InCred Equities - Home First Finance company

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	5,649	7,483	9,301	11,374
Total Non-Interest Income (Rsm)	2,590	3,462	3,979	5,020
Operating Revenue (Rsm)	8,239	10,945	13,280	16,394
Total Provision Charges (Rsm)	(288)	(399)	(432)	(522)
Net Profit (Rsm)	3,821	5,236	6,422	8,114
Core EPS (Rs)	42.43	50.71	62.20	78.59
Core EPS Growth	23%	20%	23%	26%
FD Core P/E (x)	30.71	25.69	20.95	16.58
DPS (Rs)
Dividend Yield
BVPS (Rs)	280.0	407.5	457.3	520.2
P/BV (x)	4.65	3.20	2.85	2.50
ROE	16.5%	15.6%	14.4%	16.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	5,649	7,483	9,301	11,374
Total Non-Interest Income	2,590	3,462	3,979	5,020
Operating Revenue	8,239	10,945	13,280	16,394
Total Non-Interest Expenses	(2,780)	(3,465)	(4,166)	(4,912)
Pre-provision Operating Profit	5,304	7,291	8,885	11,203
Total Provision Charges	(288)	(399)	(432)	(522)
Operating Profit After Provisions	5,016	6,892	8,453	10,680
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	5,016	6,892	8,453	10,680
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	2,425	3,430	4,474	5,661
Exceptional Items
Pre-tax Profit	5,016	6,892	8,453	10,680
Taxation	(1,195)	(1,656)	(2,031)	(2,566)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	3,821	5,236	6,422	8,114
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	3,821	5,236	6,422	8,114

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	8.1%	6.1%	5.2%	4.8%
Avg Liquid Assets/Avg IEAs	9.4%	6.9%	5.9%	5.4%
Net Cust Loans/Assets	87.2%	89.7%	88.5%	89.1%
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans	23.7%	31.3%	29.0%	27.2%
Asset Risk Weighting
Provision Charge/Avg Cust Loans
Provision Charge/Avg Assets
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	106,487	134,229	162,938	197,083
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	106,487	134,229	162,938	197,083
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	106,487	134,229	162,938	197,083
Intangible Assets
Other Non-Interest Earning Assets	2,353	2,712	3,297	4,083
Total Non-Interest Earning Assets	2,645	3,213	3,839	4,682
Cash And Marketable Securities	9,382	7,187	10,260	9,157
Long-term Investments	3,602	5,076	7,165	10,300
Total Assets	122,117	149,705	184,202	221,222
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	95,507	111,544	150,114	191,770
Total Interest-Bearing Liabilities	95,507	111,544	150,114	191,770
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	1,397	1,602	1,767	1,987
Total Liabilities	96,904	113,145	151,881	193,757
Shareholders Equity	25,213	42,075	47,212	53,703
Minority Interests
Total Equity	25,213	42,075	47,212	53,703

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	20.3%	32.5%	24.3%	22.3%
Operating Profit Growth	24.9%	37.0%	21.8%	26.0%
Pretax Profit Growth	25%	37%	23%	26%
Net Interest To Total Income	68.6%	68.4%	70.0%	69.4%
Cost Of Funds	8.49%	7.79%	7.14%	6.72%
Return On Interest Earning Assets	13.6%	12.9%	12.5%	12.7%
Net Interest Spread	5.14%	5.13%	5.41%	5.98%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	5%	5%	5%	5%
Interest Return On Average Assets	5.20%	5.51%	5.57%	5.61%
Effective Tax Rate	23.8%	24.0%	24.0%	24.0%
Net Dividend Payout Ratio
Return On Average Assets	3.51%	3.85%	3.85%	4.00%

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

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Market Data

Source: Bloomberg