Hero FinCorp, headquartered in New Delhi, has set a target of achieving a net profit of Rs 1,000 crore in the fiscal year 2024-25, representing a 30 percent increase year-on-year, according to Abhimanyu Munjal, the NBFC’s Joint Managing Director and Chief Executive Officer. Munjal mentioned during a media interaction on March 5 that the company recorded a profit after tax (PAT) of Rs 736 crore from April to December, marking a 71 percent increase compared to the corresponding period last year.
HERO FINCORP CEO ABHIMANYU MUNJAL TARGETS PROFIT AFTER TAX OF RS 1000 CRORES FOR FY 25
As of December 2023, Hero FinCorp’s Assets under Management (AUM) reached Rs 49,127 crore, reflecting a 25 percent year-on-year growth from Rs 39,381 crore recorded at the end of December 2022. Munjal emphasized the expansion of the company’s nationwide coverage, reaching from major urban centers to even the smallest rural settlements, encompassing almost all pin codes in India.
He highlighted the company’s ability to cater to customers across various geographies and income segments through a diverse product suite, covering retail individuals, retail SMEs, and corporate segments. Hero FinCorp recently established an in-house tech center in Bengaluru, boasting a combined tech and analytics team of over 250 professionals.
The NBFC’s non-performing assets (NPAs) stood at 2.3 percent as of December 2023, down from 2.79 percent the previous year. Furthermore, the Gross NPA (GNPA) decreased from 5.38 percent in the previous year to 4.74 percent by December 2023.
In FY24, Hero FinCorp hired more than 7,000 employees, with plans for further expansion in the current fiscal year. Munjal stressed the company’s belief in nurturing its workforce for long-term collective growth.
Established in December 1991 as Hero Honda FinLease Limited, Hero FinCorp has transformed into a comprehensive financial services provider, offering financing solutions such as two-wheeler financing, affordable housing finance, education financing, and SME lending. The company claims to have a presence in over 4,000 cities across India and nearly 2,000 retail financing touchpoints within Hero MotoCorp’s network.