New Delhi-headquartered Hero FinCorp is targeting a net profit of Rs 1,000 crore in the financial year 2024-25, which would be a 30 percent rise on year on year basis, the NBFC's Joint Manding Director and Chief Executive Officer Abhimanyu Munjal said on March 5.
"We have reported a profit after tax (PAT) of Rs 736 crore for the April -December period, which is 71 percent higher than a year ago in the same period," Munjal said in an interaction with media.
Hero FinCorp's Assets under management (AUM) till December 2023 stood at Rs 49,127 crore compared with Rs 39,381 crore at the end of December 2022, an increase of 25 percent on a YoY basis.
Munjal further added that they are increasing nationwide coverage of Hero FinCorp from the biggest urban centers to the smallest of rural settlements. Covering almost all pin codes in India.
"The company possesses the capability to underwrite customers across a wide range of geographies and income segments. A diversified product suite, covering retail individual, retail SME, and corporate segments allows the company to serve diverse and unique financial needs across segments," he said.
Recently, Hero FinCorp has started an in-house tech center in Bengaluru and a combined tech & analytics strength of 250 plus.
Hero FinCorp's non-performing assets till December 2023 were at 2.3 percent, down from 2.79 percent of last year. GNPA of the NBFC was 5.38 percent last year which came down to 4.74 percent by December 2023.
Hero FinCorp has hired over 7,000 employees in FY24 which they are targeting to increase in this year.
" At Hero FinCorp we firmly believe that people are our biggest asset, and we apply a long-term collective growth & nurturing lens towards people-related matters," said Munjal.
Established in December 1991 as Hero Honda FinLease Limited, Hero FinCorp has evolved into a financial services company, offering financing solutions including two-wheeler financing, affordable housing finance, education financing, and SME lending. According to the company, they have a presence in over 4,000 cities across India and nearly 2,000 retail financing touchpoints within Hero MotoCorp's network.
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