Results strong despite 2nd wave of Covid, Manoj Viswanathan MD and CEO of Home First Finance tells Anil Singhvi

Anil Singhvi said that Home First Finance issue was subscribed 26 times and got listed on 3rd Feb. The stock witnessed some profit booking after getting listed. The company does financing for the affordable housing segment. Singhvi said that the standalone results of the company are extremely strong and profit is up 2.5 times. The company saw good growth in Asset under Management (AUM).

Manoj Viswanathan is a Managing Director and the Chief Executive Officer of Home First Finance Company. Talking about results, he said that profit after tax crossed the 100 cr mark which is 26% higher than last year. The company has crossed the 3 digit profit mark for the first time ever and that too in tough times like these.

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Vishwanathan said that disbursals witnessed 30% growth YoY and stood at Rs 452 cr and talking about asset quality, he said that Net NPA is 1.2% and Gross NPA is 1.8%. He said that any customer who had an amount overdue, that number has come down to 6.2 from 7.5. it implies that out of 100 customers only 6 customers are delayed on their dues.

Vishwanathan said that April 2021 was not bad, the Industry has learned from last year, how to deal with Covid issue. People left their job last year and went to their villages which is not the case now. Factories and businesses were shut last year which is not the case this year. People are getting their incomes and salaries on time this year.

#NewsParViews | इकोनॉमी की खराब स्थिति के बावजूद एसेट क्वालिटी अच्छी है, कोरोना की दूसरी लहर का कारोबार पर कोई खास असर नहीं दिखा- मनोज विश्वनाथन, MD & CEO, होम फर्स्ट फाइनेंस#HomeFirstFinance #ResultsOnZee @AnilSinghvi_ @homefirstindia pic.twitter.com/b7mqyXm5EV

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Vishwanathan said that while the numbers of Covid cases are higher, it will also decrease sharply as vaccination is available. Mumbai is seeing that the numbers of cases are coming down in the past 10 days.
Vishwanathan said that over 90% of their business is in the Affordable Housing segment, providing loads to middle class income earners. He said that the company will see good distribution in South and in Gujarat as well. Existing business is doing well and the company is trying to reach out to more customers.