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Home First Finance - Consistent show to support valuation re-rating

Strong earnings in Q1 aided by uninterrupted growth in AUM and asset quality improvement

July 29, 2022 / 11:46 AM IST
Home First Finance - Consistent show to support valuation re-rating

Home First Finance Company: Home First Finance Company Q1 profit grows 46% YoY to Rs 51 crore, total income rises 19.4% to Rs 169 crore. The company recorded a 46% year-on-year growth in profit at Rs 51 crore for the quarter ended June 2022. Total income increased by 19.4% to Rs 169 crore and pre-provision operating profit grew by 15.2% to Rs 70 crore during the same period, with assets under management rising 35.8% YoY to Rs 5,832 crore.

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

The Q1FY23 numbers of Home First Finance Company (HFFC; CMP: Rs 849; M Cap: Rs 7,444 crore) provide the company an encouraging start to FY23. While post-Covid aggressive expansion plans continue with the addition of 13 new branches, HFFC has stepped up the co-lending drive in the June ’22 quarter. Aided by a resilient economy, Home First is poised to tap the opportunity arising from better transparency in the sector and the favourable growth prospects. HFFC has been a consistent...

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