Hero FinCorp, headquartered in New Delhi, is targeting a net profit of Rs 1,000 crore in the fiscal year 2024-25, representing a 30 percent year-on-year increase, according to Abhimanyu Munjal, the NBFC's Joint Managing Director and Chief Executive Officer, as reported on March 5.

Munjal noted, "For the April-December period, we recorded a profit after tax (PAT) of Rs 736 crore, marking a significant 71 percent growth compared to the same period last year."

Moreover, Hero FinCorp's Assets under Management (AUM) reached Rs 49,127 crore by December 2023, reflecting a 25 percent year-on-year increase from Rs 39,381 crore in December 2022.

Munjal emphasized the company's expansion efforts, stating, "We are expanding our nationwide coverage from major urban centers to the smallest rural communities, covering almost all pin codes in India."

Hero FinCorp recently established an in-house tech center in Bengaluru, bolstering its tech and analytics capabilities with a workforce of over 250 professionals.

Regarding asset quality, Hero FinCorp reported a decrease in non-performing assets (NPA), with NPAs at 2.3 percent by December 2023, down from 2.79 percent the previous year. The Gross NPA (GNPA) reduced from 5.38 percent last year to 4.74 percent by December 2023.

In terms of human resources, Hero FinCorp expanded its workforce by over 7,000 employees in FY24, with plans for further growth in the current year. 

Established in December 1991 as Hero Honda FinLease Limited, Hero FinCorp has evolved into a comprehensive financial services provider, offering solutions such as two-wheeler financing, affordable housing finance, education financing, and SME lending. The company boasts a presence in over 4,000 cities across India and nearly 2,000 retail financing touchpoints within Hero MotoCorp's network.