The Financial Year (FY 18Rs.19) started off very well with strong Gross Domestic Product and growth numbers driven by healthy demand across sectors during first half of FY 19. During the second half of FY 19, stress in the financial system became apparent with industry facing liquidity constraints due to restrictive supply of market funds and was also impacted by auto and real estate sectors slow down. However, your company did not face any negative impact supported by existing strong relationships with banks and financial institutions that enabled us to procure sufficient funds to disburse.
The Profit after Tax for the year was Rs.1,186 Crores, a growth of 29%. Our Asset Under Management (AUM) grew by 32% and disbursements grew by 21%. Our AUM stood at Rs.57,560 Crores with a post - tax Return on Total Asset at 2.4% and Return on Equity at 20.9%.The Company continued to strengthen its asset quality and reduced its Non - performing assets (Gross Stage 3) to 2.7% from 3.4% last year. The company also transitioned from Indian Generally Accepted Accounting Principles to Indian Accounting Standard (Ind AS) during this year. Therefore, financial results for the year are as per Ind AS. Consequently, for comparison purposes, the company has reinstated previous year figures as per Ind AS as well.
During second half of FY 19, Non - Banking Financial Companies faced liquidity concerns arising out of tight market conditions. Your company had traditionally adopted a conservative Asset Liability Management policy ensuring that there are no negative mismatches in any of the time buckets in its structural liquidity statement which ensured the company was completely insulated from the liquidity tightness in the market. The company shifted its stance in long term borrowings moving from market borrowings to bank borrowings. To further strengthen this position, the company maintained a high level of liquid assets to ensure meeting its maturities.
Further, in FY 19, your company started to embed a suite of digital and analytics based capabilities within our three businesses. There are three key focus areas which the company has identified in this regard - advanced analytics, end to end digitization and partnerships expansions. Advanced analytics will enable data driven decision making across the value chain through pre -approved loans, automated underwriting models, cross sell analytics, early warning systems etc. End to end digitization will improve overall customer experience through paperless and automated processes while reducing our operating expenses. Partnership expansion will help us achieve scale and offer compelling products and terms to customers.
With strong macro - economic fundamentals, inflation under control, Reserve Bank of India-s (RBI) continued support to boost liquidity and possible advancement in vehicle purchases due to Bharat Stage - VI implementation next year, the company expects the industry to bounce back in the FY 20. Your company is committed to sustain the growth levels with superior asset quality.
I would like to take this opportunity to thank all our employees for their sustained contribution. Further, I would like to thank the Board and RBI for their guidance and support. I would also like to thank our shareholders, bankers and business partners for their continued support for our company over the years. We will continue to strengthen our core and deliver strong value for all our stakeholders.