Established and Growing franchise in Affordable Housing Segment: Home First has established a reasonable franchise in the affordable housing segment while continuing to expand its reach and establish its footprint (assets under management (AUM) of INR49.9 billion in 3QFY22).
Strong Capital Buffers, with Demonstrated Capital Raising Ability: Home First’s assets under management (AUM) grew 3.7x over FY18-3QFY22, supported by regular capital infusions, the ability to leverage, and the government’s impetus on affordable housing.
Fairly Diversified Funding Mix; Relationship with Large Banks Already in Place: Home First has mobilised funds from 16 financiers, including banks (59.9% of total borrowings at 3QFY22), and a large non-banking finance company (2.9%), and it also has refinance lines (30.0%) from the National Housing Bank (‘IND AAA’/Stable).
Experienced Management Team: Home First has an operating track record of over 11 years and a considerable presence in the states of Gujarat, Maharashtra and Tamil Nadu; the states jointly accounted for 65.7% of the assets under management (AUM) in 3QFY22 (FY21:69% FY20: 71%; FY19: 78%).
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