Home First Finance

HFFCIL/BSE/NSE/EQ/23/2022-23 Date: 17-05-2022
To, To,
BSE Limited, The National Stock Exchange of India Limited,
Department of Corporate Services, The Listing Department,
Phiroze Jeejeebhoy Towers, Bandra Kurla Complex,
Dalal Street, Mumbai- 400 051.
Mumbai- 400001. Scrip Symbol- HOMEFIRST
Scrip Code- 543259
Subject: Integrated Annual Report for FY22 and Notice of the 13th Annual General Meeting.
Dear Sir/Madam,
We wish to inform you that the 13th Annual General Meeting (“AGM”) of the Company is scheduled to be held on
Friday, June 10, 2022, at 2:00 p.m. IST through Video Conferencing (“VC”) / Other Audio-Visual Means
(“OAVM”) in accordance with the circulars and notifications issued by the Ministry of Corporate Affairs (“MCA”)
and the Securities and Exchange Board of India (“SEBI”) to transact the businesses, as set forth in the Notice of
AGM.
Pursuant to Regulation 34(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (‘SEBI Listing Regulations’), please find enclosed herewith the Integrated Report
and Annual Accounts for FY22 and the Notice convening the 13th AGM dispatched to all the members in electronic
mode on May 17, 2022.
The Notice of the AGM and the Integrated Annual Report of the Company for FY22 are also made available on the
website of the Company at:
AGM Notice: https://homefirstindia.com/files/NoticeofAGM_2022.pdf
Annual Report: https://homefirstindia.com/files/HomeFirst_IntegratedAnnualReport2022.pdf
Request you to kindly take the above on record and disseminate the same on your website.
For Home First Finance Company India Limited

SHREYANS
Digitally signed by SHREYANS BACHHAWAT
DN: c=IN, postalCode=700007, st=WEST BENGAL, o=Personal,
serialNumber=fde20153e75f5e87dabaa79d6eee7a1cd4ad6b8aad8b8e895148
9217c6080659,
2.5.4.20=16307146407087da668653d4e9771e128e5f8b7d2c113998badd9215
BACHHAWAT
660e7810, email=SHREYANS.BACHHAWAT@HOMEFIRSTINDIA.COM,
cn=SHREYANS BACHHAWAT, l=KOLKATA, title=2535,
pseudonym=253520210819122932649
Date: 2022.05.17 19:48:49 +05'30'
Shreyans Bachhawat
Company Secretary and Compliance Officer
ACS NO: 26700
Smart Loans for Affordable Homes HomeFirst
Integrated
Annual Report
21:22
Tech Growth
Productivity Risk Management Funding ESG

About this Report
Our Approach to Reporting Materiality & Scope & Boundary
Home First Finance Company India Limited (HomeFirst) The Integrated Annual Report FY2022 includes
is publishing its first Integrated Annual Report for FY information that is material to HomeFirst’s
2022 to provide a holistic assessment of its financial as stakeholders and provides an overview of the business
well as non-financial performance. Through this report, processes and activities that assist in long term value
we strive to provide enhanced disclosures to meet the creation. HomeFirst also shares insights about the
requirements of our stakeholders. strategic priorities, business model, risks and mitigants.
The reporting boundary covers overall environmental,
Reporting Principle social and economic performance of HomeFirst across
80 physical branches and its Head office and other
The financial and statutory data forming part of this offices in Mumbai.
report are in line with the requirements of:
Independent Assurance
The Companies Act, 2013 (including the rules made
thereunder), The quality of information content in the report is
prepared in consultation with, and reviewed by internal
The Indian Accounting Standards,
stakeholders. This Report covers financial and non-
financial information and activities of Home First
The Securities and Exchange Board of India (Listing
Finance Company India Limited for the period April 1,
Obligations and Disclosure Requirements) Regulations,
2021 to March 31, 2022. While the financial information
2015.
has been audited by Deloitte Haskins & Sells, Chartered
The report has been prepared in accordance with the Accountants, the select non-financial information as
framework prescribed by the International Integrated referred to in the assurance report has been assured by
Reporting Council (IIRC) and also contains disclosures as Price Waterhouse Chartered Accountants LLP. This non-
per the Global Reporting Initiative (GRI) Standards: financial assurance report is in accordance with the
Comprehensive option relevant to HomeFirst and limited assurance criteria of the International
United Nations Sustainable Development Goals (UN Standards on Assurance Engagements (ISAE) 3000
SDGs). Revised. The assurance criteria, methodology and

conclusion are presented in the assurance report. The
assurance report is available on page no. 302.
Reporting Period
The Integrated Annual Report FY2022 is an annual

publication for the period April 1, 2021 to March 31,
2022.
(i)
Theme of the Report
'The Land of Opportunities' is a title that one normally moves from a low-middle income economy to an upper-
associates with the USA, but India is fast emerging as a middle-income economy over the next decade. We at
strong contender to seizing this title. We are making HomeFirst are at a juncture where we are ready to seize
significant contributions toward world prosperity and the day.
resilience. Our progress in key sectors like Infrastructure,
Energy, Healthcare, and Technology is becoming a model We have developed a differentiated approach to home
for the other developing nations. As India works towards finance, that is centred on customer centricity, design
creating a stronger domestic economy, the focus would thinking, use of technology, and prudence. Our mobile
be on nurturing local businesses and scaling them up. first approach, digital processes and industry leading
turnaround times set us apart from traditional players.
At HomeFirst, we are excited about the huge opportunity We will continue to build on our strengths and sharpen
in housing finance! Housing will remain a fundamental our edge to capture a large share of the emerging
need for citizens of a fast growing country and the opportunities.
demand for housing will increase multi-fold as India
8 0 C r s
₹5,3 anagem
ent
der M
Asset Un
See All
Performance Highlights
₹ 10 lakhs 2.3% 3.6%

Average Ticket Size of Housing Loan GNPA ROA
(1.3% pre RBI circular)
FY 21-22 in brief
Tech Growth
80%
customers registered
AUM crossed
₹ 5000 Crs
on customer app
CAGR 44.7% (FY17-FY22)
90% Disbursals crossed

loans approved
within 48 hours ₹ 2000 Crs
y-o-y growth 85.2%
Productivity
Funding
2.7%
Opex to Avg assets
Diversified funding through 20 lenders
India Ratings
AA- Stable
₹ 2.6 Crs
Disbursement / Employee
ICRA
A+ Positive
ESG
Certified as a “Great Place To

Risk Management
Work” by GPTW Institute for 2
successive years Stable GNPA of
EWS and LIG customers account

for more than 75% of AUM; ~90%
2.3%
(1.3% pre RBI circular)
women borrowers
Diversity 1+ DPD improved to
5.3%
27% Women Workforce
22% of Directors are Women from 6.2% (Mar’21)
Contents
Corporate Overview
Corporate Information 01
HomeFirst at a Glance 02
Our Journey 03
11 year Highlights 05
Our Geographic Presence 06
Performance Highlights 07
Chairman's Statement 12
From the Desk of MD & CEO 14
Strategic Priorities 16
Board of Directors 26
Management Team 29
Sustainability Report
Overview by MD & CEO 32
How We Create Value 34
Ethics & Governance 36
Fortifying Data Privacy and Security 44
Stakeholder Engagement and Materiality Assessment 46
Financial Capital Management 50
Natural Capital Management 53
Human Capital Management 56
Social and Relationship Capital Management 62
Intellectual Capital Management 72
GRI Index 75
Statutory Reports
Management Discussion and Analysis 77
Directors’ Report 107
Report of Directors’ on Corporate Governance 126
Business Responsibility and Sustainability Report (BRSR) 173
Financial Statements and Assurance Report

Independent Auditors’ Report 215
Annual Accounts 226
Assurance Report 302
Notice to AGM 306

Sustainable
Building Design
A sustainable building design is fundamental to
making a home a Green home. The primary
objective here is to incorporate climate-
friendly measures in the design stage itself.
Thus, reducing the need for artificial lighting
during daytime and artificial heating or cooling
depending on the seasons. Rooms are brighter
and airy in such designs; roofs are treated with
High SRI paints to keep the heat away and it
becomes cost-effective in the long run.
Residential units that use lesser energy while
maintaining occupants' comfort are ideal
Green homes!
Solar Reflective Index (SRI) is important to

understand when selecting a highly reflective
roof coating that will help lower energy cooling
costs. Highest SRI Value Paint is 130 In India. It
saves electricity up to 30%. Cools up to 22
Degrees on the surface and between 4-8
Degrees inside.
Corporate
Overview
Corporate Information
Directors Committes of the Board Auditors

Mr. Deepak Satwalekar (Chairman) Audit Committee Deloitte Haskins & Sells
Ms. Geeta Dutta Goel Ms. Sucharita Mukherjee 19th Floor, Shapath - V, S.G.
Mr. Anuj Srivastava (Chairperson) Highway, Ahmedabad - 388015
Ms. Sucharita Mukherjee Ms. Geeta Dutta Goel Tel No: +91 79 6682 7300
Mr. Maninder Singh Juneja Mr. Maninder Singh Juneja
Mr. Divya Sehgal Debenture Trustee
Mr. Narendra Ostawal Nomination and Remuneration Axis Trustee Services Limited
Mr. Vishal Gupta Committee Corporate Office: The Ruby, 2nd
Mr. Manoj Viswanathan (Managing Ms. Geeta Dutta Goel Floor, SW 29 Senapati Bapat Marg,
Director & CEO) (Chairperson) Dadar (West),
Mr. Anuj Srivastava Mumbai 400 028
Mr. Narendra Ostawal Tel No: 022-6230 0451
Chief Financial Officer www.axistrustee.in
Ms. Nutan Gaba Patwari Stakeholders Relationship
Committee Registrar and Share Transfer
Company Secretary Ms. Sucharita Mukherjee Agents
Mr. Shreyans Bachhawat
(Chairperson) Kfin Technologies Limited
Mr. Maninder Singh Juneja Selenium, Tower- B, Plot No 31-32,
Registered Office
Mr. Manoj Viswanathan Gachibowli, Financial district,
511, Acme Plaza, Andheri Kurla
Nanakramguda, Hyderabad, 500032
Road Andheri (East),
Corporate Social Responsibility Tel No: 040 67161563
Mumbai 400 059
Committee
Tel No: 022 6694 0386
Ms. Geeta Dutta Goel Bankers & Financial Institutions
(Chairperson) National Housing Bank
Email:
Ms. Sucharita Mukherjee Central Bank of India
corporate@homefirstindia.com
Mr. Manoj Viswanathan HDFC Bank Limited
Axis Bank Limited
Risk Management Committee Union Bank of India
Mr. Maninder Singh Juneja State Bank of India
(Chairman) IDBI Bank Limited
Ms. Sucharita Mukherjee Bank of India
Mr. Narendra Ostawal Bajaj Finance Limited
Mr. Manoj Viswanathan CSB Bank Limited
Mr. Ajay Khetan Federal Bank Limited
Ms. Nutan Gaba Patwari ICICI Bank Limited
Mr. Ashishkumar Darji HSBC
The Karur Vysya Bank Limited
South Indian Bank
DCB Bank Limited
Kotak Mahindra Bank Limited
Home First Finance Company India Ltd. Integrated Annual Report 01

