Home First India (HOMEFIRST) Q2 24/25 earnings summary

Executive summary

• Achieved highest-ever quarterly disbursement of INR 1,177 crore (₹11,768 Mn) in Q2 FY25, with AUM up 34.2% year-over-year to INR 11,229 crore (₹112,294 Mn).

• PAT grew 24.1% year-over-year to ₹922 Mn, with ROE at 16.5% and ROA at 3.4%.

• Expanded to 142 branches and 351 touchpoints across 13 states/UTs, with employee base rising to 1,642.

• Digital adoption remains high, with 95% customer app registration and 89% of service requests raised digitally.

• Board approved reviewed financials for Q2 and H1 FY25, with unmodified auditor review and NCD issuance up to ₹700 crore.

Financial highlights

• Total income for Q2FY25 was ₹3,742 Mn, up 34.6% year-over-year; net interest income rose 18.1% to ₹1,395 Mn.

• Profit after tax for the quarter at INR 92 crore (₹919.07 Mn), up 24% year-over-year; ROE at 16.5%.

• Net interest margin at 5.2%; spreads (excluding co-lending) at 5.3% after August repricing.

• Operating expenses to assets ratio stable at 2.7%; cost-to-income ratio at 36.7%.

• Book value per share at ₹256.8; net worth at ₹22,895 Mn as of September.

Outlook and guidance

• Targeting 30%+ AUM growth annually, with disbursement growth between 20-30%.

• Plans to reach INR 20,000 crore AUM by FY27, maintaining branch expansion of 25-30 per year.

• Credit cost guidance remains at 20-40 bps annually.

• Focus on expanding in existing markets, leveraging technology, and benefiting from government schemes like PMAY-U 2.0.