Friday, Mar 29 2024 | Time 07:10 Hrs(IST)
image
Business Economy


HomeFirst Q3 PAT jumps two-fold to Rs 46 cr

Mumbai, Jan 27 (UNI) Tech driven affordable housing finance company HomeFirst on Thursday reported a nearly two-fold jump in net profit for the quarter ended December 31, 2021 at Rs 46 crore.
The NBFC had posted a profit after tax of Rs 16 crore in the year-ago period.
It's total income grew during the quarter under review grew 37.6 per cent to Rs 152 crore as compared to Rs 110 crore in Q3 FY21.
The mortgage lender's asset under management (AUM) recorded a growth of 26.7 per cent on a year-on-year basis at Rs 4,617 crore at the end of December 2021.
HomeFirst said it has crossed Rs 5,000 crore AUM this month.
"This is a significant milestone in the journey of HomeFirst. In its eleven-year journey, the company has provided housing loans to more than 60,000 customers across 13 states/UT in the country. Our objective has always been to simplify the home loan process for first-time homebuyers and provide them excellent service through state-of-the-art technology adoption," its MD and CEO Manoj Viswanathan said.
Speaking about the quarterly performance, he said that it was in-line with its internal expectations, with highest ever disbursals again at Rs 570 crore.
"Q3 FY22 did not witness any major disruption from Covid and hence was a normal quarter for HomeFirst. We are also working to bring our asset quality to pre-covid levels. Significant improvements in 1+ DPD and 30+ DPD number for Q3 compared to Q2 indicates that it is progressing in the right direction," he added.
The lender said it has entered into a strategic co-lending partnership with Union Bank of India (UBI) to offer home loans to customers at competitive interest rates.
"The partnership aims at leveraging the strengths of both entities to provide a seamless experience to retail home loan customers," it said
Viswanathan further said, "we believe that the opportunity in the affordable housing space is very large and will span across multiple decades. Affordable housing finance sector remains one of the most resilient segments, validated through better collection efficiencies and asset quality compared to other segments. Besides, the inherent resilience of this sector, our focus on the salaried segment in industrialized and urbanized states helped us stay on course through these difficult times."
He further said that HomeFirst aims to be a key player in this segment by continuously expanding our physical and digital presence.
The Board of Directors has approved the proposal for the appointment of Ms. Sucharita Mukherjee as Additional Director on the Board of the Company to function as Non-Executive Independent Director from February 1, 2022.
UNI PSK SHK2337
More News
India's core sector output rises to three-month high of 6 7 pc in February

India's core sector output rises to three-month high of 6 7 pc in February

28 Mar 2024 | 7:51 PM

New Delhi, Mar 28 (UNI) Driven primarily by coal, cement and crude oil production, India's core sector comprising of eight key infrastructure components grew 6.7% year-on-year in February 2024, as per data released by Ministry of Commerce and Industry on Thursday.

see more..

Honda Motorcycle & Scooter India achieves historic 6 cr domestic sales milestone

28 Mar 2024 | 7:19 PM

Mumbai, Mar 28 (UNI) Honda Motorcycle & Scooter India (HMSI) announced on Thursday that it has accomplished a historic achievement of 6 crore domestic sales in India. Honda ventured into the Indian market with its first two-wheeler, the Activa, in 2001.

see more..

28 Mar 2024 | 5:28 PM

UNI NK AKS.

see more..
Luminous enters solar panel mfg; 250 MW facility launched with initial investment of Rs 120 cr

Luminous enters solar panel mfg; 250 MW facility launched with initial investment of Rs 120 cr

28 Mar 2024 | 5:16 PM

Rudrapur, Mar 28 (UNI) From power Back-up solutions to Batteries and Solar applications, Luminous Power Technologies on Thursday announced the launch of its state-of-the-art solar panel manufacturing facility here.

see more..

Kottayam-Kochi Rubber Market rates

28 Mar 2024 | 5:04 PM

Kottayam, Mar 28 (UNI) Following were the Rubber Market rates announced by the Rubber Board here on Thursday per quintal.

see more..
image