InCred Equities - Home First Finance company

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	6,388	8,677	11,496	14,353
Total Non-Interest Income (Rsm)	1,852	2,288	2,622	3,021
Operating Revenue (Rsm)	8,239	10,965	14,117	17,374
Total Provision Charges (Rsm)	(288)	(373)	(561)	(709)
Net Profit (Rsm)	3,821	4,990	6,697	8,475
Core EPS (Rs)	42.43	48.47	65.06	82.32
Core EPS Growth	23%	14%	34%	27%
FD Core P/E (x)	30.65	26.83	19.99	15.80
DPS (Rs)
Dividend Yield
BVPS (Rs)	280.0	410.0	462.0	527.9
P/BV (x)	4.65	3.17	2.81	2.46
ROE	16.5%	14.8%	14.9%	16.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	6,388	8,677	11,496	14,353
Total Non-Interest Income	1,852	2,288	2,622	3,021
Operating Revenue	8,239	10,965	14,117	17,374
Total Non-Interest Expenses	(2,780)	(3,697)	(4,320)	(4,982)
Pre-provision Operating Profit	5,304	7,070	9,550	12,084
Total Provision Charges	(288)	(373)	(561)	(709)
Operating Profit After Provisions	5,016	6,698	8,989	11,375
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	5,016	6,698	8,989	11,375
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	3,164	4,409	6,368	8,354
Exceptional Items
Pre-tax Profit	5,016	6,698	8,989	11,375
Taxation	(1,195)	(1,708)	(2,292)	(2,901)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	3,821	4,990	6,697	8,475
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	3,821	4,990	6,697	8,475

(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%	5.8%	5.8%	6.2%
Avg Liquid Assets/Avg IEAs	9.4%	6.5%	6.4%	6.8%
Net Cust Loans/Assets	87.2%	91.2%	89.3%	91.1%
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans	23.7%	29.7%	26.6%	24.0%
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	141,991	178,623	226,482
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	106,487	141,991	178,623	226,482
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	106,487	141,991	178,623	226,482
Intangible Assets
Other Non-Interest Earning Assets	2,353	2,589	2,848	3,132
Total Non-Interest Earning Assets	2,645	2,909	3,200	3,520
Cash And Marketable Securities	9,382	6,807	13,733	13,913
Long-term Investments	3,602	3,963	4,359	4,795
Total Assets	122,117	155,670	199,916	248,710
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	1,922	2,240	2,599
Total Liabilities	96,904	113,466	152,354	194,369
Shareholders Equity	25,213	42,204	47,561	54,341
Minority Interests
Total Equity	25,213	42,204	47,561	54,341

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	21.0%	35.8%	32.5%	24.9%
Operating Profit Growth	24.9%	33.1%	34.8%	26.5%
Pretax Profit Growth	25%	34%	34%	27%
Net Interest To Total Income	77.5%	79.1%	81.4%	82.6%
Cost Of Funds	8.49%	8.30%	8.00%	7.60%
Return On Interest Earning Assets	14.4%	13.9%	13.7%	13.5%
Net Interest Spread	5.92%	5.60%	5.70%	5.90%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	5%	5%	6%	6%
Interest Return On Average Assets	5.87%	6.25%	6.47%	6.40%
Effective Tax Rate	23.8%	25.5%	25.5%	25.5%
Net Dividend Payout Ratio
Return On Average Assets	3.51%	3.59%	3.77%	3.78%

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

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

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Market Data

Source: Bloomberg