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IndoStar, a middle-layered non-banking finance company (NBFC) registered with the Reserve Bank of India, announced its financial results for the quarter ended December 31st, 2024, earlier today.
The company’s AUM at ₹10,625 crore, is up 5% QoQ from ₹10,112 crore in Q2 FY25. At a consolidated level, the Company delivered a PAT of ₹ 28 crore for Q3 FY25.
Q3 FY25 Quarter Performance:
Used commercial vehicle (CV):
o Vehicle finance (VF) AUM at ₹ 7,303 crore, up 5% QoQ and 51% YoY
o VF Disbursements at ₹ 1,265 crore, up 18% from ₹ 1,074 crore in Q3FY24
Q3 FY25 Highlights (Consolidated):
· AUM at ₹ 10,625 crore, up 5% from ₹ 10,112 crore in Q2 FY25 and up 32% from Q3 FY24
· Disbursements of ₹ 1,572 crore, up 17% from ₹ 1,345 crore in Q3 FY24
Q3 FY25 Highlights (Standalone - ICF):
· AUM at ₹ 7,877 crore, up 4% QoQ from ₹ 7,550 crore in Q2 FY25
· VF AUM at ₹ 7,303 crore, up 5% QoQ from ₹ 6,964 crore in Q2 FY25 and up 51% from Q3 FY24
· VF Disbursements at ₹ 1,265 crore, up 18% from ₹ 1,074 crore in Q3 FY24
· Debt/Equity Ratio at 2.04x
· Gross Stage 3 assets at 4.92% for Q3 FY25
· Net Stage 3 assets are at 2.71% for Q3 FY25
· Strong Capital Adequacy at 28.51%
Q3 FY25 Highlights (Subsidiary – Niwas Housing Finance Private Limited “NHFPL” formerly known as IndoStar Home Finance Private Limited):
· AUM at ₹ 2,748 crore, up 7% QoQ from ₹ 2,562 crore in Q2 FY25, and up 34% from Q3 FY24
· Disbursements at ₹ 281 crore, up 25% from ₹ 224 crore in Q3 FY24
· Debt/Equity Ratio at 2.99x times
· Gross Stage 3 assets at 1.64% for Q3 FY25
· Net Stage 3 assets at 1.29% for Q3 FY25
· Strong Capital Adequacy at 52.62%, on a standalone basis
Progress on key initiatives is detailed here:
Allotment of warrants to BCP V Multiple Holdings Pte Ltd (“BCP V”): During the quarter, the Board approved the allotment of warrants of the Company on a preferential basis by way of a private placement, to BCP V, a promoter of the Company. Total consideration received ₹ 205 crore (i.e., 80% of the total subscription amount of ₹ 257 crore).
Change in name of material subsidiary: w.e.f. November 22, 2024, the name of IndoStar Home Finance Private Limited (“IHFPL”) a wholly owned subsidiary of IndoStar Capital Finance Limited (Indostar) has been changed to “Niwas Housing Finance Private Limited”.
Sale of Stressed Pool: On December 31, 2024, IndoStar sold a pool of assets from its Commercial Vehicle business worth ₹174 crore to Assets Care & Reconstruction Enterprise Limited (“ACRE”).
IndoStar Capital Finance Limited (“ICFL”) (Standalone) Financial performance
ICFL delivered a PAT of ₹ 11 crore in Q3 FY25. The AUM for ICFL stands at ₹ 7,877 crore out of which the retail vehicle finance business is ₹ 7,303 crore. Disbursements during the quarter stood at ₹ 1,291 crore, up 15% from ₹ 1,121 crore in Q3 FY24. The company’s Gross Stage 3 reduced to 4.92% in Q3 FY25 and Net Stage 3 is at 2.71%. The company maintained a strong Capital Adequacy Ratio (CAR) of 28.51% on a standalone basis. Debt equity ratio stood at 2.04x.
Niwas Housing Finance Private Limited (“NHFPL”) (Standalone) Financial Performance
NHFPL delivered a PAT of ₹ 16 crore in Q3 FY25 aided by AUM growth and securitization transactions. The AUM in NHFPL stands at ₹ 2,748 crore in Q3 FY25, up 34% from ₹2,047 crore in Q3 FY24. NHFPL 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 1.64%. NHFPL has a Capital Adequacy Ratio (CAR) of 52.62%.
Key Performance Highlights (ICF Standalone):
Particulars (₹ in crore) |
Q3 FY25 |
Q2 FY25 |
Q-o-Q % |
Q3 FY24 |
Y-o-Y % |
Net Revenue from operations |
180.5 |
165.9 |
8.8% |
96.6 |
86.9% |
Operating expenses |
(121.2) |
(128.7) |
(5.8%) |
(91.2) |
32.9% |
Pre-provision operating profit |
59.4 |
37.2 |
59.7% |
5.4 |
- |
Profit after tax |
11.4 |
18.0 |
(36.7%) |
10.6 |
7.5% |
CAR (%) Standalone |
28.5% |
25.9% |
|
30.4% |
|
Leverage (D/E) |
2.0x |
2.3x |
|
1.7x |
|
Key Performance Highlights (NHFPL Standalone):
Particulars (₹ in crore) |
Q3 FY25 |
Q2 FY25 |
Q-o-Q % |
Q3 FY24 |
Y-o-Y % |
Net Revenue from operations |
60.3 |
54.2 |
11.3% |
40.9 |
47.4% |
Operating expenses |
(33.9) |
(33.5) |
1.2% |
(31.1) |
9.0% |
Pre-provision operating profit |
26.4 |
20.7 |
27.5% |
9.8 |
169.4% |
Profit after tax |
16.3 |
13.7 |
19.0% |
6.2 |
162.9% |
CAR (%) Standalone |
52.6% |
55.7% |
|
66.6% |
|
Leverage (D/E) |
3.0x |
3.2x |
|
2.4x |
|