Sep_30_2012.pdf.
Notes to Editor
ABOUT MICRO HOUSING FINANCE CORPORATION:
MHFC is a housing finance company headquartered in Mumbai, India, focused on serving lower income groups in urban areas, specifically those in the informal sector. MHFC, through this initiative, seeks to efficiently and sustainably enable access to housing finance services to the underserved and un-served segments of the urban population. For more information on MHFC, please visit http://www.mhfcindia.com.