Micro Housing Finance Corporation announces HYE Sep 30, 2014 financials (unaudited) - highlights include crossing 5000 loans, credit rating upgrade, doubling of NPAT

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, 2014 unaudited results.

Mumbai, Maharashtra, October 23, 2014 /India PRwire/ -- 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, 2014 unaudited results.

Total Revenue was 65% higher at Rs 1143 lakhs as against Rs 695 lakhs in the corresponding period last year, and after expenses, the company's PBT was Rs 368 lakhs, up 129% over the Rs 160 lakhs made in HYE Sep 30, 2013. The company provided Rs 119 lakhs for tax (Rs 41 lakhs in corresponding period last year), after which PAT was Rs 248 lakhs (up 108% from Rs 119 lakhs made in HYE Sep 30, 2013).

Housing loans outstanding as on Sep 30, 2014 was Rs 172 cr, growing about 67% over the corresponding figure of Rs 103 cr in the previous year. In terms of cumulative housing loans sanctioned, this is at Rs 257 cr, up about 50% from the figure of Rs 171 cr in the previous corresponding period. Over 5,000 financially excluded families, mostly employed in the informal sector, ranging from painters and carpenters to wedding band musicians have now bought homes with housing assistance from MHFC. The company for the first time does have Gross Non-Performing Assets ("GNPAs"), but this is still low when compared to the industry at 0.69% of total housing loan assets - after provisions, net NPAs is at 0.55%.

During the half year, no equity was raised - net worth stands at Rs 83 cr. Debt as on Sep 30, 2014 was Rs 99 cr from financial institutions, up from Rs 70 cr same time previous year. The Company has borrowings from its regulator, the National Housing Bank ("NHB"), the premier housing finance institution, HDFC Ltd and various commercial banks. Importantly, during the half year under review the Company received an upgrade in its credit rating - to "CARE A-" (previous "CARE BBB+") for its long term bank facilities.

According to Madhusudhan Menon, Chairman of MHFC, "While growth and profitability continued on expected parameters, the highlights were crossing 5,000 individual loan sanctions and a credit rating upgrade. This should help the company in improving the quantity, quality and pricing of debt. In fact, during this first half, we are pleased to say that we received several fresh financing sanctions - including from the NHB and other key financing partners. We thus believe that this was another half year which has contributed to the MHFC story, which is that a robust business model can be built while still accomplishing a social goal."

For the full year 3/2014, the company expects to touch close to Rs 350 cr in cumulative loan sanctions and Rs 250 cr in loan disbursals.

MHFC,which counts the India Financial Inclusion Fund, the Michael & Susan Dell Foundation and the Ronnie Screwvala-founded Unilazer Ventures as major investors, 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 (typically 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. 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). MHFC has an active presence in Mumbai, Pune, Ahmedabad, Surat, Jaipur, Nagpur, Indore, Bhopal and Kolkata, and currently helps finance customers (who are financially excluded) on approx 250 low-income housing projects.

The HYE Sep 30, 2014 unaudited results are available online on the company website at the following address:

http://mhfcindia.com/HYE_Sep_30_2014.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.


Journalists and Bloggers
Visit India PRwire for Journalists for releases, photos, email alerts and customized feeds just for Media.

If you have any query regarding information in the press releases, please contact the company listed in the press release itself. Please do not call India PRwire, we will be unable to assist you with your inquiry.


Micro Housing Finance Corporation recent press release(s)


Micro Housing Finance Corporation announces audited FYE March 31, 2015 financials - highlights include 32% increase in PAT / 40% increase in loans outstanding / 5 star GIIRS (social impact) rating

Micro Housing Finance Corporation ("MHFC"), a housing finance company that is focused on providing housing loans to financially excluded urban lower income families, has announced its FYE March 31, 2015 audited results.

Micro Housing Finance Corporation receives 5 star Impact Rating

Micro Housing Finance Corporation ("MHFC"), a housing finance company that is solely focused on providing housing loans to financially excluded urban lower income families, has been issued its 2014 Global Impact Investing Ratings System ("GIIRS") assessment - summary available http://mhfcindia.com/MHFC_2014_GIIRS_Rating_Report_-_First_Page.

Micro Housing Finance Corporation receives Credit Rating Upgrade

Micro Housing Finance Corporation ("MHFC"), a housing finance company that is solely focused on providing housing loans to financially excluded urban lower income families, has received an upgrade in its Long Term Bank Facilities (Rs 100 cr) credit rating and is now rated "CARE A-".

Micro Housing Finance Corporation announces audited FYE March 31, 2014 financials - highlights include doubling of revenues / PAT / loans outstanding

Micro Housing Finance Corporation ("MHFC"), a housing finance company that is focused on providing housing loans to financially excluded urban lower income families, has just announced its FYE March 31, 2014 audited results.

Micro Housing Finance Corporation announces HYE Sep 30, 2013 financials (unaudited) - highlights include crossing 100 cr loans outstanding, NIL NPAs

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, 2013 unaudited results.