Money & Banking

Home First Finance posts 9.1% drop in Q1 net profit at ₹35 cr

Our Bureau Mumbai | Updated on July 29, 2021

Impairment on financial instruments hits company’s the bottomline

Home First Finance Company reported a 9.1 per cent drop in its net profit for the first quarter ended June 30, 2021 to ₹35.1 crore against a net profit of ₹38.61 crore in the same period last fiscal.

Its total income grew 5.8 per cent to ₹142 crore in the first quarter of the fiscal from ₹134 crore a year ago.

Impairment on financial instruments, however, shot up to ₹13.04 crore, registering a 192.4 per cent increase from ₹4.46 crore a year ago and impacted the bottomline.

Disbursements surged by 477 per cent on an annual basis to ₹305 crore in the April to June 2021 quarter.

GrossStage3 is at 1.9 per cent as on June 30, 2021 and NetStage3 is at 1.4 per cent.

Manoj Viswanathan, Managing Director and CEO, Home First Finance Company, said, “Our performance in the first quarter of 2021-22 was strong, considering that we had to deal with a severe second wave of Covid. We recorded an AUM growth of 18.5 per cent year on year. We expect the upward trend to continue as the overall opportunity remains large; supported by low-interest rates and muted house prices, driving strong business growth.”

The company has sanctioned and implemented resolution plans under the RBI’s resolution framework 2.0 for 208 borrowers having aggregate exposure of ₹20.73 crore as on June 30, 2021.

The technology-driven affordable housing finance company listed on the stock exchanges in February this year.

Published on July 29, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like