Home First Finance Company's Net Up 27.89%

Home First Finance Company reported an increase of 27.89 per cent in its net consolidated profit during the quarter ended December 31, 2022. Its profit after tax (PAT) increased to Rs 58.74 crore in Q3 FY23 from Rs 45.93 crore the prior fiscal quarter, according to a BSE filing by the company.

The company's total consolidated income for the third quarter of FY23 was Rs 205.54 crore, up 35.46 percent from Rs 151.71 crore in the prior quarter.

In Q3 FY23, we saw the momentum continuing on disbursements. We disbursed INR 780 crore, which increased by 37.0 percent year on year and 11.1% quarter on quarter, setting a new high for HomeFirst.

AUM, at INR 6,751 crore, increased by 35.2 percent* year on year and 7.6 percent* quarter on quarter," said Manoj Viswanathan, MD and CEO of the company.

"We also raised Rs 280 crores from the International Finance Corp. (IFC) through up to a 7-year debt. The proceeds will be used to provide financing for retail buyers of affordable housing and green affordable housing units, encourage homeownership among low-income segments, and support the development of green affordable housing. This further showcases our ability to diversify our funding sources as well as our commitment to green affordable housing as a key driver of r ESG commitments," he added. 

During Q3FY23, PAT at INR 59 crore witnessed growth of 27.9 per cent on y-o-y basis and ROE improved by 60 bps to 13.7 per cent over Q2FY23.