Star Housing Finance share price jumps 9% after Q1 results 2024 | Stock Market News

Stock market today: After the Q1 results for 2024 announcement, Star Housing Finance’s share price witnessed a robust upward movement during the early morning session on Friday. Star Housing Finance’s share price today opened with an upside gap at 52 apiece and touched an intraday high of 54.97 apiece within a few minutes of the stock market‘s Opening Bell. While climbing its intraday high, Star Housing Finance share price logged an intraday rise of nearly 9 percent.

However, the stock failed to sustain at a higher level and came under the profit-booking trigger. After the profit-booking trigger, the housing finance company stock touched an intraday low of 50.51 per share. Star Housing Finance’s share price is currently quoting around 52 apiece.

Star Housing Finance Q1 results 2024

In Q1FY25, the semi-urban and rural-focused home finance company maintained its growth trajectory in the retail home finance space and reported strong business and financial performance for the quarter ending June 30, 2024.

During Q1FY25, Star HFL registered milestones across business areas for the quarter ending June 30, 2024, enlisted as below:

Business Numbers: AUM increased 73.55 percent yearly to 471.41 crore. The company disbursed 61.23 crore in the quarter ended June 2024.

Income Growth: The interest income of the housing finance company grew by 61.43 percent YoY on the back of strong traction in disbursements. Net Interest Margin (NIM) stands at 7.04 percent.

Asset Quality Remains Intact: The housing finance company’s PAR (0+ days past due) stood at 3.38 percent, of which GNPA stood at 1.57 percent and NNPA stood at 1.12 percent as of June 30, 2024.

Robust Profitability: The company’s Profit before Tax (PAT) grew by 87.98 percent YoY.

Liability Scale Up: Star HFL has strong relationships with banks and FIs to aid in loan book growth. Current borrowings are Rs. 335.35 crore through six banks and 11 financial institutions. The liability pipeline is robust and planned according to the business plan for the financial year.

Dividend payout: Star HFL has announced a 50 percent increase from 0.05 per share to 0.075 per share, subject to shareholder approval in the ensuing AGM.

Lending Suite Upgraded: Star HFL has completed the deployment of the core lending suite, which allows for the end-to-end processing of home loan applications and provides receivable management support.

Ratings: Star HFL is rated BBB / Stable by CARE and India Ratings.

Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.

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