homeearnings NewsHome First eyes 30% portfolio rise in FY24 on affordable housing demand; expects stable NIMs
Home First eyes 30% portfolio rise in FY24 on affordable housing demand; expects stable NIMs
In a ab interview with CNBC-TV18, Manoj Viswanathan, MD and CEO of Home First Finance Company India, unveiled his optimistic outlook for the company's growth in the fiscal year 2024 and beyond.
Manoj Viswanathan, Managing Director and CEO of Home First Finance Company is confident of achieving a 30% growth in asset under management (AUM) in the fiscal year 2024 backed by the affordable housing sector.
Viswanathan also hopes to maintain net interest margins (NIMs) at around 6% if interest rates remain stable.
"Since the last three years, we have been saying that we will grow at about 30%. We have sustained that until now. At least our outlook, looking at the activity on the ground, we are confident that we can maintain this pace for the next couple of years," he told CNBC-TV18.
The Indian residential property market reported an all-time high in housing sales in the third quarter of 2023, according to real estate consultant ANAROCK. Home sales in the top seven cities zoomed 36% to 120,280 units from 88,230 units sold during the same months in 2022. This is the first time that housing sales breached the one lakh- mark in any quarter.
During the nine-day Navratri festival, from October 15 to October 23, the number of property registrations in Mumbai jumped 37.4%, per a Knight Frank India report. A total of 4,594 property units were registered under the jurisdiction of the BMC (Brihanmumbai Municipal Corporation) during the period versus 3,343 registrations in the same period last year.
On Thursday (October 26), Home First Finance reported a near 37% jump in second-quarter consolidated net profit to Rs 74.3 crore. The company's consolidated total income grew close to 47% to around Rs 278 crore.
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In May, Norges Bank, on account of the government pension fund Global acquired a 2.39% stake in the company, while Societe Generale acquired a 0.81% stake in a block deal.
For more details, watch the accompanying video
(Edited by : Shweta Mungre)
First Published: Oct 27, 2023 11:16 AM IST
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