Home First Finance - Narrative, Thesis Intact: Motilal Oswal
An affordable housing franchise that has consistently excelled in tech adoption aiding healthy underwriting, faster turnaround.
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Motilal Oswal Report
Home First Finance Company India Ltd., in our view, is among the few high-quality and transparent franchises in the listed affordable housing finance sector.
Particularly, the company has demonstrated consistent execution on its guided metrics, across assets under management growth, margins/spreads, asset quality, and credit costs.
Arguably, Home First Finance did slow down its disbursements during the two Covid waves and report asset quality deterioration (as did the rest of the sector).
However, it has shown remarkable resilience to exhibit consistent business momentum and asset quality improvement over the last four quarters.
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