Muthoot Homefin India Limited

Muthoot Homefin (India) Limited (MHIL) is a housing finance company registered with the National Housing Bank (NHB) with a registration number 05.0112.14 dated 19th May 2014.

We are a non-deposit taking housing finance company and were registered with the National Housing Bank (“NHB”) on May 19, 2014. We were incorporated on August 26, 2011 and are the wholly owned subsidiary of Muthoot Finance Limited (“MFL”), which is one of India’s largest gold financing companies by loan portfolio. Accordingly, we are a part of the group with a legacy of serving customers for over 130 years. We currently boast of a customer base consisting of 20,237 customers as at September 30, 2018.

We focus on providing affordable housing loans to Lower Middle Income (“LMI”) groups and Economically Weaker Sections (“EWS”) of society in tier 2, tier 3 and tier 4 cities. Our customers comprise primarily informal and formally salaried workers and self-employed individuals. As on September 30, 2018, 58.88% of our loan portfolio consisted of loans made to salaried individuals, 2.26% of our loan portfolio consisted of loans made to individuals who are professionals or self-employed, and 38.87% of our loan portfolio consisted of loans made to individuals who are businessmen. As on September 30, 2018, we provided loans to customers located in 11 states and one union territory, namely Andhra Pradesh, Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Telangana, Uttar Pradesh, and Chandigarh.

We source our customers directly through our in-house sales team, as well as through our channel partner. We have a robust marketing and branch network in order to market our products to our customers. Our branch network consisted of 70, 59, 9, and 4 branches as on September 30, 2018, March 31, 2018, March 31, 2017, and March 31, 2016, respectively. We also leverage the brand recognition of MFL, in order to expand our business and source our customers. Our branches aim at providing a fast and seamless customer experience with an emphasis on a single window interface for our customers.

Our products are focused towards aiding our customers in arranging funds for purchase of a property, construction of new residential property, as well as for renovation, improvement and extension of existing residential property. These loan products are secured by creating a mortgage on the residential properties. In addition, we also provide our salaried customers with loans against property (“LAP”) by allowing them to mortgage their property with us. As on September 30, 2018, the total LAP provided by us was valued at 21.66 million and comprised of 0.12% of the total assets under management (“AUM”).

We are promoted by Muthoot Finance Limited, which is in turn promoted by Mathai George George Muthoot, George Thomas Muthoot, George Jacob Muthoot and George Alexander Muthoot. Mathai George George Muthoot, George Thomas Muthoot, and George Alexander Muthoot continue to be associated with our Company and serve on our Board of Directors.

We had 20,237, 15,908, 4,024 and 120 borrowers as at September 30, 2018, March 31, 2018, March 31, 2017, and March 31, 2016, respectively. Further, our AUM as at September 30, 2018 in accordance with Ind AS consisted of 17,509.86 million, and our AUM as at March 31, 2018, March 31, 2017, and March 31, 2016 in accordance with Indian GAAP consisted of 14,647.81 million, 4,408.40 million, and 315.00 million, respectively.

Our gross non-performing assets (“NPAs”) as a percentage of our AUM as at September 30, 2018 in accordance with Ind AS stood at 0.78%, and our gross NPA as a percentage of our AUM as at March 31, 2018 stood at 0.42%. Furthermore, as at March 31, 2017, and March 31, 2016, our Company did not have any NPAs. Our total borrowings as of September 30, 2018, were 13,983.94 million. Our average ticket size as on September 30, 2018 was 0.95 million and the average cost of our borrowings as a percentage of our weighted average borrowings was 8.64%. The average tenor of our loans on book as on September 30, 2018 was 17 years and four months. Our ticket size is determined by the location of our customer, and is subject to the following maximum limits:

Location Maximum
Metro cities such as Bangalore, Chennai, Hyderabad, New Delhi, and Mumbai 5.00 million
Other Locations 3.00 million

Our total revenue from operations, as per our Reformatted Financial Statements prepared according to Indian GAAP for Fiscals 2018, 2017 and 2016 was 1,258.75 million, 241.65 million and 19.32 million, respectively, and our total revenue from operations, as per our Special Purpose Interim Financial Statements was 1,039.78 million. Our net profit after tax, as per our Reformatted Financial Statements prepared according to Indian GAAP for Fiscals 2018, 2017 and 2016 was 278.04 million, 28.73 million and 0.13 million, respectively, and our net profit after tax, as per our Special Purpose Interim Financial Statements was 209.76 million.

MHIL focuses on affordable housing segment, catering to the aspirations of the mid and low income Indian families who want to own a home. During the financial year 2018, the Company carried out its operations in 11 States namely Andhra Pradesh, Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telegana, Uttar Pradesh and Chandigarh.

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