Home First Finance posts 30.5% increase in net profit this quarter, reaching INR 83.5 crore


Home First Finance Company India Ltd reported a robust performance for the March quarter, with net profit surging 30.5% to INR 83.5 crore and quarterly interest income rising 38% to INR 283 crore. Assets under management grew by 35% to INR 9698 crore, with loan disbursement up 32% to INR 3963 crore. The company aims to expand its portfolio by 30% in FY 2025, with plans to open 20-25 branches. They recommended a 170% dividend and approved raising INR 700 crore through debentures.

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Home First Finance Company India Ltd has announced impressive financial results for the March quarter, showcasing strong growth in various key metrics. The company reported a 30.5% surge in net profit, reaching INR 83.5 crore compared to INR 64 crore in the same period last year, driven by strong earnings.

During the quarter, the company's quarterly interest income soared to INR 283 crore, marking a significant 38% increase from the previous year. Total income also saw a corresponding 38% rise, reaching INR 318 crore.

The company's assets under management experienced substantial growth, expanding by approximately 35% year-on-year to INR 9,698 crore. Additionally, loan disbursement during the fiscal year rose by 32% to INR 3,963 crore. However, the gross non-performing assets ratio slightly increased to 1.7% at the end of March, compared to 1.6% a year earlier.

In a statement, Managing Director Manoj Viswanathan outlined the company's ambitious plans for the future. He stated that the company aims to increase its portfolio by 30% in fiscal year 2025. To achieve this goal and expand its market presence, Home First Finance Company plans to open 20-25 branches. In the previous fiscal year, the company added 22 branches, bringing the total to 133.

Furthermore, about 86% of the company's portfolio consists of housing loans, with an average ticket size of INR 11.5 lakh.

The company's board of directors also made significant decisions during their meeting. They recommended a 170% dividend for fiscal year 2024, amounting to INR 3.40 per equity share with a face value of INR 2. Additionally, the board approved raising INR 700 crore through private placement of non-convertible debentures.

Regarding the decision to raise funds, Viswanathan clarified that it serves as an enabling provision for future resource mobilization, with no immediate plans in place.

Lastly, the board has approved the re-appointment of non-executive chairman Deepak Satwalekar for another five-year term, effective from October 23.

These developments underscore Home First Finance Company India Ltd's strong performance and strategic initiatives, positioning the company for continued growth and success in the future.

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