Home First Finance Company’s net profit increases by 36.91% in Q2 FY24, ET RealEstate

October 26, 2023

NEW DELHI: Home First Finance Company has reported a growth of 36.91 per cent in its net consolidated profit during the quarter ended September 30, 2023. It’s profit after tax stood at Rs 74.30 crore in Q2 FY24 as against Rs 54.27 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 277.98 crore in Q2 FY24, a growth of 46.77 per cent from Rs 189.40 crore it recorded in the similar quarter last year.

Manoj Viswanathan, MD & CEO of the company said, “We have delivered an ROE of 15.6% in an inflationary and peak interest rate environment. We added 7 branches in Q2 and now have 120 physical branches. Spreads at 5.5% remain ahead of our guided levels of 5.25%.”

The board of directors approved offer, issue and allotment in one or more tranches, non-convertible debentures (NCDs) or such other structured instrument(s) for an amount not exceeding Rs. 700 crore through private placement.

During the quarter and half year ended 30 September 2023, 63,958 and 1,55,285 equity shares respectively have been alloted to employees who have exercised their options under the approved employee stock option schemes.

Gross Stage 3 (GNPA) was at 1.7% while credit cost was at 40bps for the quarter. ECL provision was on Rs 65 crore while total borrowings including debt securities were at Rs 6,002 crore as on September 30, 2023

Assets under management (AUM) was at Rs 8,365 crore, up 33.3% year-on-year while disbursement were up 36.6% year-on-year at Rs 959 crore in Q2 FY24. Cost of borrowings at 8.1% in Q2FY24, increased by 10 bps compared to 8.0% in Q1FY24.

  • Published On Oct 26, 2023 at 05:39 PM IST

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