The company's asset under management (AUM) rose 29.9% to Rs 5380 crore in Q4 March 2022 over Q4 March 2021.

Disbursements increased 41.9% YoY to Rs 641 crore in Q4 March 2022. Spread on loans stood at 5.6% in Q4 FY22, flat compared to Q3 FY22 and 20bps higher on y-o-y basis.

Total borrowings including debt securities are at Rs 3,467 crore as on March 2022 up from Rs 3,054 crore as on March 2021. The company continues to carry a liquidity of Rs 1,063 crore as on March 2022. Cost of borrowings remains low at 7.2% in Q4 FY22, down 20 bps compared with 7.4% in Q4 FY21.

Gross Stage 3 (GNPA) stands at 2.3% in line with RBI circular dated 12 November 2021. Prior to such classification, it stands at 1.3% (December 2021: 1.7%).

ECL provision as on March 2022 is Rs 47.8 crore, resulting in total provision to loans outstanding ratio at 1.1%. The GNPA provision coverage ratio is at 47.1% in March 2022 vs 46.2% in December 2021 (PCR without considering the impact of RBI circular is 83.6% in March 2022 vs 69.1% in December 201 and 74.4% in March 2021).

For the full year, Home First Finance Company India's net profit rose 85.84% to Rs 186.10 crore 21.78% increase in total income to Rs 595.70 crore in the year ended March 2022 over the year ended March 2021.

Manoj Viswanathan, MD & CEO said: "FY22 has been a strong year for HomeFirst and we have delivered robust operating and financial performance in the first full year post listing. We crossed the milestone of INR 5,000 Crores AUM, closing the year at INR 5,380 Crs delivering 30% y-o-y growth. We witnessed highest ever yearly disbursals of INR 2,031 Crs.

Digital adoption has further improved. Usage of the customer app for various activities has increased. 80% of our customers are registered on our app as on Mar'22 compared to 76% in Dec'21. Payments received via the app have gone up by 82% y-o-y.

We also strengthened our board and management team with appointment of Independent Directors, Chief Risk Officer (CRO) & Chief Technology Officer (CTO).

On asset quality, we are continuously improving as the economy normalizes and are working to bring it to pre-covid levels in a granular manner with a customer first approach. We have witnessed significant improvements in all buckets for Q4 vs Q3, giving us the confidence to achieve pre-covid levels in FY23.

Bounce rates improved in Apr'22 to 13.9% (Q4 FY22 – 14.5%, Q3 FY22 – 15.7%). 1+ DPD improved from 6.5% to 5.3% on q-o-q basis. 30+ DPD improved from 4.7% to 3.7% on q-o-q basis. Our Gross Stage 3 (GNPA) stands at 2.3% in line with RBI circular dated 12 Nov 2021. Prior to such classification, it stands at 1.3% (Dec'21: 1.7%).

Overall, it was a successful year amidst the challenges and disruption. We have been sharply focused on execution in all aspects of the business and this has enabled us to deliver great results in FY22. 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."

Home First Finance Company India (HomeFirst) is a technology driven affordable housing finance company that targets first time home buyers in low and middle-income groups. It primarily offers housing loans for the purchase or construction of homes. The Company has deep penetration in the largest housing finance markets with a network of 80 branches with presence in 13 States / UT in India, with a significant presence in urbanized regions in the states of Gujarat, Maharashtra, Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. The company has diversified lead generating channels with a wide network of connectors.