HomeFirst at a Glance
Mani is a lathe operator in a small factory earning Most applications never saw the light of day because
₹20,000 every month. His wife teaches in a primary customers were unable to clearly articulate their
school and earns ₹15,000 per month. They do not have requirements.
salary slips or other documents to prove their income.
Can they get a housing loan of ₹10 lakhs to build a These were the challenges that gave birth to the idea of
house on a piece of land that they have inherited from "HomeFirst" in 2010. Our goal was to make the home
their parents? A decade ago, the answer would have loan process simple and give first time homeowners a
been NO. fast yet customized solution - to deliver an ordinary
home loan wrapped with extraordinary customer
A decade ago, Mani and other such customers in this service.
segment did not have access to formal lending due to
various factors. Some did not have the necessary Since inception, we have stayed true to our mission, and
paperwork to support their income. Some found the have grown into a leading affordable housing finance
loan application process and jargon too intimidating. company in the country.
Vision Mission
Shape the Future of Financing Be the Fastest Provider of

Homes, and Empower People Home Finance for the Aspiring
to Live Better Middle Class Delivered with Ease
and Transparency
Values
Unconventional
Swift
Doing the unconventional in a swift and
transparent manner!

Our Journey
CARE Rating CARE Rating IndiaRatings Assigned

ICRA Rating
A- A+ AA-
BBB- BBB+
Listed on
ICRA Rating
NSE and BSE
A+
Warburg Pincus Positive
invests in the
company⁽²⁾ Crossed
₹5,000 Crs
AUM
60,000+
Scalable operating model
sanctions
₹ 5,380 Crs Series C HomeFirst

now has
HomeFirst;
AUM
True North
30,000+ crosses
AUM acquires
customers ₹3600 Crs
majority stake
across
Networth 11 States
crosses + 1UT 5,380 AUM in ₹Crs
AUM crosses GIC
₹500 Crs
₹500 Crs with Co-investment
with 15,000+
4,141
10000+ with
customers &
customers True North⁽¹⁾
10 lenders 3,618
Series B with reach
across 25+ 2,444
Tata Capital Customer cities
Started (Alpha TC base crosses
operations Holdings 5,000
1,356
Series A in Gujarat & Pte Ltd) HomeFirst 847
Primary Tamil Nadu in primary turns 548 GR: 44.7%
investment the cities investment of profitable AU M CA
of ₹10 Crs of Ahmedabad ₹47 Crs 337
Incorporation
and Chennai
of the 163
company 20 69
2
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Early Days and Proof of Concept Consolidation Scaling Up
Note: (1) Waverly owns 100% of Aether Class B Shares. Waverly is a wholly-owned indirect subsidiary of GIC (Ventures) Pte. Ltd
(2) Through Orange Clove Investments B.V (an affiliate of Warburg Pincus). Warburg Invested on 1st October 2020
Home First Finance Company India Ltd. Integrated Annual Report 03 Home First Finance Company India Ltd. Integrated Annual Report 04
11 Year Highlights
IGAAP IGAAP IGAAP IGAAP IGAAP IGAAP IGAAP IGAAP IndAS IndAS IndAS IndAS
Par culars (₹ in Crs) FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Total Income - 2 7 20 39 62 95 146 271 419 489 596

Interest Expense on borrowings - - 3 10 22 36 53 64 125 191 216 215
and debt securi es
Net Total Income - 2 4 10 17 26 42 82 146 228 273 381
Interest Income on loans - 1 5 16 33 55 84 126 229 342 406 477
Interest Expense on borrowings - - 3 10 22 36 53 64 125 191 216 215
and debt securi es
Net Interest Income - 1 2 6 11 19 31 62 104 151 190 262
Net Gain on DA - - - - - - - - 21 37 44 68
Other Non-interest income - 1 2 4 6 7 11 20 21 40 39 51
Net Total Income - 2 4 10 17 26 42 82 146 228 273 381
Opex 1 3 5 8 12 16 26 42 74 104 106 130
Credit Cost - - - - 1 1 2 2 7 17 32 25
Total Expense 1 3 8 18 35 53 81 108 206 312 355 369
Tax - - - - 1 3 5 13 19 27 34 52
One me adjustment - - - - - - - - - - - (12)
PAT (1) (1) (1) 2 3 6 9 25 46 80 100 186
Funds (₹ in Crs)
Debt - 5 44 96 216 365 554 870 1,926 2,494 3,054 3,467
Equity 15 28 50 99 102 154 308 333 523 933 1,381 1,574
Total Assets 16 34 102 216 359 597 990 1,372 2,482 3,480 4,510 5,117
Key Metrics (₹ in Crs)

AUM 2 20 69 163 337 548 847 1,356 2,444 3,618 4,141 5,380
Disbursement 2 12 35 90 211 277 424 746 1,573 1,618 1,097 2,031
Key Ra os
Earnings per share (₹)
[FY11 to FY18 - FV ₹ 10 per share
FY19 onwards - FV ₹ 2 per share] -2 -5 -4 9 11 18 23 24 8 11 12 21
RoA -7.4% -5.5% -1.6% 1.6% 1.2% 1.3% 1.1% 2.1% 2.4% 2.7% 2.5% 3.6%
RoE -7.5% -6.2% -2.7% 3.4% 3.4% 4.7% 3.8% 7.9% 10.8% 10.9% 8.7% 11.8%
CRAR 167.0% 84.0% 60.2% 73.7% 44.1% 48.4% 66.7% 43.8% 38.5% 49.0% 56.2% 58.6%
CRAR - er 1 167.0% 84.0% 60.2% 73.7% 43.5% 47.8% 66.0% 42.9% 37.7% 47.7% 55.2% 58.1%
No of shares *
2,885,457 3,470,914 4,453,643 6,125,468 6,125,468 7,761,721 10,320,531 10,323,331 63,339,490 78,297,715 87,399,727 87,633,703
Face value per share (₹) 10 10 10 10 10 10 10 10 2 2 2 2

BVPS 53 80 113 161 166 198 298 323 83 119 158 180
Opex to Assets 12.4% 13.1% 7.5% 5.0% 4.2% 3.4% 3.3% 3.6% 3.8% 3.5% 2.7% 2.7%
Notes
Effective 1 April 2019, the Company has adopted Ind AS and the adoption was carried out in accordance with Ind AS 101, First-time Adoption of Indian Accounting Standards, with 1
April 2018 as the transition date. Accordingly, FY19 financials have also been restated as per IndAS for comparison.
The shareholders, vide a special resolution, have approved subdivision of equity shares of the Company in the ratio of five equity shares of ₹2 each against one equity share of ₹10
each respectively. Accordingly, 1,56,59,543 shares of ₹10 each, were subdivided to 7,82,97,715 shares of ₹2 each as at 30 October 2019.
Operating Expenses is the sum of Employee Benefits Expenses, Depreciation and Amortization, Interest on lease liability, Bank charges and other expenses for the relevant year or
period as per the financial statements.
Amount in ₹Crs is rounded off to nearest Cr
Adjusted RoA at 3.6% and Adjusted RoE at 11.8% is computed considering Adjusted PAT for FY22 without the positive impact of one-time deferred tax liability adjustment
*Adjusted for subdivision

Our Geographic Presence
Our Branch Network

Existing branches - 80
New branch locations - 63
Digital branches - 57
Contribution to
India's GDP FY’21 ( % )
0-4
4-7
7 - 15
80 98 13 200
Branches Districts States / UT Touchpoints
DisclaimerMap not to scale. All data, information and maps are provided “as is” without warranty or any representation of accuracy, timeliness or completeness
Note:Source for Contribution of states to India's GDP: NSO, MOSPI

Business Metrics
CAGR 41.1% CAGR 28.5%

₹5,380 ₹2,031
Assets Under Management Disbursement
in ₹Crs 5,380 in ₹Crs
4,141 2,031
3,618
1,618
1,573
2,444
1,356 1,097
746
Mar' 18 Mar' 19 Mar' 20 Mar' 21 Mar' 22 FY' 18 FY' 19 FY' 20 FY' 21 FY' 22
62,055 80
Number of loan accounts Number of branches
62,055
80
50,417 72
68
43,094
60
29,372 42
15,723
FY' 18 FY' 19 FY' 20 FY' 21 FY' 22 FY' 18 FY' 19 FY' 20 FY' 21 FY' 22

Financial Metrics
CAGR 62.1%
₹1,574 ₹174
*
Networth Profit After Tax *

in ₹Crs 1,574 in ₹Crs 174
1,381
100
80
933
523 46
333
25
Mar' 18 Mar' 19 Mar' 20 Mar' 21 Mar' 22 FY' 18 FY' 19 FY' 20 FY' 21 FY' 22
3.6% 11.8%
* *
ROA ROE
FY' 18 2.1% FY' 18 7.9%
FY' 19 2.4% FY' 19 10.8%
FY' 20 2.7% FY' 20 10.9%
FY' 21 2.5% FY' 21 8.7%
*
FY' 22 3.6%
*
FY' 22 11.8%
* Adjusted RoA at 3.6% and Adjusted RoE at 11.8% is computed considering Adjusted PAT for FY22 without the positive impact of one-time deferred tax liability adjustment

