Home First Finance reports rise in net profit by 30.5% in Q4 FY24, ET RealEstate
KOLKATA: Home First Finance Company India Ltd has reported a 30.5% rise in March quarter net profit at Rs 83.5 crore against Rs 64 crore in the year-ago period, backed by healthy earnings.
Quarterly interest income for the company was at Rs 283 crore, registering a 38% year-on-year rise. Total income was also 38% higher at Rs 318 crore.
Its assets under management grew about 35% year-on-year to Rs 9698 crore, while loan disbursement during the fiscal was 32% higher at 3963 crore. Its gross non-performing assets ratio stood at 1.7% at the end of March against 1.6% a year back.
Managing director Manoj Viswanathan said that the company is aiming to grow its portfolio by 30% in FY25. The lender will be opening 20-25 branches to increase its market penetration. The lender had added 22 branches in FY24 to take the current tally to 133.
About 86% of its portfolio comprises housing loans with average ticket size of Rs 11.5 lakh.
Its board on Wednesday also recommended a 170% dividend for FY24 which comes to Rs 3.40 per equity share of face value Rs 2. It has also approved raising of Rs 700 crore through private placement of non-convertible debentures.
“This is an enabling provision. We have no immediate resource mobilisation plan,” Viswanathan said.
The board has also approved re-appointment of non-executive chairman Deepak Satwalekar for another five years effective from October 23.
