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* Quarter witnessed disbursement milestone of Rs 1000 Crs. Overall growth of 29.1% on y-o-y.

* Strong financial results with ROE of 15.8% (+20 bps q-o-q); with industry leading home loan mix of 86%.

* AUM crossed Rs 9,000 Crs, grew by 33.5% on y-o-y & 7.7% on q-o-q basis. Asset quality remains strong.

Commenting on the performance Mr. Manoj Viswanathan, MD & CEO said,

“We are happy to continue the growth momentum in Q3FY24. HomeFirst’s performance has been strong across all operating and financial parameters. We delivered PAT growth of 34.2% on y-o-y & 6.1% on q-o-q basis leading to ROE of 15.8% in an high interest rate environment. We believe the level of consistent and superior returns is a testimony to our strong risk management, use of right technology and scalability of our differentiated business model.

We continue to build distribution by simultaneously entering new markets and deepening our presence in existing markets. States of Uttar Pradesh & Madhya Pradesh are emerging as large affordable housing markets and we have taken steps to strengthen our presence and expand distribution in these states. Overall, we have added 3 branches in Q3 and now have 123 physical branches. Including potential & digital branches, we now do business across 305 touchpoints across Tier 1 to Tier 5 markets in 13 states / UT of India.

Disbursement in Q3 at Rs 1,007 Cr grew by 29.1% on y-o-y basis, leading to an AUM growth of 33.5% on y- o-y basis to Rs 9,014 Cr. Spreads remain healthy at 5.3%. PAT at Rs. 79 Cr and ROA is range bound at 3.7%.

Our asset quality continues to be strong with a focus on early delinquencies

* 1+ DPD is at 4.5% (+10 bps on y-o-y and flat on q-o-q basis).

* 30+ DPD at 3.0% (flat on y-o-y and +10 bps on q-o-q basis).

* Gross Stage 3 (GNPA) is at at 1.7% (-10bps on y-o-y and flat on q-o-q basis). Prior to RBI classification circular of Nov’21, it stands at 1.1% (flat on y-o-y and q-o-q basis).

* Our credit cost at 30bps (-10bps on y-o-y & q-o-q basis).

Digital adoption continues to be strong and a key area of our focus as we grow. 94% of our customers are registered on our app as on Dec’23. Unique User Logins was 54% in Q3FY24. Service requests raised on app was stable at 88%.

We continue to stay focused on providing loans for affordable housing, led by distribution and use of technology, backed by diversified funding and strong risk management. We believe that given the tailwinds of the housing sector supported by overall economic growth momentum and strong execution mindset of the company, 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.“