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Home First Finance Company, a prominent player in the housing finance sector, has released its financial results for the quarter ending September 30, 2023, showcasing an impressive growth trajectory. The company's focus on robust financial management and strategic expansion has contributed significantly to its performance.
During the second quarter of the fiscal year 2023-24, Home First Finance Company recorded a noteworthy net profit after tax of Rs 74.30 crore, reflecting a substantial increase of 36.91% compared to the corresponding quarter in the previous fiscal year. This impressive financial performance highlights the company's ability to navigate through a dynamic economic environment and adapt to market conditions effectively.
The company's total income for the same quarter also demonstrated substantial growth, with net consolidated total income reaching Rs 277.98 crore. This shows an increase of 46.77% compared to the same quarter last year. This remarkable growth in total income is a testament to the company's strong portfolio and its ability to cater to the diverse financial needs of its customers.
The board of directors' have approved the offer, issue, and allotment of non-convertible debentures (NCDs) through private placement for an amount not exceeding Rs. 700 crore. This highlights the company's proactive approach to raising capital to support its growth plans.
Furthermore, the company’s focus on rewarding its employees through stock option schemes, with 63,958 and 1,55,285 equity shares allotted during the quarter and half-year ending September 30, 2023, reflect on its commitment to recognizing and retaining talent.
As of September 30, 2023, the company's total borrowings, including debt securities, stood at Rs 6,002 crore. The company's financial stability is underscored by the Gross Stage 3 (GNPA) at 1.7% and an Expected Credit Loss (ECL) provision of Rs 65 crore, demonstrating prudent risk management. The credit cost was at 40 basis points for the quarter.
Home First Finance Company's Assets Under Management (AUM) reached Rs 8,365 crore, indicating a remarkable year-on-year increase of 33.3%. Disbursements in the second quarter of fiscal year 2023-24 surged by 36.6% year-on-year, reaching Rs 959 crore. This growth in AUM and disbursements signifies the company's strong market presence and its ability to cater to the housing finance needs of a broad customer base.
In conclusion, Home First Finance Company's impressive financial performance in the second quarter of fiscal year 2023-24 reflects its prudent financial management, commitment to expanding its footprint, and dedication to meeting the diverse financial needs of its customers. The company's growth trajectory positions it as a key player in the housing finance sector, capable of making a meaningful impact on the lives of individuals and families across the country.
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