Home First Finance - Core Earnings Steady; Profitability Buoyed By Securitisation Income: ICICI Securities
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ICICI Securities Report
Home First Finance Co. exited FY21 on expected lines with:
Stage-III assets at 1.8%, credit cost at 100 basis points, 1+ days past due pool at 6.2%, and zero restructuring.
Disbursements regaining traction in Q4 FY21 or H2 FY21 (to be precise) supported assets under management growth of 14% year-on-year/5% quarter-on-quarter.
After a pause, securitisation of Rs 1.2 billion of asset pool yielded income of Rs 181 million (securitisation income in FY21 being at par with FY20 at 1.1% of assets).
Portfolio spreads drawing support of lower borrowing cost (down to 7.4% in Q4 FY21) settled more than 5%.
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