IndoStar offloads corporate loan book, stocks trade 5 percent higher

Phoenix ARC will set-up a trust that will monitor the progress of the real-estate projects and will also consider funding certain amounts towards financing the completion of these projects.

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Shares of IndoStar Capital were trading nearly 5 percent higher on opening after it announced on August 25 that it had sold a significant portion of its corporate loan book to Phoenix ARC. As of 9:20 am, the stock was trading at 183.80, up from 175.05 at close on August 25.

The sale by IndoStar consists of certain accounts “categorised under Stage 2”, which amount to around Rs 915 crore in dues outstanding. According to a regulatory filing, Phoenix ARC will establish a trust to oversee the progress of real estate projects and may provide funding for their completion. This will allow IndoStar’s management team to concentrate on expanding its core retail lending business.

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As a result of this deal, the share of the retail lending book in the company’s assets under management will increase from 85% to about 95%.

“With  the company’s focus on used vehicle financing over the last year, the commercial vehicle loan disbursal yields have been above 18%, incrementally increasing the yield of the overall portfolio. The focus on used commercial vehicles has also led to lower average ticket sizes of loans, which stood at Rs. 7.6 Lakhs for Q1 FY’24, ” IndoStar mentioned in a release.

For the quarter ending June 2023, the Debt-to-Equity ratio was 1.9x and the capital adequacy ratio (CAR) was 34.4 percent on a standalone basis. For the quarter, the net sales grew 4.69 percent to Rs 299.09 crore in June 2023 while net profit for the same period declined by 36.11 percent to Rs. 38.93 crore in June 2023.  EBITDA for June 2023 was Rs. 203.89 crore, down by 9.14 percent from June 2022.

Mumbai-based IndoStar Capital Finance is a non-banking finance company providing financial solutions to corporates, vehicle financing, home finance and loans for SMEs.

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