Operational Metrics
CAGR 43.3% CAGR 46.5%

₹262 ₹381
Net Interest Income Net Total Income
in ₹Crs 262 in ₹Crs 381
190
273
151
228
104
146
62 82
34.0% 2.7%
Cost to Income Opex to Assets
FY' 18 51.2% FY' 18 3.6%
FY' 19 50.3% FY' 19 3.8%
FY' 20 45.8% FY' 20 3.5%
FY' 21 39.0% FY' 21 2.7%
FY' 22 34.0% FY' 22 2.7%

Asset Quality Metrics
2.3% 1.8%
GNPA NNPA
Mar' 18 0.6% Mar' 18 0.5%
Mar' 19 0.8% Mar' 19 0.6%
Mar' 20 1.0% Mar' 20 0.8%
Mar' 21 1.8% Mar' 21 1.2%
Mar' 22 1.3% 1.0% 2.3% Mar' 22 0.9% 0.9% 1.8%
Re-classification due to RBI circular
3.7% 5.3%
30+ DPD 1+ DPD
Mar' 18 1.4% Mar' 18 3.1%
Mar' 19 1.7% Mar' 19 3.2%
Mar' 20 2.0% Mar' 20 4.4%
Mar' 21 4.1% Mar' 21 6.2%
Mar' 22 3.7% Mar' 22 5.3%

Key Financial Ratios
₹ 21 ₹ 180
*EPS *BVPS
in ₹ in ₹
24 323
21
180
158
12
11 119
8
83
58.6% 58.1%
CRAR CRAR - Tier I
FY' 18 43.8% FY' 18 42.9%
FY' 19 38.5% FY' 19 37.7%
FY' 20 49.0% FY' 20 47.7%
FY' 21 56.2% FY' 21 55.2%
FY' 22 58.6% FY' 22 58.1%
Note
*EPS and BVPS for FY18 is computed using Face Value per share of ₹10
*EPS and BVPS for FY19, FY20, FY21 & FY22 is computed using Face Value per share of ₹2 post considering sub-division of shares

Chairman's Statement
technology use for faster turnaround, transparency as well States/UT in the country to own a home of their own. Your
as business scalability. The customers have adopted readily Company's focus on quality has resulted in the GNPA of 2.3%
to this use of technology as it significantly improves their in line with RBI circular dated 12 Nov 2021. Prior to such
service experience with the company. Your Company has a classification, it stands at 1.3% (Mar'21: 1.8%).
continuing process improvement program as it strives to
We have built a profitable business model achieve best in class productivity metrics. We will continue to focus on housing finance for the middle-
class population of the country by doubling our touch-points
which will grow larger through a calibrated Your company's strong focus on financial management in the medium term. We have built a profitable business
expansion strategy, focus on the quality of during the year, was acknowledged by the rating agencies model which would grow larger through a calibrated
which have reaffirmed their confidence in your Company. expansion strategy, focus on the quality of the book and a
the book and a diversified lender base”
ICRA Ratings has revised the long-term outlook from “A+ diversified lender base.
Stable” to “A+ Positive”. Also, in its first long term rating, “India
Ratings & Research” assigned “AA- Stable”. Your Company I appreciate the support provided by all stakeholders, our
Deepak Satwalekar
continues to have strong relations with lenders and has regulator Reserve Bank of India (RBI), National Housing Bank
Chairman / Independent / Non-Executive Director
broadened the pool of lenders. (NHB), my colleagues on the Board, Lenders, Rating Agencies
and our Customers. The unwavering efforts by our
It provides me great pleasure in writing to you to share my India's mortgage to GDP penetration is relatively very low
Your Company has crossed an important milestone of ₹ 5000 employees during the past 2 years under Covid disruption
thoughts. Let me first place on record my heartfelt gratitude compared with other countries and hence growth prospects
Crs AUM during FY22 in the month of Jan'22 and ended the deserves huge appreciation.
to all stakeholders for their support through the times of for housing finance in India remain bright. Given that the
year with an AUM of ₹5,380 Crs, a growth of 30% from
Covid disruption we have all faced and for coming out informal economy and the SME sector are still substantial
Mar'21, enabling more than 60,000 customers across 13 Wish you good health and success in the new financial year.
stronger. and income assessment is still a major challenge for many
lenders, it presents a large untapped opportunity for your
While it was a huge relief for all of us to witness the reducing Company.
impact of the Covid over the last few months of the Financial
Year and seeing a degree of normality returning, we cannot Our addressable market in Affordable Housing Finance is
afford to ignore all precautions to ensure that the pandemic large and expanding, contributed by an increasing middle-
Deepak Satwalekar
does not rear its unpleasant head again. The cost in human class population, rapid industrialization, favorable
Chairman / Independent /
terms, as also economic terms is too large to bear again. demographics, and nuclearization of families. This sector
Non-Executive Director
Several steps taken by the Government and the Regulators continues to receive the support of Government policies.
have helped in a faster revival of the economy. One by-product of the pandemic has been to demonstrate
that congregation of employees in offices is an idea of the
However, the recent events in Eastern Europe have cast a past. Many companies are now adopting Work from
shadow over the global economies and further exacerbated Anywhere policies to help improve the work life balance for
the commodity pricing. Oil prices are at an all time high their employees. A result of this is the increasing demand for
which will impact transportation and supply chain costs. The housing away from major metros and Tier 1 cities where the
loose purse strings of the various Central Banks over the commuting time is very high. This is good news for your
past few years, while battling the impact of Covid, has now company and we shall spread our geographic presence to
led to inflation of prices across the board as demand has make our products and services available widely.
risen while supply has not kept pace. We are beginning to
see the interest rates hardening globally and should see that India has leveraged the use of technology in taking banking
in India too as the RBI is moving away from a dovish stance. to the masses through the digital medium. UPI continues to
drive digital payments with volumes and value increasing
every month. HomeFirst has been a huge proponent of
From the desk of MD & CEO
saves time for the customer as well as our customer service life, it is important for the lender to navigate the customer
officers. This kind of Kaizen will increase the bandwidth of through it and facilitate liquidation of the property where
our employees to focus on value added activities like required.
origination or collections. At present we run amongst the
leanest businesses in affordable housing finance with an Extreme complexity couched in apparent simplicity makes
It was the worst of
AUM per employee of ₹7 Cr and AUM per branch of ₹71 Cr. this is a difficult but rewarding business. Macro tailwinds
times and then again make it a growing business for decades to come.
Approximately 10 out of every 100 families will purchase a Constructing a home is challenging by itself and
it was the best of times… TW in any given year. In comparison, only 1 in every 100 simultaneously arranging financing adds to the anxiety. Low
this rewording families is looking to build or buy a home in a given year (in market shares and scattered distribution of industry players
the affordable housing space). Customers in most parts of makes a strong business case for a focused player with deep
of the old classic seems the country like to build their homes on their own plot of distribution who can deliver high quality service levels.
to best fit our experience land. The ‘apartment culture’ exists only in larger towns and Traditional processes are conducive for higher ticket loans
among the more affluent. The complexity of constructing a with simpler risk management requirements. Only a
Manoj Viswanathan in this financial year” house overwhelms customers and generally the customer technology led player who can continuously drive down
behaviour is to go ahead with the first lender to offer a loan. operating costs can become successful in this business.
Managing Director and CEO
The market share figures are highly fragmented with most
The year started with a severe wave 2 of Covid sweeping attrition in Q2 and Q3 adding to the workload of those who lenders holding only 1-5 % share of the market. Last mile HomeFirst is well positioned and committed to capitalize on
across the country in Q1. This time the spread was rapid and chose to remain employed with us. This small band of distribution plays an important role in capturing market this opportunity. We are currently present in 200
encompassed the country in just 2 months. The impact was committed employees have created and upheld a culture of share. It is important to offer the product through a person touchpoints across 98 districts and 13 States/UT. We are
more on health but this in turn impacted incomes ownership that helped all of us get through the tough times who is embedded in the local ecosystem. It can be the local expanding our presence in 6 focus States viz., Gujarat,
temporarily. Some customers could not make their EMI and we are extremely grateful to them. We are gradually builder, carpenter or an insurance agent. He or she is the Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh and
payments in April and May leading to an increase in emerging as an employer of choice in the affordable housing home loan equivalent of the omnipresent ‘Kirana Store’. We Telangana. We intend to be present in 400 cities in 24-36
delinquencies. New origination and disbursals were also space and this has enabled us to increase our average are building our network of such home loan ‘Connectors’ months. This will give us access to ~70% of the affordable
disrupted in Q1. The recovery started in June itself and was employee strength from 687 in FY21 to 851 in FY22. who are associated with us through an app. They share leads housing business in the country. We will continue to invest in
equally sharp. The revival sustained across the rest of the and receive updates on the app. At present about 1500 technology to automate processes, improve turnaround
year with each quarter better than the previous one. The The huge size and potential of the housing finance market in connectors are active with us in a given quarter. India has times and service levels, improve productivity and reduce
year ended on a high with all time high disbursals on the India has been proclaimed and applauded in many reports more than 12 mn kirana stores…just saying. costs. Our aim is to reduce our cost to income to 30% levels
back of strong consumer demand for affordable homes, and forums. Within this universe, “affordable housing” has in the next 3 years. Competition in the affordable housing
supported by meaningful reduction in delinquency. This emerged as a rewarding sub-category that offers higher risk The risk in the affordable housing loan business was finance space has been heating up, yet we were able to hold
enabled us to disburse ₹2000+ Crs as per our original plan in adjusted returns comparable to the mid and high-ticket perceived to be higher than that in the formal segment. our yields in the market. Our focus on providing
spite of the wave 2 related setback in Q1. As a result, our segments. The business appears simple on the outside but Initially this kept away most lenders. The recent success of a extraordinary service and industry leading turnaround times
AUM has grown by 30% from ₹4,141 Crs to ₹5,380 Crs. has a number of nuances. Players who understand the few players in this segment, has created a perception in the has enabled us to maintain our pricing power. Our average
GNPAs also came down to 1.3% (prior to RBI classification) as complexity and connect the various parts of their business industry that this is just like formal housing loans but with yield stands at 12.8%. Our goal is to sustain our current ROAs
of Mar’22, not very far from pre-covid levels of 1%. Liquidity through a cohesive strategy will emerge winners. smaller ticket size and some ‘informal’ customer income to as we scale up and leverage our capital to achieve an ROE of
scenario was benign throughout the year and our funding be assessed. This naïve understanding of risk has let to its 15-16% in 2-3 years.
requirement was fulfilled through a combination of 20 Efficiency is the first part of the strategy, while the large share of blowouts. Focused affordable housing players have
marquee lenders, refinance from NHB and direct lenders brag about their low cost to income or opex to AUM to consider risks across many dimensions of the business Affordable housing finance is a very large opportunity with
assignment of our assets. Rating agencies endorsed our ratios, our smaller ticket size in affordable housing makes it such as origins and title flow of the property title, land many consumer problems yet to be solved. Our objective is
business, by upgrading our ratings. ICRA enhanced our difficult to reach those numbers. We aspire to be amongst demarcations and identifiability, impersonation, to establish Home First as a preferred brand in this segment,
rating from A+ (Stable outlook) to A+ (Positive outlook). India the most efficient players in this business. In order to achieve exaggeration of incomes, down payment, builder exposure known for its exceptional service powered by a frictionless
Ratings assigned a rating of AA- with stable outlook. All said this, we obsessively monitor the activities carried out by our etc just to mention a few and in each case, there has to be an digital process.
and done, a successful end to a tenuous start. employees especially those at the front-end and back-office analysis of cost vs benefit of identifying and eliminating the
who are handling individual transactions with the objective risk since the it is a high opex business as mentioned earlier.
The stress due to covid was intense and many of us were of eliminating or automating some of these activities. A Unfortunately, over emphasis on identifying all the risks
balancing personal challenges with higher pressure at work recent example of this is the recently launched e-signature upfront will still not make it a successful business. Manoj Viswanathan
due to greater volume of collections. We experienced our process that enables the customer to sign the loan Customers in this segment are vulnerable to personal and MD & CEO, Home First Finance
own version of the ‘Great Resignation’ with elevated levels of agreement from the convenience of his home or office and professional shocks. In the event of a crisis in the customer’s Company India Limited
Tech in
Mind
ESG Scale &

