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Mahindra Finance's rural arm targets Rs 1000 cr. business in FY 13

By Religare
|

The rural arm of non-banking financial company Mahindra and MahindraFinancial Service, Mahindra Rural Housing Finance (MRHF) on Sundaysaid that it is eying an aggressive growth in its loan book thisfiscal amid robust demand for the company's offerings.

A top official from the company said that MRHF is aiming for anincrease in its loan book to Rs 1,000 crore by the end of fiscal2012-13.

The company's loan book, which stood at Rs 535.2 crore at the end oflast fiscal, currently stands at around Rs 700 crore.

 

"We have been doubling the book almost every year now and this year wehope to be faster. We are at around Rs 700 crore right now and it willgrow to Rs 900-1,000 crore by end of the fiscal," company ManagingDirector Ramesh Iyer said.

The company, which was incorporated in 2007, had an outstanding loanbook of Rs 676.7 crore at the end of the September 2012 quarter, upfrom Rs 418.3 crore in the same period last year.

The company, which offers credit for the purchase, renovation,extension and improvement of houses in rural and semi-urban markets,is aiming to increase its loan book to Rs 4,000 crore by the end offiscal 2015.

Story first published: Monday, November 19, 2012, 13:30 [IST]
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