Aadhar Housing Finance Limited (AHFL) is a deposit taking housing finance company registered with the NHB and focused on providing affordable housing financing products for theEconomically Weaker Section (EWS) and Lower Income Group (LIG) segment in India, in tier 2 to tier 4 cities and towns, to diverse customer groups with focus on salaried (both formal and informal) and self-employed (business and professional in formal and informal segments) home buyers. The Company was incorporated as 'Vysya Bank Housing Finance Limited' and it commenced its operation from November 27, 1990. In the year 2003, Dewan Housing Finance CorporationLimited (DHFL) acquired the Company from ING Vysya Limited and the Company was renamed as DHFL Vysya Housing Finance Limited. In the Fiscal 2018, the erstwhile Aadhar HousingFinance Limited, a company promoted by DHFL with strategic investment by International Finance Corporation ('IFC'), merged with the Company on November 20, 2017. Pursuant to the merger, the Company was renamed as Aadhar Housing Finance Limited on December 4, 2017. AHFL offers Housing Loans i.e. secured finance primarily to salaried and self-employed individuals for the purchase of plots, construction, improvement and extension of homes, new and resalable flats secured against mortgage of the same property, and project finance for residential buildings to developers. The company also provides Other Property Loans including loan against property ('LAP') to salaried or self-employed professionally qualified individuals and others, against mortgage of property of the borrower and insurance component of Housing Loans. AHFL has a robust marketing and distribution network, with a presence across 272 branches across 20 states and union territories, comprising of 160 main branches, two small branches, 62micro branches, 48 ultra-micro branches, one corporate office and one registered office, as of March 31, 2018. As at March 31, 2016, March 31, 2017 and March 31, 2018, the loan book stood at Rs. 1469.19 Crore, Rs. 1809.99 Crore and Rs. 7352.70 Crore, respectively. As at March 31, 2016, March 31, 2017 and March 31, 2018 the gross NPAs as a percentage of loan book was 1.26%, 1.55% and 1.17%, respectively and net NPAs as a percentage of loan book (net of NPA provision) was 0.89%, 1.11% and 0.78%, respectively. For the years ended March 31, 2016, 2017 and 2018, the total revenue from operations was Rs 192.81 Crore, Rs 211.98 Crore and Rs 798.06 Crore, respectively on a standalone basis and Rs807.19 Crore for the Fiscal 2018 on a consolidated basis, and the PAT was Rs 26.72 Crore, Rs 23.21 Crore and Rs 99.73 Crore, respectively on a standalone basis and Rs 99.62 Crore for theFiscal 2018 on a consolidated basis. AHFL’s revenue from operations and profit after tax on a standalone basis grew at a CAGR of 103.45% and 93.19%, respectively over the last three Fiscals. This issue is rated Credit Rating of 'CARE AA+ (SO)/ Outlook: Stable' for an amount of Rs 3,000 Crore, by CARE Ratings Limited ('CARE') and 'BWR AA+ (SO)Outlook: Stable' for an amount of Rs 3,000 Crore, by Brickwork Ratings India Private Limited ('Brickwork'). Good Rating, sound financials and lucrative coupon rates make this offer a worthy option for investors looking for long term fixed income. We give SUBSCRIBE rating to debt issue.
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