InCred Equities - Home First Finance company

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	5,278	6,383	8,220	10,173
Total Non-Interest Income (Rsm)	1,289	1,754	2,033	2,365
Operating Revenue (Rsm)	6,567	8,136	10,253	12,538
Total Provision Charges (Rsm)	(254)	(282)	(480)	(739)
Net Profit (Rsm)	3,057	3,766	4,733	5,662
Core EPS (Rs)	34.54	42.55	53.47	63.97
Core EPS Growth	33%	23%	26%	20%
FD Core P/E (x)	28.71	23.30	18.54	15.50
DPS (Rs)
Dividend Yield
BVPS (Rs)	239.7	275.8	318.6	363.4
P/BV (x)	4.14	3.59	3.11	2.73
ROE	15.5%	16.5%	18.0%	18.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	5,278	6,383	8,220	10,173
Total Non-Interest Income	1,289	1,754	2,033	2,365
Operating Revenue	6,567	8,136	10,253	12,538
Total Non-Interest Expenses	(2,196)	(2,763)	(3,226)	(3,963)
Pre-provision Operating Profit	4,254	5,221	6,833	8,339
Total Provision Charges	(254)	(282)	(480)	(739)
Operating Profit After Provisions	4,000	4,939	6,353	7,600
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	4,000	4,939	6,353	7,600
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	2,711	3,185	4,320	5,235
Exceptional Items
Pre-tax Profit	4,000	4,939	6,353	7,600
Taxation	(942)	(1,173)	(1,620)	(1,938)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	3,057	3,766	4,733	5,662
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	3,057	3,766	4,733	5,662

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	6.9%	7.5%	6.1%	5.5%
Avg Liquid Assets/Avg IEAs	7.9%	8.6%	6.8%	6.0%
Net Cust Loans/Assets	85.4%	88.5%	90.0%	91.0%
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans	26.1%	22.9%	21.2%	19.8%
Asset Risk Weighting
Provision Charge/Avg Cust Loans
Provision Charge/Avg Assets
Total Write Offs/Average Assets

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	81,434	106,756	133,332	162,217
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	81,434	106,756	133,332	162,217
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	81,434	106,756	133,332	162,217
Intangible Assets
Other Non-Interest Earning Assets	1,602	1,442	1,298	1,168
Total Non-Interest Earning Assets	1,902	1,772	1,661	1,567
Cash And Marketable Securities	8,215	7,912	8,501	9,348
Long-term Investments	3,788	4,167	4,584	5,042
Total Assets	95,340	120,607	148,077	178,175
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	73,021	94,594	118,079	143,978
Total Interest-Bearing Liabilities	73,021	94,594	118,079	143,978
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	1,104	1,596	1,796	2,031
Total Liabilities	74,125	96,191	119,875	146,009
Shareholders Equity	21,215	24,416	28,202	32,166
Minority Interests
Total Equity	21,215	24,416	28,202	32,166

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	26.3%	20.9%	28.8%	23.8%
Operating Profit Growth	34.2%	22.9%	30.8%	22.0%
Pretax Profit Growth	35%	23%	29%	20%
Net Interest To Total Income	80.4%	78.4%	80.2%	81.1%
Cost Of Funds	8.25%	8.72%	8.30%	7.80%
Return On Interest Earning Assets	14.5%	14.6%	14.2%	13.8%
Net Interest Spread	6.29%	5.83%	5.90%	6.00%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	6%	5%	7%	9%
Interest Return On Average Assets	6.49%	5.91%	6.12%	6.24%
Effective Tax Rate	23.6%	23.7%	25.5%	25.5%
Net Dividend Payout Ratio
Return On Average Assets	3.76%	3.49%	3.52%	3.47%

(91) 22 4161 1569 rishabh.jogani@incredresearch.com

(91) 22 4161 1553 meghna.luthra@incredresearch.com

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Market Data

Source: Bloomberg