Home First India (HOMEFIRST) Q4 22/23 earnings summary

Executive summary

• FY23 marked a growth acceleration: AUM rose 33.8% to ₹7,198 Cr and disbursements increased 48.4% to a record ₹3,013 Cr.

• Adjusted PAT grew 31.1% to ₹228.29 Cr, with ROA at 3.9% and ROE at 13.5%; asset quality improved to pre-COVID levels before RBI reclassification.

• Expansion, technology-led operations and diversified funding supported growth despite inflation and higher interest rates.

Financial highlights

• Total income was ₹795.60 Cr, up 34% YoY; net interest income rose 45% to ₹379.24 Cr and net total income increased 29% to ₹492.34 Cr.

• Reported PAT was ₹228.29 Cr versus ₹186.10 Cr; adjusted PAT grew 31% to ₹228.29 Cr versus FY22 adjusted PAT of ₹174.09 Cr.

• Disbursements reached ₹3,013 Cr, up 48.4% YoY; AUM increased 33.8% to ₹7,198 Cr, or 36.6% before CLSS subsidy.

• Operating expenses rose 36% to ₹175.60 Cr; cost-to-income was 35.7% versus 34.0%, while credit cost fell 14% to ₹21.52 Cr.

• EPS was ₹26.01 basic and ₹25.20 diluted; net worth reached ₹1,817 Cr at Mar’23.

Outlook and guidance

• FY24 AUM growth target is 30%+; the stated goal is to cross ₹10,000 Cr AUM within 12–18 months.

• Targeting 400 touchpoints by Mar’25, including 150 physical branches; plans include 40–50 additional branches over two years.

• Growth priorities include contiguous distribution expansion, higher market share and broader reach through co-lending, alongside investment in technology, talent and risk management.