The shares of this Housing Finance Company gained up to 4 percent after the company received approval and a grant for the Corporate Agent (Composite) license.
With a market capitalization of Rs 8,282.20 crore, the shares of Home First Finance Company India Ltd were trading at Rs 935.90 per share, increasing around 2.81 percent as compared to the previous closing of Rs 910.30 apiece.
According to the company filing, Home First Finance Company India Ltd has received approval and a grant from the Insurance Regulatory and Development Authority of India (“IRDAI”) for the Corporate Agent (Composite) license on February 21, 2024, with this company will be able to apply for insurance products to its customers as a Corporate Agent.
Looking into the company’s performance, Home First Finance Company India Ltd’s revenue increased by 44 percent from Rs 205 Crore in Q3FY23 to Rs 296 Crore in Q3FY24. During the same period, net profits increased by 34 percent from Rs 59 crore to Rs 79 crore.
The company’s payout in Q3 was Rs 1,007 crore, up 29.1 percent year on year, resulting in an AUM rise of 33.5 percent to Rs 9,014 crore. Spreads remain healthy, at 5.3 percent. PAT is at Rs. 79 crore, with ROA in the 3.7 percent level.
Home First Finance Company India Ltd. reported return ratios in the recent financial year with a return on equity (ROE) of 13.5 percent and a return on capital employed (ROCE) of 10.3 percent.
During FY23, the company added 65 touchpoints, bringing the total to 265 touchpoints. 31 physical branches were added, bringing the total to 111 branches. HomeFirst intends to establish another 40-50 physical branches over the next two years, bringing the total number of branches to around 150, as well as approximately 130 touchpoints to 400.
Home First Finance Firm India Limited is an Indian housing finance firm. The Company’s primary activity is lending home loans, loans for the purchase of commercial property, loans against property, and construction financing.
Written by:- Abhishek Singh
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