Home First India (HOMEFIRST) Q1 24/25 earnings summary

Executive summary

• Achieved milestone of INR 10,000 crore AUM, with Q1 FY25 AUM at INR 10,478 crore, up 34.8% year-over-year and 8.0% sequentially, driven by broad-based growth and expansion in Maharashtra, Karnataka, and new markets.

• Disbursements reached INR 1,163 crore, up 29.9% year-over-year; PAT rose 27% year-over-year to INR 88 crore.

• ROE at 16.3% and ROA at 3.6% for Q1 FY25, reflecting strong profitability.

• Technology adoption remains high, with 95% customer app registration and 70%+ digital fulfillment.

• Expanded distribution with 22 new touchpoints and entry into 4 new districts, totaling 343 touchpoints and 135 districts.

Financial highlights

• Total income for Q1 FY25 was INR 3,413.3 million, up 31.4% year-over-year; net interest income grew 18.9% to INR 1,309.8 million.

• Profit after tax at INR 88 crore, up 27% year-over-year; earnings per share (basic) at INR 9.90.

• Net interest margin stable at 5.3%; operating cost to assets at 2.7%; cost to income at 35.6%.

• Book value per share at INR 246; net worth at INR 2,188 crore post-dividend.

• CRAR at 36.2%, Tier 1 at 35.8%; debt to equity at 3.6x.

Outlook and guidance

• Management maintains credit cost guidance of 30–40 bps.

• Annual ROE guidance of 16.2%-16.5% for FY25, with 50-75 bps improvement expected annually.

• AUM growth trajectory of 30%+ expected to continue, with strong demand and headroom in new and existing markets.

• Plans to open 20–25 new branches in FY25, continuing geographic expansion.

• Opex to AUM target of 2.5% and cost to income closer to 30% over five years.