Any current/future new fundraising through debt or equity?

The company has drawn Rs 250 crores in Q2 FY24 through NHB refinance and has another Rs 450 crores to draw, which will be calibrated as per requirements. They executed a direct assignment of Rs 97 crores in the quarter as a liquidity strategy, within their guided range of Rs 100 crores +/- Rs 20 crores. Co-lending business is growing, having executed Rs 50 crores in Q2, and is expected to contribute around 10% of disbursements in the near future. Currently, 55% of borrowings come from banks, 22% from NHB refinance, 16% from direct assignment, 2% from co-lending, and 4% from IFC NCD. No mention

Any current/future capex/capital investment/strategic investment?

The company is expanding its technological capabilities, including digital initiatives like account aggregator model adoption (30% penetration within 2 quarters), Employee KRA module integration, Tableau visualization with Salesforce, and Property Insight Ver 2.0 for property title validation. Distribution expansion is ongoing with addition of 7 branches and 13 touch points in Q2, totaling 120 physical branches and 295 touch points. Employee strength is being increased with 137 added in Q2 (total 1,242) and plans to add another 100-150 by March 2024. Focus on expanding distribution in existing

Future growth expectations in sales/revenue/volumes?

The company is targeting around 30% AUM growth for the next 2-3 years, aiming to more than double the portfolio size from March 2023 levels. Disbursement target for FY24 is around INR 4,000 crores, with FY25 planned at INR 4,800 to 5,000 crores. Growth is expected to come primarily from distribution expansion, adding 20-30 branches per year and deepening penetration in existing states (West and South) as well as expansion into Northern states like MP, Rajasthan, and UP. Connector network currently has around 2,500-2,600 active connectors, with potential for multi-fold growth. The company plans

Future growth expectations in earnings/operating earnings/profits/EPS?

The company targets a 30% CAGR growth in AUM for the next 2-3 years, aiming to double the portfolio from March 2023 levels. Disbursement targets for FY'24 are around INR 4,000 crores, with FY'25 expected between INR 4,800 - 5,000 crores. Growth will primarily come from distribution expansion, with less reliance on ticket size or productivity increases. Operating expenses (Opex to Assets) expected to remain in the 3.0%-3.2% range as expansion continues. ROE achieved is in the mid-teen range (15%-16%), with plans to sustain this near-term level. Co-lending business is expected to contribute arou

Home First FinanQ2 FY24Finance

Home First Finan Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,094P/E: 20.2Market Cap: ₹11.7K CrSector: Finance

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

The company is targeting around 30% AUM growth for the next 2-3 years, aiming to more than double the portfolio size from March 2023 levels.
Disbursement target for FY24 is around INR 4,000 crores, with FY25 planned at INR 4,800 to 5,000 crores.
Growth is expected to come primarily from distribution expansion, adding 20-30 branches per year and deepening penetration in existing states (West and South) as well as expansion into Northern states like MP, Rajasthan, and UP.
Connector network currently has around 2,500-2,600 active connectors, with potential for multi-fold growth.
The company plans to add around 400-500 employees over the next two years to support growth.
Growth is mainly from loans above INR 10 lakh, with strong demand in both affordable and higher ticket size segments, especially in Southern states.
Technology enhancements and process efficiencies further support scaling.

Margin guidance

Category 3

The company targets a 30% CAGR growth in AUM for the next 2-3 years, aiming to double the portfolio from March 2023 levels.
Disbursement targets for FY'24 are around INR 4,000 crores, with FY'25 expected between INR 4,800 - 5,000 crores.
Growth will primarily come from distribution expansion, with less reliance on ticket size or productivity increases.
Operating expenses (Opex to Assets) expected to remain in the 3.0%-3.2% range as expansion continues.
ROE achieved is in the mid-teen range (15%-16%), with plans to sustain this near-term level.
Co-lending business is expected to contribute around 10% of disbursements and may enhance ROE in the future.
Net Interest Income grew 27.2% YoY in Q2FY24; spreads remain strong at 5.5%, supporting profitability.

See what Home First Finan management said on margin guidance — free account, 30 seconds.

Fundraise plans

The company has drawn Rs 250 crores in Q2 FY24 through NHB refinance and has another Rs 450 crores to draw, which will be calibrated as per requirements.
They executed a direct assignment of Rs 97 crores in the quarter as a liquidity strategy, within their guided range of Rs 100 crores +/- Rs 20 crores.
Co-lending business is growing, having executed Rs 50 crores in Q2, and is expected to contribute around 10% of disbursements in the near future.
Currently, 55% of borrowings come from banks, 22% from NHB refinance, 16% from direct assignment, 2% from co-lending, and 4% from IFC NCD.
No mention of any immediate equity fundraising plans was indicated during the call.

Order book

Yes

The transcript provided does not mention any details about the current or expected order book or pending orders for Home First Finance Company India Limited. The discussion primarily focuses on: - Growth targets (30% CAGR for next 2-3 years) - Disbursement targets for FY24 (~INR 4,000 crores) and FY25 (INR 4,800 - 5,000 crores) - Branch additions (20-30 branches per year) - Distribution expansion in western, southern, and increasingly northern states - Sanction to disbursement ratio ~80%-85% - Strategies to manage balance transfers and improve asset quality - Cost of borrowing and yield rates No explicit information on order book or pending orders is disclosed in the segments provided.

See what Home First Finan management said on order book — free account, 30 seconds.

Capex plans

Yes

The company is expanding its technological capabilities, including digital initiatives like account aggregator model adoption (30% penetration within 2 quarters), Employee KRA module integration, Tableau visualization with Salesforce, and Property Insight Ver 2.0 for property title validation.
Distribution expansion is ongoing with addition of 7 branches and 13 touch points in Q2, totaling 120 physical branches and 295 touch points.
Employee strength is being increased with 137 added in Q2 (total 1,242) and plans to add another 100-150 by March 2024.
Focus on expanding distribution in existing and new markets, especially Northern and Central states.
Plans to add 20-30 branches annually over next two years alongside increasing number of Relationship Managers and connectors.
Medium-term growth target of 30% CAGR is supported by distribution expansion rather than relying on ticket size or productivity increases.
No specific mention of large-scale capex; emphasis is on organic expansion, technology upgrades, and human resource investments.

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