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ICICI Securities Report
Home First Finance Company India Ltd. Q2FY22 earnings beat was buoyed by mere 30 basis points credit cost, 7.5% QoQ/23.8% YoY assets under management growth, 10 bps net interest margin improvement, partially offset by higher opex.
Stage-III assets being down 20 bps QoQ to 1.7%, one plus days past due declining 130 bps QoQ to 7.6% and cumulative restructuring being contained at 0.8% surprised positively.
Disbursements more than doubled YoY and grew 69% QoQ, thereby boosting AUM growth.
Home First Finance's reported earnings were further supported by securitised income of Rs 170 million.
Factoring-in more than 30% AUM growth, funding cost benefit, and improved credit cost, we upgrade earnings and expect it to compound at more than 40% over FY21-FY23E.
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