Published: 07th Sep 2024
By: Value Research
The housing financier has been engaged in mortgage lending since FY18. It provides home loans and loans against property primarily to individual retail borrowers. But its customers range from individual home buyers to large-scale developers. Its average loan ticket size of Rs 46 lakh is the highest in the industry.
Total IPO size (Rs cr) 6560 Offer for sale (Rs cr) 3000 Fresh issue (Rs cr) 3560 Price band (Rs) 66-70 Subscription dates September 9-11, 2024 Purpose of issue To meet regulatory mandate
58297 Net worth (Rs cr) 18280 Promoter holding (%) 88.7 Price/earnings ratio (P/E) 33.3 Price/book ratio (P/B) 3.2M-cap (Rs cr)
2Y CAGR (%) 12-months ending June 2024 FY24 FY23 FY22 NII (Rs cr) 37.6 2570 2510 2058 1326 PAT (Rs cr) 56.1 1752 1731 1258 710 AUM (Rs cr) 30.9 97071 91370 69228 53322 Borrowings (Rs cr) 29.1 73347 69129 53745 41492 Net worth (Rs cr) 34.7 14720 12234 10503 6741Key financials
NII is net interest income AUM is assets under management PAT is profit after tax
Ratios 3Y average (%) 12-months ending June 2024 FY24 FY23 FY22 ROE (%) 13.6 13.6 15.2 14.6 11.1 ROA (%) 2.2 2.3 2.4 2.3 1.8 NIM (%) 4.2 3.4 4.1 4.5 4 GNPA (%) 0.3 0.3 0.3 0.2 0.3
ROE is return on equity ROA is return on assets NIM is net interest margin GNPA is gross non-performing assets
The housing finance company has clocked enormous AUM growth of 72% per annum during FY18-24, while managing the lowest NPA ratios in the industry.
Since the company is a subsidiary of financial behemoths Bajaj Finance and Bajaj Finserv, it has access to their large customer base and network, which gives it a competitive and unique edge over its peers.
Most of its loan book caters to the premium segment. However, a high loan-to-value ratio compared to peers makes it much more vulnerable to credit risks. Check this risk, with its other key metrics like ROA, ROE, NPAs and capital adequacy from the link below.