Sammaan Capital Limited (SCL), previously known as Indiabulls Housing Finance Limited, has reported a strong operating profit of Rs 828 crores for quarter ended September 2024 up 22% from Rs 679 crores in the previous year (H1 operating profit Rs 1525 crores as against Rs 1015 crores in the previous year, an increase of over 50%). The company did a consolidated one time provision of Rs 4,513 crores for quarter ended September 2024 resulting in a loss of Rs 2,760 crores.
The company marked significant rise in cash collections from its legacy book at Rs 5053 crores in the six months ended September, 2024 with no new slippages. It has made any one time provision Rs 4050 crores against its consolidated legacy book. GNPA at lowest in 22 quarters. GNPA + Stage 2 loans at lowest ever.
Networth in parent Sammaan Capital Limited stood at Rs 22,000 crores (up Rs 3,000 crores since March 2024). Consolidated networth stood at Rs 19,979 crores as on Setpember 2024 up from Rs 19,792 crores as March 2024
In a major strategic move, Sammaan Capital has repositioned Sammaan Finserve Limited as affordable housing financier. It has 7 co-lending partner banks, retail AUM of Rs 5,000 crores.
Affordable Housing Finance Companies Like Aavas, Aptus, Home First, Aadhar trade at approximately 4 times their net worth and gives Sammaan Capital an opportunity to unlock significant value going ahead.
Since September 2018, Indiabulls Housing Finance has repaid debt Rs 1,79,000 crores on gross basis, and Rs 82,500 crores on a net basis:- The largest debt repayment by any corporate in India across financial/non-financial companies
Sammaan Capital is now positioned for continued operational growth with a healthy capital, improved asset quality and strong cash collections. Retail disbursals now average at Rs 1,000 crores + per month.