Growth
Strategic
Priorities
HomeFirst is guided by its Vision,
Mission and Values. Keeping these
in mind, we have developed our
Strategic Priorities that will steer
the organization over the next 3-5
years.
Risk
Operational
Management
Efficiency
Funding

Strategic Priorities
Tech In Mind
what we plan to do
Leverage Technology to drive

business growth, improve operational
efficiency and manage risk
How will we measure it
- Opex to Asset
Building blocks and - Loans Approved Within 48 Hours

- Customer Net Promoter Score
what is on our mind

Use technology to build innovative distribution Provide superior service to our channel partners,
channels to originate loans and deepen our footprint customers and employees via mobile apps, AI driven
in our markets. interfaces and digital payment methods.
Use emerging techniques such as digital validations Process loans on best in class platforms to bring full
and account aggregators to evaluate and underwrite visibility and trail in our operations.
loans, to bring down the risk of the unknown.
Make our collection processes highly analytical
Automate our internal processes to improve time bound and efficient.
productivity and accuracy.
Opex to Asset Loans Approved Within 48 Hours
3.8% 92%
3.5% 89% 90% 91% 88% 90%
3.0% 84%
2.7% 2.7% 2.8% 2.8% 76%
2.5%
FY’19 FY’20 FY’21 FY’22 Q1FY22 Q2FY22 Q3FY22 Q4FY22 FY’19 FY’20 FY’21 FY’22 Q1FY22 Q2FY22 Q3FY22 Q4FY22
1. The Company had commissioned Ormax Consultants Private Limited to determine our net promoter
Customer Net Promoter Score score with effect from January 2018. Ormax determined our net promoter scores on a periodic basis
through telephonically administered questionnaires by selecting recent customers from our database on
a random basis.
2. The Company has commissioned Litmus World Marketing Technologies Pvt. Ltd to determine our net
79% 83% 80% 78% 75% promoter score with effect from January 2020.
Litmus World determines our net promoter scores through its gauging tool known as ‘Litmus World Suite’
52% 50% 53% by delivering customer experience in form of Software as a Service in which feedback URL links are
generated and sent to those customers whose loans have been sanctioned by the company, through
channels like SMS and email.
3. The Net Promoter Score for the months of March, April and May 2020 has not been calculated due to
the impact of Covid-19 on the operations and business of the Company.
4. The Net Promoter Score for FY19 includes score for April 2019.
FY’19 FY’20 FY’21 FY’22 Q1FY22 Q2FY22 Q3FY22 Q4FY22

Scale and Growth

what we plan to do
Build a scalable housing finance

business for the long term

- AUM Growth
Building blocks and - Branch Footprint
what is on our mind

Expand our business in a contiguous manner into Deepen our presence in our core markets – Gujarat,
regions with increasing urbanization, growing Maharashtra, Andhra Pradesh, Telangana, Karnataka
commercial activity and rising household incomes. and Tamil Nadu.
Use a high-density model that will allow us to scale

our business with lower costs and increase our
profitability.
AUM growth in (₹Crs) Branch Footprint (#)
80 76 80
72 72 72
.1%
R 30 5,380
4,617 4,994
5,380
CAG
4,141 4,294 68
3,618 60
2,444

Branch Expansion (Case Study)
Spilling The Beans

The HomeFirst guide to
establishing a new market
Since time immemorial, the growth of a colony,

an empire, and even a brand is critically linked
to its strategic distribution and expansion. Be it
through finding river routes in the Middle Ages
or setting up contiguous locations across
industrial corridors in the 21st century.
Through sustainable growth and a robust important industrial town, the affordable housing market
has also picked up. The market size of the regions Guntur,
distribution network, HomeFirst has developed
Vijayawada, Vizag, Rajahmundhry and Eluru is, and
its own framework for spreading the mission currently, it’s around ₹27,000 Crs with annual housing
to empower people in the affordable housing demand of ₹5,500 Crs.
segment. This is the story of Team Vijayawada -

Research
what they have done and how. Setting up a
branch that hasn't just developed into an We had a lot of learnings from our previously established
important portfolio but a vast region with Southern states like Tamil Nadu and Karnataka and we
wanted to replicate the same model in Andhra Pradesh &
multiple branches, satellite locations, and
Telangana. In the spring of 2018, we started our operations
virtual branches. in Vijayawada. Despite our macro understanding of the
market, we faced challenges of every form: geopolitical,
economic, and social. Andhra Pradesh was facing political
Scope turbulence as the state capital was being changed from
Hyderabad to Amaravati causing instability in the real
The second-largest city of Andhra Pradesh, Vijayawada is estate market. Vijayawada also has a unique housing
known as its commercial and educational capital. Classified concept - Group homes. A society with only 2-3 flats. These
as a grade Y city with a GDP of $ 3 billion, it is a buzzing hub of flats are too costly to rent for the regular workforce and
trade and commerce, with well-established construction, owning them remains a distant dream for many. These
agricultural exports, food processing units, hospitality, and migrants find it difficult to get access to formal credit as
logistics. A huge but closely knit labor market supports this they earn their livelihood in cash. As a result, they are often
industrial market as 70% of the city's population is employed left at the mercy of relatives, friends, and money lenders
in the tertiary sector. Since it's establishment as an and overall the market remains underpenetrated.
Source: Credit Bureau, FICCI

Unique People Strategy educate them about new products, company policies, and
industry trends. These bonds of trust helped us when
We could sense that these challenges required a special projects across the region were stalled due to the supply
team to crack it and we needed to understand this market issues of building materials. With the customers in dismay,
from scratch. We needed a combination of fresh HomeFirst was able to create deals for materials at
enthusiasm and expertise. The Regional Manager started reasonable prices for its customers. This local presence has
his hunt with the local MBA colleges and offered a few also helped us provide valuable services to aid the
students a chance to prove themselves in the field. Led by customers when they needed it the most. Such
an experienced Branch Manager, the new recruits interventions were much welcomed by the customers who
eventually proved themselves and grew individually along saw HomeFirst as more than just a lender but as a guide
with the portfolio. Fast forward a couple of years, they were who could help them become a homeowner despite all
given the opportunity to take up leadership positions and odds.
shoulder more responsibilities in newer prospective
markets and develop them in the same model. The Our disbursements in the regions Guntur, Vijayawada,
employee strength has grown from 17 in FY20 to 36 Vizag, Rajahmundhry and Eluru has increased from ₹41 Crs
employees in FY22 in FY20 to ₹109 Crs in FY22 – reflecting a CAGR of 62.8%

(FY20-FY22)
Branch Operations Soon after Vijayawada, we expanded in the neighboring

cities like Vizag in the same year, Guntur in 2019,
Straight out of college and coached by the best in the Rajamundry in 2020 and Eluru in 2021 and further success
industry, our new recruits conducted many on-field at these locations has now encouraged us to go even
activities over the coming months - Market mapping, deeper in these markets. Contiguous cities of Tenali,
identifying lucrative industry pockets, and slowly growing Narasaraopet, Sattenapalle, Machilipatnam, Nandigam,
the portfolio through relationship building. Understanding Ongole and Bhimavaram as satellite branches in the region,
the flavour of the market, we set up our Vijayawada physical each led by a homegrown spirited Branch Managers with
branch on 25th August 2018, at Benz Circle - the heart of all smaller groups of passionate new HomeFirsters ready to
business and commerce in the city. We stay in touch with all prove themselves.
our business partners through monthly branch meets to
AUM growth in (₹Crs) Active Customers FY22
FY’20 FY’21 FY’22 73.2

1631
59.5
36.8
31.2
24.0 22.7
18.9
10.4 9.7
5.8 6.2
0.9
Guntur Vijayawada Vizag Rajahmundry Eluru

Operational Efficiency
what we plan to do
Build a lean and clean organization supported

by empowered teams, clear process
flows and high degree of automation
- Disbursement / Employee
- Cost to Income
Building blocks and - AUM / Branch
what is on our mind

Empower our employees through training, talent
management and fast track growth for high
performers to build a strong performance culture. Disbursement / Employee (in ₹Crs)
Create an inclusive workplace with a diverse

3.0 3.1
workforce.
2.8
2.7
2.6
Automate manual activities and in turn spend 2.4
more time on business generation and collections. 1.7

