Housing Finance company Home First Finance Company India announced Q1FY25 results: Total Income at Rs 341 crore; YoY growth of 31.4%. PPOP stands at Rs 119 crore, growth of 21.9% on YoY basis. PAT at Rs 88 crore, up by 27.0% on YoY basis. ROA was maintained at 3.6% ROE at 16.3% increased by 20 bps on QoQ basis. AUM: Rs 10,478 crore, growth of 34.8% on YoY basis and 8.0% on QoQ basis. Disbursements of Rs 1,163 crore, YoY growth of 29.9% and 5.5% on QoQ basis Total borrowings including debt securities are at Rs 7,899 crore as on Jun’24. The company continues to carry a liquidity of Rs 2,620 crore as on Jun’24. Cost of borrowings at 8.3% increased by 30 bps on YoY basis. Commenting on the performance Manoj Viswanathan, MD & CEO said: “I am happy to share with you that we have crossed the milestone of Rs 10,000 crore AUM. This achievement is a testament to HomeFirst’s commitment to excellence, driven by a differentiated business model with enhanced usage of technology driven solutions, high productivity standards, diversified funding and rigorous risk management practices. Business momentum continues well into Q1FY25 with disbursal growth of 29.9% resulting in an AUM of Rs 10,478 crore with a YoY growth of 34.8%. Spreads are healthy at 5.2%. PAT at Rs. 88 Cr grew by 27.0% on YoY basis leading to ROA of 3.6%. We achieved an ROE of 16.3% in this quarter. We have added 22 new touchpoints in this quarter, taking the total tally to 343. We have increased presence in 4 new districts taking the total coverage to 135 districts. The company plans to open 20-25 new physical branches in this financial year. Our asset quality continues to be strong with a focus on early delinquencies. 1+ DPD is at 4.5% (up by 30 bps on QoQ). 30+ DPD at 2.9% (up by 10 bps on QoQ). Gross Stage 3 (GNPA) is at 1.7% (flat on QoQ). Prior to RBI classification circular of Nov’21, it stands at 1.3%. Our credit cost at 20bps (increased by 10 bps on QoQ basis). We continue to maintain our credit cost guidance of 30 to 40 bps. Technology remains central to our strategy. Account aggregator adoption has become mainstream with an adoption rate of 41% amongst new approvals (36% in Q4FY24). Digital penetration is strong with 95% of our customers registered on our app. Digital fulfilment has reached 70%+ with the use of digital agreements and e-NACH mandates. 90% of service requests are raised on the mobile app. We are confident to continue the growth momentum led by a strong economic environment, rising middle class population, expanding distribution network and differentiated business model. We are focused on building HomeFirst as a preferred brand name in the affordable housing finance industry, known for its extraordinary speed and service. While we celebrate the achievement of Rs 10,000 Cr AUM and progress towards the next milestone, we will remain anchored to our fundamental principles of responsible lending, strong governance, compliance and prudent risk management.” Result PDF
Housing Finance company Home First Finance Company India announced Q4FY24 & FY24 results: Financial Highlights: Growth momentum continues in FY24 with disbursements at Rs 3,963 crore growing by 31.5% YoY. AUM at Rs 9,698 crore grew by 34.7% on YoY; with an industry leading home loan mix of 86%. Leading ROE’s: FY24 15.5% (+200bps YoY) & Q4FY24 16.1% (+170bps YoY); Asset quality strong. Expanding distribution with 133 branches (+22 on YoY basis) across 13 states. Commenting on the performance Manoj Viswanathan, MD & CEO said, “We are happy to conclude FY24 on a strong base & we continue the growth momentum forward to FY25. This has been supported by the booming Indian economy and strong tailwinds which has a positive effect on the housing demand coupled with our differentiated business model allowing us to grow on a pan-India basis with robust risk-management processes. Disbursements at Rs 3963 crore, grew by 31.5% and AUM grew by 34.7%. Spreads remain healthy at 5.4%. PAT at Rs 306 crore grew by 33.9% on y-o-y basis leading to ROA of 3.8%. Delighted to deliver ROE of 15.5% for FY24 and Q4FY24 saw it higher at 16.1% even in a high interest rate environment. We continue to build distribution by simultaneously entering new markets and deepening our presence in existing markets. States of Uttar Pradesh, Madhya Pradesh and Rajasthan are emerging as large affordable housing markets and we have taken steps to strengthen our presence and expand distribution in these states. Overall, we have added 22 branches in FY24 and now have 133 physical branches. Including potential & digital branches, we now do business across 321 touchpoints across Tier 1 to Tier 5 markets in 13 states / UT of India. Our asset quality continues to be strong with a focus on early delinquencies 1+ DPD is at 4.2% (decline of 30 bps on q-o-q). 