Edelweiss Housing Fin aims Rs 2000cr business by FY13

Edelweiss Housing Finance is eyeing a total business of Rs 2,000 crore by the next financial year, a top company official said today.

"We are likely to have a total business of Rs 2,000 crore by the next financial year and have set a target to close this year with a total business of around Rs 850 crore," Edelweiss Housing Finance Executive Vice-President Anil Kothuri told PTI.

He further said the company is focused on the retail segment and not looking at taking any exposure to commercial real estate on project level as of now.

The Edelweiss Group company is also planning to increase its presence across the country.

"Now, we are present in five cities, which we will increase to nine by the end of this fiscal. In the next financial year, we will add another 10 cities to make the total tally to 19," Kothuri said.

The company, which has disbursed around Rs 370 crore as of now, will also see some capital infusion from the parent group to support business growth.

"We have around Rs 70 crore of equity capital base as of now and we may need another Rs 20 crore in the current fiscal," he said.

Talking about pressure on margin due to spike in interest rate, he said the firm is not under pressure and is likely to maintain a spread of 2.5% in the future.

Edelweiss Financial Services, the parent company, today posted a 60% drop in net profit to Rs 26.32 crore for the second quarter on the back of low income from brokerage business, and also from investments made in its new businesses among others.

Total income of the company rose marginally by 2.45% to Rs 385.32 crore in the second quarter compared to Rs 376.14 crore reported a year ago.