Home First Finance Company India announced Q2FY23 results: Q2 FY23 Total Income at Rs 189 crore; YoY growth of 29.6% from Rs 146 crore in Q2 FY22, sequential increase of 11.8% over Q1 FY23 of Rs 169 Crs. PPOP stands at Rs 74 crore, growth of 6.0% on QoQ basis and 24.3% on YoY basis. Q2FY23 PAT at Rs 54 crore, up by 5.9% from Rs 51 crore in Q1 FY23 and by 25.9% from Rs 43 crore in Q2 FY22. Q2 FY23 ROA at 3.8% improved by 10 bps on YoY basis and decline of 10 bps on QoQ basis. Commenting on the performance Mr.Manoj Viswanathan, MD & CEO said: “Q2FY23 also saw the momentum continuing on disbursements. We disbursed Rs 702 crore which grew by 36.3% on YoY basis and 6.2% on QoQ basis, witnessed another high for HomeFirst. AUM at Rs 6,275 crore, grew by 7.6% on QoQ and 35.9% on YoY basis. PAT grew by 25.9% on YoY basis In continuation of our strategy to expand distribution in large affordable housing markets, we have achieved another milestone in our journey by opening 100th physical branch in Nagpur city. Overall, we added 8 physical branches in the quarter, closing the quarter with 101 branches. As of today we do business from 249 touchpoints During the quarter, we have signed another Co-lending agreement with Central Bank of India. On Colending business, we executed a transaction of INR 166 Mn during the quarter and believe this will pickup momentum in the medium term. We continue to focus on broadening our fund sources with a competitive cost of borrowing, thereby holding our spreads. Amidst the rising interest rate scenario, we have added 2 new banks i.e. Karnataka Bank and Yes Bank. Improvement in asset quality continues across all buckets. 1+ DPD improved from 5.0% to 4.7% on QoQ basis and 30+ DPD improved from 3.5% to 3.3% on QoQ basis. Our Gross Stage 3 (GNPA) as per RBI circular dated November 12, 2021, improved from 2.1% to 1.9% on QoQ basis. Prior to such classification, it stands at 1.1% (March 2022: 1.3%). During Q2FY23, our PAT at Rs 54 crore witnessed growth of 25.9% on YoY basis and ROE improved by 30 bps to 13.1% over Q1FY23. Digital adoption has further improved. Usage of the customer app for various activities has increased. 87% of our customers are registered on our app as on September 2022 compared to 84% in June 2022 and Unique User Logins have also seen increase from 54% of our customers in Q1 FY23 to 57% in Q2 FY23. Overall, Q2 FY23 was a good quarter and within our expectation. With the tailwinds of the sector coupled with overall economic growth and a strong execution mindset, 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
Home First Finance Company India Announced Q1FY23 Result : AUM grows by ~36% YoY to reach INR 5832 Crs in Jun’22. Business momentum continues with highest ever quarterly disbursals of INR 661 Crs. Asset quality improves further. GNPA reduced by 20bps (QoQ basis) to 2.1% as of Jun’22 Gross Stage 3 / POS (GNPA %) 2.1 - 20 bps In line with RBI circular dated 12 Nov 2021, 1.2% prior to such classification Commenting on the performance Mr.Manoj Viswanathan, MD & CEO said, “HomeFirst continues with the growth momentum in Q1FY23. AUM grew by 8.4% on QoQ and 35.8% on YoY basis, disbursements grew by 3.1% on QoQ basis. PAT grew by 46.0% on YoY basis. We have expanded our footprint by adding 13 new physical branches and increased our touchpoints from 200 in Mar’22 to 224 in Jun’22. This is in-line with our aim to increase our presence in large affordable housing finance markets. We are pleased to report that during the quarter, we have done the first transaction under the co-lending tie-up. During the quarter, we received an rating upgrade on long term credit facilities by ICRA (from A+ Positive to AAStable) and Care Rating (from A+ Stable to AA- Stable). This is in addition to AA- Stable rating assigned by India Ratings on our long term credit facilities in Mar’22. This endorses HomeFirst’s strong financial profile along with its ability to maintain adequate liquidity and exhibit efficient capital management. Amidst the tough environment, we have added 2 new banks i.e. South Indian Bank and Qatar National Bank to diversify our borrowing fund sources. Improvement in asset quality continues across all buckets. Bounce rates improved in Jul’22 to 13.5% (Q1 FY23 – 14.0%, Q4 FY22 – 14.5%). 1+ DPD improved from 5.3% to 5.0% on QoQ basis. 30+ DPD improved from 3.7% to 3.5% on QoQ basis. Our Gross Stage 3 (GNPA) as per RBI circular dated 12 Nov 2021, improved from 2.3% to 2.1% on QoQ basis. Prior to such classification, it stands at 1.2% (Mar’22: 1.3%). During Q1FY23, our PAT at INR 51 Crs witnessed growth of 46.0% on YoY basis and ROE improved by 30 bps to 12.8% over Q4FY22. Digital adoption has further improved. Usage of the customer app for various activities has increased. 84% of our customers are registered on our app as on Jun’22 compared to 80% in Mar’22. Payments received via the app have gone up by 82% YoY. Overall, Q1 FY23 was a good quarter and within our expectation. With the tailwinds of the sector coupled with overall economic growth and a strong execution mindset, 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