Karvy Fin aims at loans-outstanding of Rs 3,000-cr by FY 14

MUMBAI: Karvy Finance, the NBFC arm of the Karvy group, aims to rapidly scale-up its loans-outstanding to Rs 3,000-crore by FY 14 from the Rs 355-crore in March this year, a top company official said.

"Over the next three-years (by FY 14), we aim to up our loans-outstanding to Rs 3,000-crore," Karvy Finance's CEO, Amit Saxena, told PTI here.

According to the company's road-map till FY 14, it is targeting a Rs 1,000-crore loans-outstanding this year (FY 12), Rs 2,000-crore in FY 13 and Rs 3,000-crore in FY 14.

"The market is picking-up and we are now in a good position to tap the available opportunities having built-up a strong team and robust processes. From Rs 355-crore of loans-outstanding in FY 11, we are on course to scale it up to Rs 3,000-crore by FY 14," Saxena said.

The company, which achieved break-even in FY 10, has clocked a PAT of Rs 11-crore in FY 11.

It is active in three product lines -- loans against shares, loans against gold and business loans against property -- and intends to stick to these three going forward.

"We have so far disbursed Rs 200-crore against shares, Rs 145-crore against property and Rs 15-crore against gold -- the last business was started only six-months ago," Saxena said.

In FY 12, the company aims to up it to Rs 450-crore each against shares and property and to Rs 100-crore against gold.

Saxena said that on an average, Karvy Finance lends about Rs 50,000 against gold, about Rs 25-30-lakh against property but this could go up to Rs 1-crore and about Rs 1-crore or a little more against shares.