30+ DPD at 2.8% (decline of 20 bps on q-o-q). Gross Stage 3 (GNPA) is at 1.7% (flat on q-o-q). Prior to RBI classification circular of Nov’21, it stands at 1.1%. Our credit cost at 10bps (decline of 20 bps on q-o-q basis). Our overall collections remain strong and in Q4FY24; we have had considerable recoveries from previously written-off accounts contributing to these credit cost levels. We continue to maintain our credit cost guidance of 30 to 40-bps. Digital adoption continues to be strong and a key area of our focus as we grow. 95% of our customers are registered on our app as on Mar’24. Unique User Logins was 53% in Q4FY24. Service requests raised on app was stable at 89%. In Q4FY24, we have processed 47% of sanctions via Account Aggregator route. We are confident to continue the growth momentum led by a strong economic environment, rising middle class population, expanding distribution network and differentiated business model. We continue to stay focused on providing loans for affordable housing, led by distribution and use of technology, backed by diversified funding and strong risk management.” Result PDF
Housing Finance company Home First Finance Company India announced Q3FY24 results: Financial Performance: - AUM (Assets Under Management) reached Rs 9,014 crore, marking a significant YoY increase of 33.5% and a QoQ growth of 7.7%. - Disbursements stood at Rs 1,007 crore for Q3, showing a healthy YoY rise of 29.1%. - Total Income for the quarter was reported at Rs 301 crore, which signifies a YoY increase of 46.4%. - The company's Profit After Tax (PAT) for the quarter is Rs 79 crore, improving by 34.2% YoY. - Net worth as of December 2023 is Rs 2,032 crore, up from Rs 1,817 crore in March 2023 Asset Quality and Risk Management: - Gross Stage 3 assets (GNPA - Gross Non-Performing Assets) stand at 1.7%, showing a reduction of 10 basis points YoY and remaining stable QoQ. - The Credit Cost is maintained at 30 basis points, decreasing by 10 basis points both YoY and QoQ. Operational Efficiency: - The Spread on loans is reported at 5.3%, with a QoQ decrease of 20 basis points. - Cost to Income ratio is slightly higher at 35.9%, up by 60 bps since last year. - Return on Assets (ROA) is at 3.7%, with a 10 bps decrease from both the last quarter and the same quarter last year. - Return on Equity (ROE) shows a promising figure of 15.8%, demonstrating an increase of 20 bps QoQ. Distribution Growth: - The company expanded its branch network to 123 branches across 13 states/UT. - Total touchpoints for the company have risen to 305, up by 10 QoQ and 44 YoY. Capital and Borrowings: - Borrowings, including debt securities, stood at Rs 6,846 crore as of December 2023. - Liquidity remains strong at Rs 2,468 crore. - The cost of borrowings has risen to 8.2%, increasing by 10 bps QoQ. Commenting on the performance Manoj Viswanathan, MD & CEO said, “We are happy to continue the growth momentum in Q3FY24. HomeFirst’s performance has been strong across all operating and financial parameters. We delivered PAT growth of 34.2% on YoY & 6.1% on a QoQ basis leading to an ROE of 15.8% in a high interest rate environment. We believe the level of consistent and superior returns is a testimony to our strong risk management, use of right technology and scalability of our differentiated business model. We continue to build distribution by simultaneously entering new markets and deepening our presence in existing markets. States of Uttar Pradesh & Madhya Pradesh are emerging as large affordable housing markets and we have taken steps to strengthen our presence and expand distribution in these states. Overall, we have added 3 branches in Q3 and now have 123 physical branches. Including potential & digital branches, we now do business across 305 touchpoints across Tier 1 to Tier 5 markets in 13 states / UT of India. Digital adoption continues to be strong and a key area of our focus as we grow. 94% of our customers are registered on our app as on Dec’23. Unique User Logins was 54% in Q3FY24. Service requests raised on app was stable at 88%. We continue to stay focused on providing loans for affordable housing, led by distribution and use of technology, backed by diversified funding and strong risk management. We believe that given the tailwinds of the housing sector supported by overall economic growth momentum and strong execution mindset of the company, we will continue to deliver excellent results while staying true to our mission of being the 'Fastest Provider of Home Finance for the Aspiring Middle Class, delivered with Ease and Transparency.'" Result PDF
