Home First Finance Posts Q4 Net Profit of Rs 31 Cr

Affordable housing finance player Home First Finance Company reported a profit after tax of Rs 31 crore for the quarter ended March 2021. It had posted a profit after tax of Rs 12 crore in the year-ago period. For FY21, the mortgage lender's net profit grew 26 per cen

BY Realty Plus
Published - Thursday, 06 May, 2021

Home First Finance Posts Q4 Net Profit of Rs 31 Cr

Affordable housing finance player Home First Finance Company reported a profit after tax of Rs 31 crore for the quarter ended March 2021. It had posted a profit after tax of Rs 12 crore in the year-ago period. For FY21, the mortgage lender's net profit grew 26 per cent to Rs 100 crore as against Rs 80 crore in FY20. "The fourth quarter was excellent for us. Our disbursement was good. Asset quality has been stable and we have done nil restructuring," its Managing Director and CEO Manoj Viswanathan said. "Our results for Q4 & FY21 have exceeded our forecasts. This year, we have recorded the highest PAT of Rs 100 crore in the history of the company, a growth of 25.9 per cent over FY20 in spite of challenges posed by the Covid pandemic." For FY 2021, the company's profit after tax was at Rs 100.1 crore. Meanwhile, for the year ending March 2021, the company's profit before tax was at Rs 134 crore. For FY 2021, the expense of the company was at Rs 33.9 crore. Disbursements grew 30.4 per cent to Rs 452 crore during the quarter from Rs 347 crore in the same quarter last year. Viswanathan said the southern markets contribute to more than 30 per cent of the total disbursals. Collection efficiency improved to 98.5 per cent in March 2021 from 97.6 per cent in December 2020. Gross stage 3 assets were at 1.8 per cent and net stage 3 at 1.2 per cent. Expected credit losses (ECL) provision as on March 2021 was Rs 46 crore, resulting in total provision to loans outstanding ratio of 1.4 per cent. The stage 3 provision coverage ratio stood at 74.4 per cent. Asset under management (AUM) registered growth of 14.4 per cent to Rs 4,141 crore.