Home First Finance Company India Ltd. share price target

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.

Home First reported a robust performance both on profitability front and balance sheet front. The company witnessed a continued momentum on the disbursements at ? 780 Cr, up from ? 569 Cr in Q2 FY23 (Growth of 37% YoY and 11.1% QoQ). The AUM saw a robust growth at ? 6,751 Cr from ? 4,994 Cr, grew by 35.2% YoY and 7.6% on QoQ basis.

Home First Finance (HomeFirst) has reported a better than expected Q2FY23 PAT of
Rs543mn, up 6% QoQ and 26% YoY (on adjusted PAT), translating to 3.8% RoA and 13.1% RoE.

Growth Momentum Continues; Retain BUY'

We met the senior management team of Home First Finance Company Ltd (HFFC), represented by Mr. Manoj Viswanathan, CEO, and Ms. Nutan Gaba Patwari, CFO, on 26th August 2022. P

Home First Finance Company (HFFC), a tech giant of Housing Finance market, is in a sweet spot to capture massive affordable housing opportunity in India by doubling its branch network (80 as on FY22) in the next 3 years.