1.6
Optimize productivity at each branch / employee

level by eliminating routine activities with active FY’19 FY’20 FY’21 FY’22 Q1FY22 Q2FY22 Q3FY22 Q4FY22
usage of technology.
Cost to Income AUM / Branch in (₹Crs)
50.3% 70.8 69.0

45.8% 67.5
64.1
39.0% 59.2 59.6
35.2% 35.7%
34.0% 33.0% 56.5
31.9%
47.9

Operating Efficiency (Case Study)
HomeFirst core value is:
Doing the unconventional in a swift

and transparent manner!
Our core values are swift, transparent and One such area for improvement of turnaround times is the
accuracy of 'demand notes' raised for disbursal. Errors
unconventional. In order to drive faster
such as minor differences in property address across the
turnaround times, we are constantly various documents can delay the disbursal with each small
innovating and introducing digital initiatives mistake causing a delay of 2-3 days. The number of times a
disbursal transaction passes through human touch both at
to reduce the redundancy of manual efforts,
the branch end as well as head office end also has a
increase accuracy and promote efficiency by bearing on capacity planning at the backend. Getting a
applying efforts towards higher focus areas. demand 'First Time Right' (FTR) helps improve turnaround
times and optimize backend resources.
FTR% Improvement Over 6 Months (Across India) Monitoring FTRs and guiding branches to improve FTRs has
helped in improving it from 72.9% to 78.4% over a period of
6 months.
78.4%
78.0%
FTR methodology has helped us reduce errors significantly

76.0%
75.7%
and maintain good turnaround times, which gave us the
ability to deliver market commitments on time. Delivering
72.9% our disbursal commitments on time helps generate more
72.1%
business, and enhance market share.
Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22

Funding
what we plan to do
Diversify Sources of Borrowings

and optimize Borrowing Costs

- Cost of Borrowing
- Credit Rating
Building blocks and
what is on our mind
ALM remains the most important principle to guide Cost of Borrowing
our funding decisions.
8.8%
As we increase the scale of our operations, we intend 8.4%
8.0%
to diversify the sources of borrowings further across 7.2% 7.2% 7.1% 7.2% 7.2%
various pools of capital.
Our strong performance will improve our credit

ratings and enable reduction in our cost of
borrowing.
Credit Credit Credit

Rating Agency Instrument
Ratings FY20 Ratings FY21 Ratings FY22
CARE Ratings Long-term Bank Facilities A+ (stable) A+ (stable) A+ (stable)

Term Loans and NCD A+ (stable) A+ (stable) A+ (positive)
ICRA Limited
Commercial Paper Programme A1+ A1+ A1+
India Ratings & Commercial Paper Programme A1+ A1+ A1+
Research Term Loans and NCD - - AA - (stable)

Risk Management
what we plan to do
Strengthen the Risk

Management Framework
90+ DPD and Credit Cost/Avg
Total Assets
1+ DPD and 30+ DPD
Building blocks and Bounce Rate
what is on our mind

Our growth priorities and aspirations are underpinned As we scale our operations and expand our reach, we will
by a sound risk mitigation strategy, held together by a continue to invest on enhancing our risk management
360 degree risk management framework. practices and build robust compliance and monitoring
systems.
90+ DPD and Credit Cost/Avg Total Assets 1+ DPD and 30+ DPD
8.9%
7.6%
2.6% 6.2% 6.5%
2.3% 2.3% 5.8%
1.9% 5.3% 5.2% 5.3%
1.8% 1.7%
0.9%
4.7%
1.0% 4.4% 4.1%
1.0% 3.7% 3.7%
1.0% 1.7% 3.2%
1.1%
0.8% 0.8% 1.3%
1.7% 2.0%
0.6% 0.5% 1.3%
0.4% 0.5%
0.3% 0.2%
FY’19 FY’20 FY’21 FY’22 Jun'21 Sep'21 Dec'21 Mar'22 FY’19 FY’20 FY’21 FY’22 Jun'21 Sep'21 Dec'21 Mar'22
Credit Cost / Avg Total Assets Re-classification due to RBI circular 1+ DPD 30+ DPD
Normalising Bounce Rates
COVID
COVID Wave - 1
Wave - 2
36.4%
28.3%
20.1%
17.3% 18.3% 16.5% 15.7% 14.5%
9.5% 10.0% 10.9% 10.5%
Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22

ESG
what we plan to do
Strengthen our Environment,

Social and Governance (ESG)
commitments
In this edition, we have come out with
Building blocks and Integrated Annual Report comprising of

a dedicated Sustainability Report
what is on our mind Section. We have mentioned the value

generated by our organization through
different types of capital and we have
We have been a socially inclusive organization by
started tracking the same through
design – our business model is built on the Vision of
various metrices. Further, we have
shaping the future of financing homes and empowering
availed external assurance on our
people to live better – and we do so by lending to the
adherence to the GRI Standards. Our
underserved segments.
efforts and transparency in our journey
to maintain “Sustainability at the Core of
Strong governance has been the backbone of our
our operations” will help us in furthering
growth since the start of the journey. We have
our impact as a socially inclusive
attracted global investors from a nascent stage and
organization.
we have received continuous validation from
regulators and rating agencies.
We are a paperless organization in our processes right

We will track our ESG impact more closely and ensure
from the beginning and have been focusing on using
increased monitoring and improvement.
tech solutions to reduce paper across all our
stakeholders.

Board of Directors
Deepak Satwalekar, erstwhile Managing Director of Housing Development Finance

Corporation Limited and erstwhile Managing Director & CEO of HDFC Life Insurance
Company Limited, is the Chairman and Independent Director of our Company. He
holds a bachelor's degree in mechanical engineering from Indian Institute of
Technology, Bombay and a master's degree in business administration from The
American University, Washington DC. Apart from being with HDFC group, he was also
part of the Board of some prominent companies like Infosys Limited, National Stock
Exchange of India Limited, The Tata Power Company Limited, Indian Mortgage
Guarantee Corporation Private Limited etc. Currently, he is associated with Asian Paints
Limited and Wipro Limited as an Independent Director. He is the Chairman of Asian
Paints Limited. He has also worked as a Consultant to World Bank, Asian Development
Bank, the United States Agency for International Development (USAID) and the United
Deepak Satwalekar Nations Human Settlements Programme (HABITAT). He has chaired and been a
member of several expert groups related to industry, government and the Reserve
Bank of India. He has extensive experience in the fields of housing finance, leadership &
Chairman / Independent /
strategic planning, finance, business operations and risk management.
Geeta Dutta Goel is a finance professional and Country Director for Michael & Susan
Dell Foundation in India at present. She manages the strategy and implementation of
the foundation's work in India in two key areas of Education and Family Economic
Stability. Geeta has served as the Chairperson of India's Impact Investors Council from
2017-2019, and has been on several taskforces on Responsible Finance with the World
Bank's Consultative Group to Alleviate Poverty. In 2017, She was nominated by
Business Today amongst the 30 Most Powerful Women in Impact and Forbes India
nominated her as the 20 Power Women “Changing the Game” in 2020. Geeta holds a
bachelor's degree in economics from Lady Shri Ram College for Women, University of
Delhi and a post graduate diploma in management from the Indian Institute of
Management, Ahmedabad. Geeta has served on distinguished Boards such as Ujjivan Geeta Dutta Goel
Financial Services, Janalakshmi Financial Services, Micro Housing Finance Corporation,
Swadhaar FinServe, Arohan Financial Services, Sonata Finance etc. Independent /
Anuj Srivastava is the co-founder and Chief Executive Officer of Livspace - a home
interiors and renovation platform. Livspace has created an industry first design-to-
manufacturing cloud platform that integrates the 3 marketplace participants -
consumers, designers, and vendors to deliver homes, offices, co-working spaces and
stores. Before setting up Livspace, Anuj was heading product marketing and growth at
Google where he was responsible for building, launching and scaling products such as
Google Wallet, Google Adsense, Google Local and Google Adwords. Anuj was also a lead
on the integration team for Google's acquisition of DoubleClick. Anuj has completed his
B.Tech at the Indian Institute of Technology Kanpur and holds an MBA degree from
London Business School.
Anuj Srivastava
Independent /

Board of Directors
Sucharita Mukherjee is the Co-founder, whole-time director and CEO of Kaleidofin, a

neo-bank that provides intuitive and tailored financial solutions to over a million
underbanked customers in India. Prior to this, she co-founded the IFMR group and
most recently was the group CEO of IFMR Holdings. She conceptualized and founded
Northern Arc Capital, building capital markets access for financial inclusion and
Northern Arc Investments, an alternatives fund management platform focused on
informal sector finance. Sucharita was recently chosen as a young global leader by the
World Economic Forum. She was chosen as one of the “top 40 under forty” business
leaders by Economic Times in 2016 and received the IIM Ahmedabad, Young Alumni
Achievers Award in 2017. Prior to her move to India, she was an investment banker at
Morgan Stanley and Deutsche Bank in London, working primarily on credit derivatives
structuring and sales. She is an alumnus of IIM Ahmedabad and holds an
Sucharita Mukherjee undergraduate degree in economics from Lady Shri Ram College, Delhi University.
Independent /
Divya Sehgal is a Nominee Director representing True North. He is a Partner at True

North and leads their investments in the financial services industry. He holds a bachelor
of technology degree in electrical engineering from Indian Institute of Technology,
Delhi and a post graduate diploma in management from Indian Institute of
Management, Bengaluru. In his professional journey, he started with McKinsey &
Company and worked briefly at ANZ Grindlays Bank. As an entrepreneur, he and his co-
founders started E Medlife.com which was merged into Apollo Health Street, a leading
healthcare outsourcing firm. Owing to his more than 26 years of professional
experience, he adds value to the Board in the areas of leadership, strategic thinking and
treasury and finance. Divya Sehgal
Nominee /
Maninder Singh Juneja has been nominated on the Board by True North. He holds a
bachelor's degree in civil engineering from University of Baroda and a post graduate
diploma in management from Indian Institute of Management, Lucknow. He carries
over 27 years of experience in the various industries and was associated with Godrej GE
Appliances Limited, SRF Finance Limited, DGP Windsor India Limited and Whirlpool of
India Limited Prior to joining True North, Maninder was the group head for ICICI Bank
retail banking group, covering Strategy, products, small business loans, branch banking
and distribution channels. He was also leading the bank's various efforts in the area of
payments and service innovations, many of which are industry firsts. He held the
position of vice-chairman of ICICI Home Finance Company Limited. He has also served
the Board of eminent companies including NPCI and CIBIL. IARC, IFBI, and ICICI
Maninder Singh Juneja Merchant Services. He is an expert in strategy including digital, marketing (consumer
behavior & insights) & sales/channel evolution and has vast experience in the housing
Nominee / finance industry.

