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Home First Finance reported a net profit of INR 97.38 crore for Q3 FY25, a 23.5% rise from INR 78.82 crore last year. Total income surged 35.4% to INR 407.45 crore. The board approved raising INR 1,250 crore via equity shares to strengthen its capital base. Assets under management grew 32.6% YoY to INR 11,949 crore, with a GNPA of 1.7%. Ajay Khetan was promoted to deputy CEO. The company maintains a strong liquidity position of INR 3,486 crore and recorded disbursements of INR 1,193 crore, positioning itself for continued growth in India's housing finance sector.
Home First Finance Company India has announced a significant increase in its net profit for the quarter ending December 31, 2024. The company reported a net profit of INR 97.38 crore, marking a 23.55% rise compared to INR 78.82 crore in the same quarter last year. This growth reflects the company's strong financial performance and effective management strategies. Advertisement
In addition to profit growth, Home First Finance's total income surged to INR 407.45 crore, a remarkable 35.36% increase from INR 301.01 crore recorded in the previous year's corresponding quarter. This increase in total income indicates the company's expanding operations and its ability to attract more customers in the housing finance sector.
To further bolster its financial position, the company's board of directors has approved a plan to raise up to INR 1,250 crore through the issuance of equity shares. This move will allow Home First Finance to strengthen its capital base and support future growth initiatives. Additionally, the board has elevated Ajay Khetan, previously the chief business officer, to the role of deputy chief executive officer, effective January 28, 2025. This leadership change is expected to enhance the company's strategic direction and operational efficiency.
Home First Finance continues to show impressive growth in its assets under management (AUM), which reached INR 11,949 crore. This represents a year-on-year growth of 32.6% and a quarter-on-quarter increase of 6.4%. The company attributes this growth to its strong liability profile and competitive borrowing costs, which have helped keep its cost of borrowing at 8.4%. Despite the challenges in the financial market, the company has managed to maintain a low gross non-performing asset (GNPA) ratio of 1.7%, demonstrating its effective risk management practices.
Over the past nine months, Home First Finance has allotted a total of 11,63,580 equity shares to employees as part of its employee stock option schemes. This initiative not only rewards employees but also aligns their interests with the company's growth objectives. The company's net worth as of December 2024 stands at INR 2,408 crore, reflecting its solid financial foundation.
Looking ahead, Home First Finance is well-positioned to capitalize on the growing demand for housing finance in India. The company recorded disbursements of INR 1,193 crore, achieving an 18.4% year-on-year growth. With a liquidity position of INR 3,486 crore, the company is prepared to meet future lending needs and continue its expansion in the housing finance market.
In summary, Home First Finance's strong financial results for Q3 FY25 highlight its effective strategies and robust growth in the housing finance sector. With plans for further capital raising and strong leadership in place, the company is set to continue its positive trajectory in the coming quarters.
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