HomeFirst Q2 and annual results FY 23 showed AUM crossing INR 6,000 Crs, growing by ~36% on y-o-y basis to reach INR 6,275 Crs in Q2 FY23, Disbursements of INR 702 Crs in Q2 FY23, y-o-y growth of 36.3% and 6.2% on q-o-q basis and Q2FY23 PAT at INR 54 Crs, up by 5.9% from INR 51 Crs in Q1 FY23 and by 25.9% from INR 43 Crs in Q2 FY22
Commenting on the performance Manoj Viswanathan, MD & CEO said, “Q2FY23 also saw the momentum continuing on disbursements. We disbursed INR 702 Crs which grew by 36.3% on a y-o-y basis and 6.2% on a q-o-q basis, witnessed another high for HomeFirst. AUM at INR 6,275 Crs, grew by 7.6% on q-o-q and 35.9% on a y-o-y basis. PAT grew by 25.9% on y-o-y basis.
In continuation of our strategy to expand distribution in large affordable housing markets, we have achieved another milestone in our journey by opening the 100th physical branch in Nagpur city. Overall, we added 8 physical branches in the quarter, closing the quarter with 101 branches. As of today, we do business from 249 touchpoints.
During the quarter, we signed another Co-lending agreement with the Central Bank of India. On Co- the lending business, we executed a transaction of Rs 166 mn during the quarter and believe this will pick- up momentum in the medium term. We continue to focus on broadening our fund sources with a competitive cost of borrowing, thereby holding our spreads. Amidst the rising interest rate scenario, we have added 2 new banks i.e. Karnataka Bank and Yes Bank. Improvement in asset quality continues across all buckets. 1+ DPD improved from 5.0% to 4.7% on q-o-q basis and 30+ DPD improved from 3.5% to 3.3% on q-o-q basis. Our Gross Stage 3 (GNPA) as per RBI circular dated 12 Nov 2021, improved from 2.1% to 1.9% on q-o-q basis. Prior to such classification, it stands at 1.1% (Mar’22: 1.3%).
During Q2FY23, our PAT at INR 54 Crs witnessed growth of 25.9% on a y-o-y basis and ROE improved by 30 bps to 13.1% over Q1FY23. Digital adoption has further improved. Usage of the customer app for various activities has increased. 87% of our customers are registered on our app as on Sept’22 compared to 84% in Jun’22 and Unique User Logins have also seen increase from 54% of our customers in Q1 FY23 to 57% in Q2 FY23.
Overall, Q2 FY23 was a good quarter and within our expectation. With the tailwinds of the sector coupled with overall economic growth and a strong execution mindset, we will continue to deliver excellent results while staying true to our mission of being the Fastest Provider of Home Finance for the Aspiring Middle Class, delivered with Ease and Transparency. “
