Housing loan finance company Repco Home Finance expects to manage assets under management (AUM) of around Rs 14,000 crore by the current financial year, a top official said.
The Tamil Nadu-based company was managing AUM of around Rs 12,400 crore at the beginning of the year, Managing Director and CEO K Swaminathan said.
"As regards AUM, I think we were around Rs 12,400 crore in the beginning of the year. We plan to reach somewhere around Rs 14,000 crore by the current year-end. That is our plan of action. When the momentum happens, especially the second and third quarters are normally the peak quarters for the company," Swaminathan said at the Q1 FY24 earnings conference call recently.
During the second and third quarters, Swaminathan said, "I expect the book growth will also be more than the 9 percent growth that we did in the first quarter."
"Definitely, I think we will be able to reach the number of around Rs 14,000 crore. That is our plan of action for the year-end" he said.
Commenting on the April-June 2023 quarter performance, he said Repco Home Finance was able to achieve a disbursement of Rs 684 crore against Rs 642 crore disbursed during the same period of last year up 7 percent.
"Our AUM stands at Rs 12,655 crore, increased by around 2 percent quarter-on-quarter from the previous quarter of Rs 12,449 crore," he said.
Swaminathan said the company was also looking at disbursing Rs 3,600 crore during the current year and it was 'on track' to achieve the targeted numbers.
"..I think we have grown by around 20 percent as far as disbursements are concerned. That's why we plan to maintain the same as far as disbursement numbers are concerned. Going forward, especially the first quarter is normally a lean quarter, despite that we have grown 20 percent year-on-year," he said.
"In the current year also, we are planning to increase the total disbursement number from around Rs 3,000 crore last year to around Rs 3,600 crore this current year. We are on track," Swaminathan said.
The company was confident of achieving as far as the disbursements are concerned, he added.
(Edited by : Keshav Singh Chundawat)
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