SRG Housing Finance net profit up by 44.92 per cent

SRG Housing Finance net profit up by 44.92 per cent
16/05/2017 , by , in ALLIED

SRG Housing Finance reported a 44.92% increase in its consolidated net profit during the financial year 2016-17. Company’s net profit was Rs 2.71 crore during the said period.

Total income stood at Rs 8.97 crore during the FY 2017, indicating a growth of 43.98% as against the previous fiscal.

Vinod Jain, Managing Director of the company said, “Financial year 2017 was an eventful year for the company as we received funding from reputed players like LIC Housing finance Limited, Oriental Bank of Commerce, Andhra Bank, National Housing Bank, State Bank of India, MAS Finance Services and DCB Bank. The capital infusion done during the year, will help us eliminate the funding troubles – like we faced during
FY17 and gear us up to take the company into the next phase of growth.”

Company’s net income during the Q4 2016-17 registered a growth of 67.57% and stood at Rs 3.10 crore while net profit during the said period registered a growth of 48.28% and stood at Rs 0.86 crore.

The gross non-performing assets (NPA) however increased during the FY17 and were Rs 1.28 crore, constituting 1.57% of the total outstanding loans of Rs 81.83 crore.

“The main reason for increase in NPA is due to the effect of Demonetization but the company has managed the NPA levels and the same are under control,” company said in the BSE filing.

It also announced its future plan to expand the business network in Madhya Pradesh, Gujarat, Maharashtra and Rajasthan.

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