InCred Equities - Home First Finance company

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	5,278	6,442	8,226	10,270
Total Non-Interest Income (Rsm)	1,289	1,726	1,915	2,239
Operating Revenue (Rsm)	6,567	8,168	10,142	12,509
Total Provision Charges (Rsm)	(254)	(276)	(355)	(456)
Net Profit (Rsm)	3,057	3,786	4,639	5,623
Core EPS (Rs)	34.54	42.77	52.41	63.53
Core EPS Growth	33%	24%	23%	21%
FD Core P/E (x)	30.46	24.60	20.07	16.56
DPS (Rs)
Dividend Yield
BVPS (Rs)	239.7	276.0	318.0	362.4
P/BV (x)	4.39	3.81	3.31	2.90
ROE	15.5%	16.6%	17.6%	18.7%
% 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	6,442	8,226	10,270
Total Non-Interest Income	1,289	1,726	1,915	2,239
Operating Revenue	6,567	8,168	10,142	12,509
Total Non-Interest Expenses	(2,196)	(2,791)	(3,366)	(4,263)
Pre-provision Operating Profit	4,254	5,225	6,582	8,004
Total Provision Charges	(254)	(276)	(355)	(456)
Operating Profit After Provisions	4,000	4,949	6,227	7,548
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	4,000	4,949	6,227	7,548
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	2,711	3,222	4,311	5,310
Exceptional Items
Pre-tax Profit	4,000	4,949	6,227	7,548
Taxation	(942)	(1,163)	(1,588)	(1,925)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	3,057	3,786	4,639	5,623
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	3,057	3,786	4,639	5,623

(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%	9.4%	8.9%	8.4%
Avg Liquid Assets/Avg IEAs	7.9%	11.0%	10.3%	9.5%
Net Cust Loans/Assets	85.4%	85.1%	87.9%	87.9%
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans	26.1%	23.8%	21.0%	18.9%
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	102,616	134,102	169,877
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	81,434	102,616	134,102	169,877
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	81,434	102,616	134,102	169,877
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	12,059	12,235	16,686
Long-term Investments	3,788	4,167	4,584	5,042
Total Assets	95,340	120,614	152,581	193,172
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	73,021	94,594	122,645	159,046
Total Interest-Bearing Liabilities	73,021	94,594	122,645	159,046
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	1,104	1,587	1,792	2,046
Total Liabilities	74,125	96,182	124,437	161,092
Shareholders Equity	21,215	24,433	28,144	32,080
Minority Interests
Total Equity	21,215	24,433	28,144	32,080

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	26.3%	22.0%	27.7%	24.9%
Operating Profit Growth	34.2%	23.0%	26.0%	21.7%
Pretax Profit Growth	35%	24%	26%	21%
Net Interest To Total Income	80.4%	78.9%	81.1%	82.1%
Cost Of Funds	8.25%	8.40%	7.90%	7.60%
Return On Interest Earning Assets	14.5%	14.7%	14.2%	13.8%
Net Interest Spread	6.29%	6.25%	6.30%	6.20%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	6%	5%	5%	6%
Interest Return On Average Assets	6.49%	5.97%	6.02%	5.94%
Effective Tax Rate	23.6%	23.5%	25.5%	25.5%
Net Dividend Payout Ratio
Return On Average Assets	3.76%	3.51%	3.40%	3.25%

(91) 22 4161 1547 jignesh.shial@incredresearch.com

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

(91) 22 4161 1500 meghna.luthra@incredresearch.com

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Market Data

Source: Bloomberg