Home First Finance (HomeFirst) has reported PAT of Rs587mn in Q3FY23, ahead of our estimate of Rs567mn. This translates to 3.8% RoAs and 13.7% RoEs. It reported 8% QoQ/ 28% YoY PAT growth, 10% QoQ/ 25% YoY PPoP growth and 8% QoQ/ 35% YoY AUM growth. Earnings momentum sustained due to higher NII, flat QoQ opex growth offset by modest assignment income.