Board of Directors
Vishal Vijay Gupta is a Nominee Director representing Bessemer India. He holds

bachelor's degree in commerce from Nagpur University, is a Chartered Accountant and
a post graduate diploma in management from Indian Institute of Management,
Calcutta. Vishal brings more than 16 years of wide experience in investments in
consumer internet, financial technology and healthcare technology companies.
Erstwhile, he has served as an executive assistant to the CEO for a joint venture of HCL
Tech and Deutsche Bank in India and also as a senior manager in the treasury at
Reliance Group. He joined Bessemer Venture Partners in the year 2006 and currently
spearheads the India operations. He has vast experience in information technology
sector and has played critical role in the areas like digital platforms and data analytics
over the years. Vishal is also on the Boards of Big Basket, Urban Clap, Livspace,
Hungama Digital, Perfios, etc.
Vishal Gupta
Nominee /
Narendra Ostawal has been nominated on the Board by Orange Clove Investments B.V.
(an affiliate of Warburg Pincus). He is a Chartered Accountant and has a degree in Post-
Graduation diploma in Management from Indian Institute of Management, Bangalore.
He is associated with Warburg Pincus India Private Limited since 2007, where he is
currently designated as Managing Director for health care and financial services. He has
also worked with 3i India Private Limited and McKinsey & Company. Besides Warburg
Pincus India Private Limited, he is on the boards of Avanse Financial Services Limited,
Carmel Point Investments India Private Limited, Computer Age Management Services
Limited, Fusion Micro Finance Private Limited and IndiaFirst Life Insurance Company
Limited. He is an expert in finance, accountancy, audit, economics, corporate
Narendra Ostawal
governance, legal & regulatory compliance, risk management and strategic thinking.
Nominee /
Manoj Viswanathan is the Managing Director and the Chief Executive Officer of our
Company. He holds a bachelor's degree in electrical and electronics engineering from
the Birla Institute of Technology and Science, Pilani and a post graduate diploma in
business management from XLRI, Jamshedpur. He started his career with Asian Paints
India Limited and has worked with Citibank and CitiFinancial Consumer Finance India
Limited prior to setting up HomeFirst. At Citi, he was heading the branch-based
consumer lending business spanning 450 branches with a customer base of more than
1 Mn customers. Manoj has been associated with the Company since inception and has
been instrumental in chartering the growth trajectory of the Company. His expertise
Manoj Viswanathan lies in the areas of finance, consumer behavior, sales & marketing, business operations,
risk management, digital platform and strategic thinking.
Managing Director
and CEO

Management Team
Ajay Khetan Gaurav Mohta
Chief Business Officer Chief Marketing Officer
Ajay Khetan is the Chief Business Officer of our Gaurav Mohta is the Chief Marketing Officer of our
Company. He is a Mechanical Engineer and has done Company. He is a mechanical engineer and has done his
his post graduate diploma in management from Xavier post graduate diploma in business administration from
Institute of Management, Bhubaneswar. He has over ICFAI Business School, Hyderabad. He has over 19 years of
22 years of experience in Consumer finance, experience in consumer finance, marketing and product
Operations and Risk Management. management. At HomeFirst, he has been instrumental in
setting up sales distribution and evolving the brand
Past Work Experience: Macquarie Finance (India) identity of the company.
Private Limited, Hewlett Packard Financial Services
(India) Private Limited, CitiFinancial Consumer Finance Past Work Experience: Kotak Mahindra Bank Limited,
India Private Limited, MIRC Electronics Limited, The CitiFinancial Consumer Finance India Private Limited,
Tata Engineering and Locomotive Company Limited. Foodworld Supermarkets Private Limited.
Vilasini Subramaniam Ramakrishna Vyamajala
Head – Strategic Alliances Chief Human Resource Officer
Vilasini Subramaniam is the Head – Strategic Alliances Ramakrishna Vyamajala is the Chief Human Resources
of our Company. She is a commerce graduate and a Officer of our Company. He has done post graduate
Chartered accountant. She has over 19 years of diploma in management from T.A. Pai Management
experience in consumer finance and credit. She has Institute. He has over 16 years of experience in human
handled Credit Underwriting, Product Development , resources, rewards and recognition, compensation and
Analytics & Business Strategy in her prior work benefits.
experience.
Past Work Experience: Sterlite Technologies Limited and
Past Work Experience: Citibank India, Janalakshmi IDFC Bank Limited.
Financial Services and Micro Housing Finance
Corporation Limited.

Management Team
Nutan Gaba Patwari is the Chief Financial Officer of our Company. She is a
qualified Chartered Accountant. She has over 15 years of experience in
finance. In her last stint, she was with True North as a Vice President –
Finance; responsible for the implementation of strategy of the Financial
services portfolio companies. She leads the Accounts, Tax, Finance and
Treasury, Secretarial, Investor relations and FP&A functions of the
Company.
Nutan Gaba Patwari Past Work Experience: True North, Hindustan Unilever Limited, ITC
Limited, Philip Morris Asia Limited.
Chief Financial Officer
Abhijeet Jamkhindikar Arunchandra Jupalli
Business Head - South

Business Head - Maharashtra
Arunchandra Jupalli is the Business Head - South of our
Abhijeet Jamkhindikar is the Business Head –
Company. He is a commerce graduate and holds a master's
Maharashtra of our Company. He holds a bachelor's
degree in business studies from Bharati Vidyapeeth. He
degree in civil engineering from Nagpur University. He
has over 20 years of experience in consumer lending
was a member of Institution of Valuers and has
business handling various products like Consumer
completed the foundation course in property valuation
Durable Finance, PL, Insurance, GL and LAP.
of the Royal Institute of Chartered Surveyors India
[RICS] Property Valuation. He has 19 years of
Past Work Experience: Atlantic Duncans International (P)
experience in construction finance (for developers),
Limited, India Office Solutions Private Limited, CitiFinancial
finance, valuations, technical appraisals and business
Consumer Finance India Limited, Net Ambit Value First
development.
Services Limited, Karvy Financial Services Limited and
Small Business FinCredit India Private Limited.
Past Work Experience: C-Net Solutions India Private
Limited, Housing Development Finance Corporation
Limited (HDFC Ltd).

Management Team
Dharmvir Singh Ashishkumar Darji
Chief Technology Officer Chief Risk Officer

Dharmvir Singh is the Chief Technology Officer of our Ashishkumar Darji is the Chief Risk Officer of our Company.
Company. He holds a B.Tech in computer science & He is a Chartered Accountant and he has also completed
engineering from Uttar Pradesh Technical University, his bachelor's degree in law and banking from the
Lucknow and an MBA from IIM-Kozhikode. He has an University of Mumbai. He is a risk management
experience of over 15 years as a technology leader in professional with an experience of 17 years in the Banking
various organizations executing several large-scale and Financial Services sector. His experience spans
green-field platform implementations in BFSI space regulatory compliance, risk management and risk
covering several million customers. In his previous modelling.
organization, he played a key role in end-to-end digital
transformation of customer acquisition processes Past Work Experience: KPMG, State Bank of India, Kotak
including automated underwriting, servicing, mobility Securities Limited and Clearing Corporation of India
experience, analytics & data platforms, operational Limited.
process automation and digital marketing.
Past Work Experience: TCS, Birlasoft, IBM & Wipro

Technologies, Hero Fincorp.
Shreyans Bachhawat is the Company Secretary of our Company. He has

over 11 years of experience in corporate secretarial compliances.
Past Work Experience: SREI Capital Markets Limited, India Power

Corporation (Haldia) Limited, Gretex Corporate Services Private Limited
and Tata Value Homes Limited.
Shreyans Bachhawat
Company Secretary

Sustainability
Report
Snapshot
Financial Capital
Natural Capital
4,000 1,000
₹ 5,380 Crs 61,684 Fruit trees distributed Herbal trees planted
Gross Loan Assets (AUM) Active Customers

+29.9% y-o-y +23.2% y-o-y Human Capital
₹ 596 Crs
₹ 251 Crs
851 5,288 27% 52%
PPOP No of employees Total manhours training Women employees Women at head office
Total Income
+51.2% y-o-y
(+ 21.8% y-o-y)
174
* Social and Relationship Capital
2.7% ₹
PAT
Crs
Opex/Avg Assets +73.8% y-o-y 90% 19% 79

Of AUM have woman Of AUM have woman Net Promoter
58.6% 3.6%
as a borrower Primary applicant Score
*
CRAR RoA 12400+ 50 44

