Home First Finance Q2 net profit rises 213%, total income up 34%

Home First Finance Ltd has posted a 213 per cent rise in net profit at Rs 45 crore in the second quarter ended September 2021 (Q2FY22) from Rs 14 crore in the same quarter a year ago (Q2FY21).

The total income grew 34 per cent to Rs 146 crore in Q2FY22 from Rs 109 crore a year ago. 

Its stock closed 2.73 per cent higher at Rs 656.5 per share on BSE.

Manoj Viswanathan, managing director and chief executive said, the asset under management (AUM) recorded a growth of 23.8 per cent - year-on-year basis at Rs 4,617 crore at the end of September 2021. The disbursals crossed Rs 500 crore mark for the first time.

The government’s focus on vaccination has been a strong counter to the spread of the coronavirus and this has led to a positive momentum in businesses across sectors.

The upward trend is expected to continue as the opportunity remains large; with low interest rates and muted home prices, driving strong business growth, Viswanathan added.

Private Equity-backed HFC focusses on first time buyers in low and middle income groups. 

Meanwhile, the HFC in a statement said it has augmented its management team by appointing Dharmvir Singh as chief technology officer (CTO) and Ashishkumar Darji as chief risk officer (CRO). It also inducted two additional directors -- Geeta Dutta Goel and Anuj Srivastava – on board with effect from November 01, 2021.

The appointment of directors are subject to shareholders' nod.