Home First Finance Company India Q2 Results: Net profit rises 37% YoY to Rs 74 crore
Home First Finance Company India on Thursday reported a 37% rise in net profit at Rs 74.3 crore against Rs 54.3 crore in the year-ago period, backed by healthy business expansion.
Interest income for the mortgage lender rose 44% to Rs 249 crore while total income grew 47% to Rs 278 crore.
Pre-provision operating profit stood at Rs 104 crore, growing 41% year-on-year.
The lender has its asset under management (AUM) growing 33% year-on-year to Rs Rs 8,365 crore with housing loans contributing 87% of it. The economically weaker and low income groups account for 66% of the lender's customer base.
Its gross non-performing assets ratio stood at 1.7% at the end of September, as compared with 1.6% three months prior to that.
Its expected credit loss provision as on September was Rs 65 crore, taking the total provision to loans outstanding ratio at 0.9%.
Total provision coverage ratio rose to 52.3% from 50.8% a year back.
Its share rose 1.52% to Rs 907.50 on BSE even as the Sensex plunged 901 points. Warburg Pincus-affiliate Orange Clove Investments BV holds 26.4% in the company.
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