Latest News | Business Briefs 4 Home First Fin's Net Profit Falls 9.1 Pc to Rs 35 Cr in Jun Quarter

* New Delhi, Jul 29 (PTI) Home First Finance on Thursday said its net profit declined 9.1 per cent to Rs 35 crore in the first quarter ended June 30.

The technology-driven affordable housing financier, which was listed on bourses in February, had posted a net profit of Rs 39 crore in the June quarter of the previous fiscal year 2020-21. Total income during April-June 2021 increased 5.8 per cent to Rs 142 crore, against Rs 134 crore in the year-ago period, the company said in a statement. HomeFirst said its disbursements during the quarter jumped to Rs 305 crore, from Rs 53 crore a year ago.

The company's gross non-performing assets showed impairment at 1.9 per cent of the gross advances as of June 30, 2021 from 1 per cent by end of June 2020. Assets under management (AUM) grew 18.5 per cent to Rs 4,294 crore at end of June 2021.

Home First Finance MD & CEO Manoj Viswanathan said, "Our Q1FY22 performance was strong, considering that we had to deal with a severe second wave of COVID-19. We expect the upward trend to continue as the overall opportunity remains large, supported by low interest rates and muted house prices, driving strong business growth."

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* SHFL's net profit jumps 82 pc to Rs 10.9 cr in Jun quarter

* Shriram City Union Finance-promoted housing finance arm SHFL on Thursday reported an 82 per cent rise in its net profit to Rs 10.9 crore in the first quarter ended June 30.

Shriram Housing Finance Ltd (SHFL) had posted a net profit of Rs 6 crore in the year-ago same period.

Disbursements for the quarter remained subdued at Rs 221 crore, impacted by state level lockdowns, SHFL said in a statement. The company's asset under management (AUM) grew 65 per cent year-on-year to Rs 3,910 crore, it said.

Asset quality improved marginally with gross stage 3 assets (non-performing assets) declining to 2.32 per cent compared to 2.34 per cent for same period last year. Restructuring has been contained at 1.8 per cent of the book during the second wave of Covid, while in the first wave restructured book was 1.5 per cent, it said.

Ravi Subramanian, MD & CEO of Shriram Housing Finance, said, "Disbursements in April-May were affected by the second wave of COVID-19, but June has seen some recovery in business."

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* GE Gas Power secures over 50 customers of H-Class heavy duty gas turbine in 20 countries

* GE Gas Power on Thursday announced it has secured over 50 customers of its H-Class heavy duty gas turbine across 20 countries.

"GE meticulously engineered our H-Class turbines to be an industry leader and help power plant operators thrive in the complex world of the energy transition, providing reliable and sustainable power today and being well-positioned as a destination technology for years to come," said Amit Kulkarni, head (product management for heavy duty gas turbines) at GE Gas Power.

GE Gas Power is a global leader in natural gas power technology, services, and solutions. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)