IndoStar AUM Grows 6% QoQ, PAT at ₹32 Crore in Q2 FY25

IndoStar, a middle-layered non-banking finance company (NBFC) registered with the Reserve Bank of India, announced its financial results for the quarter September 30th, 2024, earlier today.  

The company AUM at ₹10,112 crore, is up 6% QoQ from ₹9,565 crore in Q1 FY25. At a consolidated level, the Company delivered a PAT of ₹32 crore for Q2 FY25.  

 

 

Sale of IndoStar Home Finance to EQT: On September 19, 2024, IndoStar Capital Finance Limited (Indostar) announced the sale of its wholly owned subsidiary, IndoStar Home Finance Private Limited (IHFPL) to WITKOPEEND B.V., an affiliate of BPEA EQT Mid-Market Growth Partnership (“EQT”), a global private equity

investor, for ₹1,750 crore on a fully diluted basis. The transaction is subject to customary conditions precedent, including receipt of RBI approval, consent from lenders and shareholders’ approval.  

 

Sale of Stressed Pool: On August 27, 2024, IndoStar sold a pool of assets from its legacy corporate loan book and Commercial Vehicle business worth ₹357 crore to Pridhvi Asset Reconstruction and Securitisation Company Limited (“PARAS”).   

 

Issue of Secured, Redeemable, Non-Convertible Debentures (NCD’s): During the quarter, the company raised ₹266 crore through its maiden public issue of Secured, Redeemable, Non-Convertible Debentures.

 

Rating upgraded by CRISIL to ‘Stable’: On September 9, 2024, the long-term rating of IndoStar Capital Finance Limited's (ICFL's) facilities and instruments was upgraded by ratings agency CRISIL, to ‘Stable’ from ‘Negative’ while reaffirming the rating at ‘CRISIL AA- and short-term rating of commercial paper is reaffirmed at 'A1+’.

 

IndoStar Capital Finance Limited (“ICFL”) (Standalone) Financial performance ICFL delivered a PAT of ₹ 18 crore in Q2 FY25. The AUM for ICFL stands at ₹ 7,550 crore out of which the retail vehicle finance business is ₹ 6,964 crore. Disbursements during the quarter stood at ₹ 1,462 crore, up 40% from ₹ 1,048

crore in Q2 FY24. With a focus on collections through the quarter, Gross Stage 3 remains flat at 4.97% in Q2 FY25; Net Stage 3 stood at 2.50%. The company maintained a strong Capital Adequacy Ratio (CAR) of 25.86% on a standalone basis. Debt equity ratio stood at 2.26x.  

IndoStar Home Finance Private Limited (“IHFPL”) Financial Performance IHFPL delivered a PAT of ₹ 14 crore in Q2 FY25 aided by AUM growth and securitization transactions.  The AUM in IHFPL stands at ₹ 2,562 crore in Q2 FY25, up 35% from ₹1,894 crore in Q2 FY24. IHFPL continues to deliver on its core strategy of providing affordable housing loans in semi-rural and rural markets, while maintaining healthy asset quality. The company reported Gross Stage 3 assets at 1.41%. IHFPL has a Capital Adequacy Ratio (CAR) of 55.68%.

 

Key Performance Highlights (ICF Standalone):

 

 

Key Performance Highlights (HFC Standalone):