By FMTeam LIC Housing Finance Ltd (LIC HFL), one of India’s premier housing finance companies, has announced the appointment of Lokesh Mundhra as its new Chief Financial Officer (CFO), effective April 17, 2025. This strategic move comes as the company intensifies its focus on expanding its loan portfolio and enhancing profitability.
In a regulatory filing, LIC HFL stated that Mundhra replaces Sudipto Sil, who has been reassigned as the Marketing Head for the Western Region, based in Mumbai. The company’s Board of Directors approved Mundhra’s appointment, recognizing his extensive experience and contributions to the financial sector.
Mundhra, a Chartered Accountant, brings over 32 years of experience from Life Insurance Corporation of India (LIC), where he has held various roles across departments such as finance and accounts, personnel, legal, estates, and, most recently, the investment department. Notably, he played a pivotal role in the successful execution of LIC’s Initial Public Offering (IPO) and the subsequent listing of its equity shares.
“The Board of Directors has approved the appointment of Lokesh Mundhra as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the company with effect from April 17, 2025,” LIC HFL said in its filing.
The appointment of Mundhra aligns with LIC HFL’s broader strategic objectives. Under the leadership of Managing Director and CEO Tribhuwan Adhikari, the company is targeting a 13% growth in its loan book for the financial year 2024-25. This growth is expected to be driven by a balanced expansion in both individual home loans and project loans.
Furthermore, LIC HFL is placing a significant emphasis on the affordable housing segment, aiming to increase its share from the current 10-12% to 20-25% of the total loan portfolio over the next three to four years. This initiative includes the introduction of new products tailored for self-employed customers, offering yields approximately 250 basis points higher than standard prime housing loans.
Financially, LIC HFL has demonstrated robust performance. In the first quarter of the current fiscal year, the company reported a 43% increase in net profit, reaching ₹1,324 crore, compared to ₹925 crore in the same period the previous year. Net interest income also saw a substantial rise, climbing to ₹2,209 crore from ₹1,592 crore year-on-year.
The company’s stock reflected investor confidence, closing at ₹604.45 per share on the BSE, marking a 1.74% increase over the previous close.
Mundhra’s extensive experience and proven track record in financial management are expected to be instrumental in steering LIC HFL through its next phase of growth. His appointment is seen as a strategic move to bolster the company’s financial leadership as it navigates an increasingly competitive housing finance market.
As LIC HFL continues to implement its growth strategies, the leadership of seasoned professionals like Mundhra will be crucial in achieving its ambitious targets and enhancing shareholder value.