CSR beneficiaries Children benefitted Children benefitted
+110 bps
from clubfoot treatment from Cleft Lip treatment
11.8%
*
RoE
A+ Positive (ICRA)
Intellectual Capital
+310 bps AA- Stable (IndRA)
Credit Rating
80% 95% 82% 74%
Customers Connectors Growth in Service requests
registered on App registered on App payments via App raised on App
*Adjusted RoA, Adjusted RoE is computed using Adjusted PAT for FY22 is without considering the positive
impact of one-time deferred tax liability adjustment
Overview by MD & CEO
Dear Stakeholders, Focus on ESG raise awareness on the usage of eco-friendly materials for (Country Director Michael & Susan Dell Foundation), Anuj
building homes. Further, we are in the process of developing Srivastava (Co-Founder – LivSpace) and Sucharita Mukherjee
Financial Year 2022 was in a broader sense “Business As We have always acted responsibly with respect to a calculator to determine the green evaluation mechanism (Co-founder, whole-time director and CEO of Kaleidofin)
Usual” for HomeFirst with minor hiccups in the form of Wave Environment, Social and Governance aspects. Sustainability for individual housing units. joining HomeFirst as Independent Directors. I am sure that
2 in Apr’21. We continue to work on our mission to provide is at the core of our operations and we aim to convey the HomeFirst will immensely benefit from their experience on
loans for affordable homes to our customers and we feel impact of our initiatives through voluntary publication of the We understand the impact we can create at the community important aspects of our business such as technology, risk
proud to enable homeownership for thousands of middle Business Responsibility and Sustainability Report (BRSR). level and are committed to undertake welfare activities. management, social impact, funding sources etc.
class Indian families. During this financial year, we have launched two major
The Company’s business of providing loans for affordable projects – Project Sashakt (for empowerment of migrant Additionally, we onboarded a Chief Risk Officer and a Chief
The on-ground demand for affordable housing is strong. We homes to first time home buyers – promotes the social factory workers and their families) and Mahila Shram Shakti Technology Officer during the year. Dedicated leadership in
achieved the highest quarterly disbursement of ₹641 Crs in objective of providing housing to underpenetrated Kendra (multipurpose centers exclusively for migrant these areas will further strengthen the Company.
Q4FY22 and the highest annual disbursement of ₹2,031 Crs segments of the society. The company’s value statements of women construction workers).Through our various CSR
in FY22. swift, transparent and unconventional percolate down to Activities, we have impacted over 12,400 beneficiaries. Closing Remarks
creating long term value for its stakeholders. We have
Asset quality has improved with disciplined collection efforts supported 28,368 customers in availing ₹703.8 Crs PMAY Considering our internal stakeholders, our people are our I would request you to read this document in full as this is the
supported by revival of the economy. Our Gross Stage 3 subsidy since the scheme was initiated by government. strength. During the year we have conducted over 5200 first time, we are publishing non-financial information on
(GNPA) stands at 2.3% in line with RBI circular dated 12 Nov manhours of training across functional and behavioural our business. I hope that you will find this useful and
2021. Prior to such classification, it stands at 1.3% (Mar’21: As a tech-driven housing finance company, we relentlessly domains. Different types of trainings conducted include appreciate the long-term thinking that goes in to building it.
1.8%). endeavour to innovate and introduce new digital initiatives induction training, role specific training, skill upgradation (Six
to drive speed and efficiency of operations. Mobile apps for I would like to thank each and every stakeholder who has
Sigma training), trainings on Cyber security, prohibition of
Strengths enabling business sustainability customers, multitude of electronic payment modes and supported us to reach the stage we are at today. As we
insider trading, code of conduct, etc. We are a young and
digital interventions in customer onboarding processes embark on our sustainability journey, it will be appropriate
diverse organisation. Our median employee age is 26.5 years
Our tech led business model has facilitated the continuity of to remember the words of Sir Issac Newton:
enable us to save paper, time as well as energy. Our and ~27% of our employees are women.
business through various disruptive waves of covid.
pioneering initiative to nudge customers towards pre-paying
Adoption of technology also makes the business more “I do not know what I may appear to the world, but to myself I
their loans has saved huge amounts in interest costs for our Governance is a major component for solid foundation of a
scalable; For example, our integrated CRM, LOS and LMS on seem to have been only like a boy playing on the seashore, and
customers. housing finance company. Transparency, accountability and
Salesforce platform, centralized data science backed diverting myself in now and then finding a smoother pebble or a
integrity are the three pillars of a strong corporate
underwriting, digital validation of customer credentials etc Our Corporate Social Responsibility activities are aligned prettier shell than ordinary, whilst the great ocean of truth lay all
governance framework. During the year, we further
will enable us to scale up while keeping cost under control. towards promoting a green footprint, climate resilience, undiscovered before me.”
enhanced our board with Independent Directors coming
We continue to roll out tech interventions like e-NACH, e- clean energy and welfare of the communities that we serve. from diverse backgrounds. We have Geeta Dutta Goel
Sign, e-Stamp etc that have a 3-pronged benefit – enhancing
customer experience, reducing cost for the Company as well On the occasion of the Company crossing the ₹5,000 Crs Manoj Viswanathan
as reducing the carbon footprint. Our industry leading NPS AUM milestone, we distributed 5000 fruit and herbal tree
MD & CEO, Home First Finance
score (79 for FY22), is a testimony to our customer centric saplings to marginal farmers.
Company India Limited
approach.
To promote and highlight the importance of renewable
We have diversified sources for our funding requirements energy, we donated funds for a solar panel installation at a
and optimised the cost of borrowing through efficient physiotherapy centre.
treasury management. Our primary consideration is
maintaining a prudent Asset Liability match and to this end To promote climate resilience, we have launched a project to
we strictly do not borrow short term funds. encourage green homes. Through this project we plan to
raise awareness on the usage of eco-friendly materials and
How We Create Value
Inputs Value Creation Approach Outputs Outcomes SDGs
External Environment
Financial Capital Regulations Financial Capital Customers
Equity Macro Economy 29.9% AUM Growth Higher Customer
Assets Evolving customer behaviour 21.26 EPS Satisfaction
Borrowings Pandemic 3.6% ROA Improved Customer
Diversified Lenders Base Technological changes 11.8% ROE Experience
Cost of Funds Market forces Enabling Home Ownership
Customer requirements Financial Inclusion
Natural Capital Natural Capital
Green Initiatives 4,000 Fruit Trees Distributed
1,000 Herbal Trees Planted
Employees
Inclusive, Diverse and
Human Capital Swift Human Capital
Safe Working Environment
Employees Motivated Employees
5,288 Manhours Training
Learning & Development
26.50 years Median Age
Employee Engagement
Young workforce 27% Woman Employees
20% Females in Senior Management Regulators & Government
Strong Governance
Values Transparent Framework
Compliance
Social & Relationship Capital Social & Relationship Capital License to Operate
Livelihood Creation 91% of Book with Ticket Size
Financial Inclusion Below ₹25 Lakhs
Customer Engagement
75%+ EWS and LIG Loans
CSR Initiatives Society
Unconventional ₹703.8 Crs CLSS Given Till FY22 -
Enhanced community
12,400+ CSR Beneficiaries
development
79 NPS Score
Investors And Shareholders

Intellectual Capital Intellectual Capital
Value Enablers Profitablility of the Company
Digital Initiatives 4.2 Customer App Rating
Holistic Technology Usage Sustainable Business and
Stable and Scalable Technology 80% Customers Registered
Deep distribution in relevant markets Growth
infrastructure on App
Unique People Strategy Strong Brand Value
Mobility Solutions
74% Service Request Raised on
Robust Cyber Security Framework Data Science Backed Underwriting
Analytics driven electronic collections App
Diversified financing profile 16% Digitally Signed Agreements
Strong Ownership Culture 41% E-stamping
Centralized Operations
Ethics and Governance
8 out of 9 4 out of 9 2 out of 9

Directors are non-executive Directors are Independent Directors are Women
(as of Mar’22) (as of Mar’22) (as of Mar’22)
Strong governance is a fundamental pillar for a while the management team supports the board with
sustainable business. Transparency, accountability the execution. HomeFirst's corporate governance
and integrity are the three pillars of a strong corporate framework is designed with a sharp focus on adopting
governance framework. The Board of Directors are at best and suitable business practices within the
the helm of decision making and exercise good control evolving regulatory framework.
Corporate Governance Structure

Strong 5-tier corporate governance framework in place for effective risk management
Board of Directors
Committees
Audit Nomination and Stakeholder Risk Management Corporate Social

Committee Remuneration Relationship Committee Responsibility
Financial Expertise Committee Committee Operational & Risk
Committee
Recruitment & Stakeholder oversight, fraud prevention CSR initiatives
Remuneration Grievances and control
Internal Audit Management Team Compliance
Policy Implementation Controls & Reviews Organizational Communication Risk Monitoring & Reporting
Asset & Liability Credit IT Strategy Grievance Redressal

Management Committee Committee Committee Committee
Treasury Credit & Analysis IT Systems Vulnerability Customer Complaints
Assessment & Queries

Independence Declaration down criteria for determining Directors Qualification,

There are four Independent Directors on the Board of Positive Attributes and Independence of a Director,
the Company. The Independent Directors have Remuneration of Directors, Key Managerial Personnel
submitted the Declaration of Independence in and other employees and criteria for evaluation of
accordance with the relevant provisions of Section 149 Directors, Chairperson, Non-Executive Directors and
of the Act; stating that they meet the criteria of Board and the evaluation process of the same. The policy
Independence and are not disqualified from continuing may be accessed on the Company's website at
as Independent Directors. https://homefirstindia.com/files/Nomination and
RemunerationPolicy.pdf
Board Composition
In line with best practices, the Nomination and The Board composition is a diverse mix of individuals
Remuneration Committee reviews and selects the with varied expertise across technology, financial
candidates for the Board in line with applicable law. The inclusion and risk management. The table below gives
Nomination and Remuneration Committee had laid the detailed composition of the Board as of Mar’22:
Sr. No. Name DIN Designation

1 Mr. Deepak Satwalekar 00009627 Chairman & Independent Director
2 Ms. Geeta Dutta Goel 02277155 Independent Director
3 Mr. Anuj Srivastava 09369327 Independent Director
4 Ms. Sucharita Mukherjee 02569078 Independent Director
5 Mr. Vishal Vijay Gupta 01913013 Nominee Director
6 Mr. Divya Sehgal 01775308 Nominee Director
7 Mr. Maninder Singh Juneja 02680016 Nominee Director
8 Mr. Narendra Ostawal 06530414 Nominee Director
9 Mr. Manoj Viswanathan 01741612 Managing Director and Chief Executive Officer
We have a young and diverse board, and this is illustrated by the below numbers:
Gender Under 30 years 30 - 50 years > 50 years Total

Female - 2 - 2
Male - 4 3 7
Board Effectiveness And Performance Newly appointed Directors are given a familiarization
HomeFirst is adopting the most effective way to ensure training by the management team members to apprise
that Board Members understand their duties and the directors about the business operations,
adopt good governance practices. Furthermore, the organization and governance structures and other
Directors of the Company commit to act in good faith to requisite matters. The Company has also provided
promote the objects of the Company for the benefit of directors with a reference manual which inter alia
its stakeholders. The Company has defined a manner covers the roles, functions, powers and duties of the
of evaluation as per the provisions of the Act and SEBI directors, disclosures and declarations to be submitted
LODR Regulations and for the Evaluation of the by directors and various codes and policies of the
performance of the Board, Committees of Board & Company. The details of familiarization programme
Individual Directors. The above manner is based on the imparted to the Independent Directors of the Company
Guidance Note on Board Evaluation issued by the SEBI are available on the Company's website at
on January 05, 2017. https://homefirstindia.com/files/Policy on
familiarization program for ID.pdf

