Home First Fin soars 8% to 52-week high on strong net profit, assets growth in Q3

The growth in AUMs were also aided by a 29.1 percent on year jump in disbursement in Q3to top the Rs 1,000 crore-mark for the first time.

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Shares of Home First Finance Company soared nearly 8 percent in early trade on January 19 to scale a 52-week high of Rs 1,061, a day after it posted strong growth in its Q3 net profit and assets under management (AUMs).

The NBFC’s net profit for the October-December quarter surged 34.2 percent on-year to Rs 79 crore which, according to brokerage firm Morgan Stanley, is driven by higher assignment income and lower credit cost.

AUM recorded a growth of 33.5 percent to Rs 9,014 crore, with housing loans contributing to 86 percent of the company’s total assets under management.

The growth in AUMs was also aided by a 29.1 percent on-year jump in disbursement in Q3 to Rs 1,007 crore, crossing the Rs 1,000-crore mark for the first time.

At 9.54am, shares of Home First Finance were trading at Rs 1,048.60 on the NSE.

Volumes in the counter also shot up as 5 lakh shares changed hands so far, significantly higher than the one-month daily traded average of 2 lakh shares.

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The lender’s net interest income for the quarter also grew 20.1 percent on-year to Rs 1,209.90 crore, but missed Morgan Stanley’s estimates by 4 percent due to lower-than-expected spreads and higher liquidity levels.

The brokerage has an ‘overweight’ call on Home First, with a price target of Rs 1,250 which reflects a potential upside of over 27 percent from the previous close.

The company continues to build its distribution channels by simultaneously entering new markets and deepening its presence in existing markets. “States of Uttar Pradesh and Madhya Pradesh are emerging as large affordable housing markets and we have taken steps to strengthen our presence and expand distribution in these states,” Manoj Viswanathan, MD and CEO, said in a press release.

“Overall, we have added three branches in Q3 and now have 123 physical branches. Including potential and digital branches, we now do business across 305 touchpoints across Tier 1 to Tier 5 markets in 13 states and union territories of India,” he added.

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