Home First Q2 PAT grows 27.8 per cent

Home First, a technology-driven affordable housing finance company, posted an impressive performance in Q2 FY22 with a total income of Rs 146 crore, y-o-y growth of 34 per cent from Rs 109 crore s in Q2 FY21 and sequential increase of 3.1 pc over Q1 FY22 of Rs 142 crore.

The PAT of the company during the quarter was Rs 45 crore, sequentially up by 27.8 per cent from Rs 35 cr in Q1 FY22, said a press release. The disbursements witnessed a Y-o-Y growth of 111.9 per cent at Rs 515 crore.

Commenting on the performance, Manoj Viswanathan, MD & CEO, Home First, said, “Our Q2 FY22 performance was better than our expectation, with disbursals crossing Rs 500 cr for the first time. We recorded an AUM growth of 23.8 pc Y-o-Y and a sequential growth in PAT of 27.8 pc. The Government’s focus on vaccination has been a strong counter to the spread of the virus and this has led to positive momentum in businesses across sectors.”

He further said: “We expect the upward trend to continue as the opportunity remains large; with low interest rates and muted home prices, driving strong business growth.”

Meanwhile, two Independent Directors – Sujatha Venkatramanan and Sakti Prasad Ghosh – have resigned and the Board of Directors has approved the proposal for appointment of Geeta Dutta Goel and Anuj Srivastava as Additional Directors. They will function as Non-Executive Independent Directors from November 1.