Mumbai-based affordable housing finance company Home First Finance on Friday, July 25, reported a 35.5% year-on-year increase in its Q1 net profit at ₹118.8 crore compared to ₹87.7 crore in the same period last year. The company’s net interest income (NII) grew 32.8% at ₹194 crore from ₹146 crore last year.
The key highlight from the quarter was the successful qualified institutional placement (QIP) of ₹1,250 crore and a subsequent upgrade of the company’s long-term credit rating to AA (stable) by ICRA, IndRa and CARE, the company said in a press release.
Assets under management (AUM) also rose 28.6% on a YoY basis to ₹13,479 crore.
“This capital infusion augments HomeFirst’s capital base and further strengthens our ability to expand our footprint and deliver sustained value to all stakeholders,” Manoj Viswanathan, MD and CEO of the company said.
The HFC has added three new physical branches during the quarter, taking the total count to 158 across 13 states.
Earlier in May, Viswanathan had told CNBC-TV18 that the company expects to post strong growth for disbursals in the current year in the range of ₹5,600-5,800 crore. For the full year FY25, the company had ₹4,800 crore in disbursals, showing a healthy 20-21% YoY growth.
Shares of the company closed at ₹1,473.05 on the BSE today (July 25), up ₹58.5 or 4.4%.
(Edited by : Shoma Bhattacharjee)
