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LIC Housing Finance Has Big Plans for FY 2017-18

Sep 20, 2017 10:18 AM

Recent reports have revealed that LIC Housing Finance Ltd. could be disbursing over INR 50,000 crores during the current financial year. Mr. Vinay Shah, Managing Director and CEO, LIC Housing Finance Ltd., stated that his company has recorded a total disbursement of INR 41,541 crores in the last financial year with a growth of 15 percent. This year, the company is aiming at crossing the INR 50,000 crores mark. The income increased by 16 percent with Profit after Tax at INR 1,931 crores.

The company also witnessed a growth rate of 17 percent in the retail segment and disbursement until August was about INR 15,000 crores. Mr. Shah also stated that the company is planning to raise INR 55,000 crores in NCDs in the current financial year. The money will reportedly be raised as per the need. During the company’s Annual General Meeting in August, the board had approved the proposal to raise up to INR 57,000 crores. Mr. Shah believes that there has been a bit of a slowdown in demand with respect to real estate.

The implementation of the Goods & Service Tax, demonetisation and RERA, all happened in a span of six months, forcing people to adopt a wait and watch approach. They were not ready to go for property buying during the phase. According to ET Realty, LIC Housing Finance Ltd. had secured an order book size of INR 147,051 crores during the last financial year.

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