- AUM crosses INR ₹ 67,512 Mn, grows by +35.2% on y-o-y and +7.6% on q-o-q basis.
- Disbursements of INR ₹7,804 Mn in Q3 FY23, y-o-y growth on +37.0% and +11.1% on q-o-q basis.
- Q3FY23 PAT at INR ₹587 Mn, y-o-y growth +27.9% and +8.2% on q-o-q basis.
Key Performance Indicators for Q3 FY23:
|
Particulars
|
Q3FY23
|
Q3FY22
|
y-o-y
|
Q2FY23
|
q-o-q
|
|
AUM (INR Crs)
|
6,751
|
4,994
|
+35.2%(1)
|
6,275
|
+7.6%(1)
|
|
Disbursement (INR Crs)
|
780
|
570
|
+37.0%
|
702
|
+11.1%
|
|
Total Income (INR Crs)
|
206
|
152
|
+35.5%
|
189
|
+8.5%
|
|
PAT (INR Crs)
|
59
|
46
|
+27.9%
|
54
|
+8.2%
|
|
Spread (%)(3)
|
5.7%
|
5.6%
|
+10 bps
|
5.8%
|
-10 bps
|
|
ROA (%)
|
3.8%
|
4.0%
|
-20 bps
|
3.8%
|
-0 bps
|
|
Gross Stage 3 (%)
|
1.8%(2)
|
2.6%(2)
|
-80 bps
|
1.9%(2)
|
-10 bps
|
|
Cost to Income (%)
|
35.3%
|
33.0%
|
+230 bps
|
37.4%
|
-210 bps
|
Commenting on the performance Mr. Manoj Viswanathan, MD & CEO said,
“We continue to expand distribution in large affordable housing markets in our existing states going deeper in a contiguous manger. We now do business across 261 touchpoints across Tier 1, Tier 2 and Tier 3 markets. These 261 touchpoints are serviced with a physical footprint with 102 branches across 13 states/ UT.
Q3FY23 also saw the momentum continuing on disbursements. We disbursed INR 780 Crs which grew by 37.0% on y-o-y basis and 11.1% on q-o-q basis, witnessed another high for HomeFirst. AUM at INR 6,751 Crs, grew by 35.2%* on y-o-y and 7.6%* on q-o-q basis.
We remain focused on early bucket collections and made have good progress in bringing down the 30+ DPD from 3.3% to 3.0% on q-o-q basis. Improvement in asset quality continues across all buckets. 1+ DPD improved from 4.7% to 4.4% on q-o-q basis. Our Gross Stage 3 (GNPA) as per RBI circular dated 12 Nov 2021, improved from 1.9% to 1.8% on q-o-q basis. Prior to such classification, it stands at 1.1% (Mar’22: 1.3%).
We also raised Rs 280 crores from International Finance Corp (IFC) through up to 7-year debt. The proceeds will be used to provide financing for retail buyers of affordable housing and green affordable housing units, encouraging home ownership for low-income segments, and supporting the development of green affordable housing. This further showcases our ability to diversify our funding sources as well as our commitment to green affordable housing as a key driver our ESG commitments.
We are also delighted to share that we are now rated “Low Risk” for ESG Risk Management by MorningStar Sustainalytics. This is a leading ESG rating across all companies in BFSI in India. Link
Digital adoption has further improved. Usage of the customer app for various activities has increased. 91% of our customers are registered on our app as on Dec’22 compared to 87% in Sep’22 and Unique User Logins is 55% for Q3FY23.
During Q3FY23, our PAT at INR 59 Crs witnessed growth of 27.9% on y-o-y basis and ROE improved by 60 bps to 13.7% over Q2FY23.
Overall, Q3 FY23 was a very good quarter and in line with 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. "