The Board carries out the evaluation of every Director’s Non-Independent Directors a separate meeting of
performance and its own performance as a whole and Independent Directors was convened.
the statutory board committees namely Audit Board Experience and Expertise
Committee, Nomination & Remuneration Committee,
Corporate Social Responsibility (CSR) Committee, As at Mar’22, the Board of the Company comprised of 9
Stakeholders Relationship Committee and Risk Directors of whom 4 were Non-Executive Independent
Management Committee and all the Independent Directors (Including Chairman), 4 were Non-Executive
Directors without the presence of the Director being Nominee Directors representing shareholders and 1
evaluated. The Board expressed its satisfaction with Managing Director & CEO:
performance evaluation. To review the performance of
No of No of Membership in
Other Committees*
Name of Equity Qualification / Director-
DIN Category ships
Director Shares Experience in listed as as
held entities member Chairperson
Mr. Deepak 00009627 Non-Executive - Bachelors in 2 2 2

Satwalekar Chairman and Mechanical
Independent Director Engineering and
MBA (more than
36 years)
Ms. Geeta 02277155 Independent - Bachelors in 1 1 -
Dutta Goel Woman Director Commerce and
PGDM (27 years)
Mr. Anuj 09369327 Independent - Bachelors in - - -

Srivastava Director Technology and
MBA (19 years)
Ms. Sucharita 02569078 Independent - Bachelors in 1 4 3

Mukherjee Woman Director Economics and
PGDM
(over 21 years)
Mr. Divya 01775308 Nominee Director - Bachelors In - - -

Sehgal (For True North Technology and
Fund V LLP) PGDM
(over 26 years)
Mr. Maninder 02680016 Nominee Director - Bachelors in - 2 -

Singh Juneja (For True North Civil Engineering
Fund V LLP) and PGDM
(over 27 years)
Mr. Vishal 01913013 Nominee Director - Bachelors in - - -

Vijay Gupta (For Bessemer Commerce,
India Capital Chartered
Holdings II Ltd) Accountant and
PGDM
(over 16 years)

No of No of Membership in
Other Committees*
Name of Equity Qualification / Director-
DIN Category ships
Director Shares Experience in listed as as
held entities member Chairperson
Mr. Narendra 06530414 Nominee Director - Chartered 1 - -

Ostawal (for Orange clove Accountant and
Investments B.V.) PGDM
(over 16 years)
Manoj 01741612 Managing Director & 803383 Bachelors in - 1 -

Viswanathan Chief Executive (0.92%) electrical and
Officer electronics and
(“MD & CEO”) PGDM
(over 25 years)
*For the purpose of considering the Committee The Board of Directors have a varied and vast
Memberships and Chairmanships for a Director, the experience in various subject matters. Below is the
Audit Committee, and the Stakeholders' Relationship table that captures the skills which the Directors of
Committee of Listed Companies including our HomeFirst have, to help the Board function effectively:
Company has been considered.
Mr. Ms. Geeta Mr. Anuj Ms. Mr. Mr. Vishal Mr. Divya Mr. Mr. Manoj
Parameters Deepak Sucharita Maninder Narendra
Dutta Goel Srivastava Mukherjee Singh Juneja Vijay Gupta Sehgal Viswanathan
Satwalekar Ostawal
Industry Experience √ √ √ √ √ √
Financial Expertise √ √ √ √ √ √ √ √
Consumer Behavior √ √ √ √ √ √
Legal and Compliance √ √
Corporate Governance √ √ √ √ √ √ √
Strategy and Decision Making √ √ √ √ √ √ √ √ √
ALM and Risk Management √ √ √ √ √ √ √
Information Technology
√ √ √ √ √ √
and Cyber Security.
The brief profiles of the Board of Directors are on page appointment, remuneration and terms of appointment
no 26-28 of the statutory auditor of the Company, review the
effectiveness of internal control, discuss and note the
Board Committees internal audit reports amongst other objectives.
To enable better and focused decision making for the
Company, the board had delegated certain powers to The Audit Committee has been constituted by the
the respective committees of the Board. The decision Company in terms of provisions of Section 177 of the
made by the Committees are reported to the Board at Act and Regulation 18 read with Part D of Schedule II of
the subsequent meeting. SEBI LODR Regulations and is chaired by Non-Executive
Independent Director. The Committee comprises 3
The various Board Committees in place are: Directors as its members, out of them two are Non-
Executive Independent Directors. The composition of
Audit Committee the Committee is in adherence to provisions of the Act,
The primary objective of the Audit Committee is to SEBI LODR Regulations and the RBI master directions
review financial statements, recommend the for housing finance companies.

The members of the Audit Committee as at Mar’22 were:
Sr. No. Name Category Designation

1 Ms. Sucharita Mukherjee Independent Director Chairperson
2 Ms. Geeta Dutta Goel Independent Director Member
3 Mr. Maninder Singh Juneja Nominee Director Member
Nomination and Remuneration Committee read with Part D of Schedule II of SEBI LODR
The Nomination and Remuneration Committee is Regulations and is chaired by Non-Executive
responsible for formulating criteria for appointment of Independent Director. The Committee comprises of 3
Directors and KMPs and thereafter recommending Directors as its members, all of them being Non-
their appointment to the Board. Executive Directors, 2 out of which are non-executive
Independent Directors. The composition of the
The Nomination and Remuneration Committee has Committee is in adherence to the provisions of Act and
been constituted by the Company in terms of the SEBI LODR Regulations. The Company Secretary of the
provisions of Section 178 of the Act and Regulation 19 Company acts as Secretary to the Committee.
The members of the Nomination and Remuneration Committee as at Mar’22 were:

1 Ms. Geeta Dutta Goel Independent Director Chairperson
2 Mr. Anuj Srivastava Independent Director Member
3 Mr. Narendra Ostawal Nominee Director Member
Stakeholder Relationship Committee by shareholders. The Committee also monitors any

The primary responsibility of the Stakeholder changes to the Shareholding Patterns of the Company.
Relationship Committee is to consider and redress the The Board had constituted the Stakeholders
grievances of security holders, ensure proper and Relationship Committee in terms of the provisions of
timely redressal of investor queries as well as review Section 178 of the Act and Regulation 20 read with Part
measures taken for effective exercise of voting rights D of the Schedule II of SEBI LODR Regulations.
The members of the Stakeholders Relationship Committee as at Mar’22 were:

1 Ms. Sucharita Mukherjee Independent Director Chairperson
2 Mr. Manoj Viswanathan Managing Director & CEO Member
3 Mr. Maninder Singh Juneja Nominee Director Member
Corporate Social Responsibility Committee The Corporate Social Responsibility (CSR) Committee
The Corporate Social Responsibility Committee is was formed as per Section 135 of the Companies Act,
responsible for formulation, recommendation and 2013.
monitoring of the utilization of the funds for the
Company's CSR projects.

The members of the CSR Committee as at Mar’22 were:

1 Ms. Geeta Dutta Goel Independent Director Chairperson
2 Ms. Sucharita Mukherjee Independent Director Member
Risk Management Committee Part D Schedule II of the Listing Regulations and the
The primary objective of the Risk Management Master Direction- NBFC – HFC (Reserve Bank)
Committee is to assist the Board in identification, Directions, 2021.The Committee's role and
evaluation and mitigation of risks as well as to approve responsibility have been defined by the Board of
the risk management framework and monitoring of the Directors, and it has been delegated the monitoring
same regularly. and review of the risk management plan, as well as
The Risk Management Committee has been other functions, which specifically includes cyber
constituted in accordance with Regulation 21 read with security.
The members of the Risk Management Committee as at Mar’22 were:
Sr. No. Name Designation Category

1 Mr. Maninder Singh Juneja Nominee Director Chairman
2 Ms. Sucharita Mukherjee Independent Director Member
3 Mr. Narendra Ostawal Nominee Director Member
5 Ms. Nutan Gaba Patwari Chief Financial Officer Member
6 Mr. Ajay Khetan Chief Business Officer Member
7 Mr. Ashishkumar Darji Chief Risk Officer Member
Other Management Committees: functions under the supervision of the Board of

Directors. The Committee is responsible for keeping a
Asset Liability Management Committee (ALCO) watch on the asset liability gaps, if any. ALCO lays down
The Asset Liability Management Committee is led by policies and thresholds and limits relating to assets and
the MD & CEO and senior officials of the Company and liabilities.
The members of the Asset Liability Management Committee as at Mar’22 were:

1 Mr. Manoj Viswanathan Managing Director & CEO Chairman
4 Mr. Gaurav Mohta Chief Marketing Officer Member
5 Ms. Vilasini Subramaniam Head Strategic Alliance Member
IT Strategy Committee The IT Strategy Committee comprises of one

The role of the IT Strategy Committee is to have an Independent Director, MD & CEO and few senior
effective IT strategy by which IT risks are monitored and officials of the Company. The Committee is chaired by
mitigated and IT controls are in place. It is also the independent director, Mr. Anuj Srivastava.
responsible for effective governance mechanism of the
IT operations of the Company as well as outsourced
operations.


1 Mr. Anuj Srivastava Independent Director Chairman
5 Mr. Gaurav Mohta Chief Marketing Officer Member
6 Ms. Vilasini Subramaniam Head - Strategic Alliance Member
7 Mr. Dharmvir Singh Chief Technology Officer Member
8 Mr. Devendra Mani Head - Operations Member
ESG Execution Team Trading and Code of Practices and

The ESG execution team comprising of Procedures for Fair Disclosure of
management team members and certain Unpublished Price Sensitive Information
employees is responsible for execution of the ESG — Prevention of Sexual Harassment Policy, and
program. The team shall track ESG performance information required to be disclosed under
regularly. The ESG execution team is also Sexual Harassment of Women at Workplace
responsible for the review of ESG policy on an (Prevention, Prohibition and Redressal) Act,
annual basis or as per requirement. 2013
— Anti-Corruption & Anti-Bribery Policy
The terms of reference of the ESG execution team — ESG Policy
will be: — Customer Grievance Policy
— Fair Practice Code
— To review ESG projects, identified from time to — Know Your Customer(KYC) and Anti Money
time, with a view to ensure that they are in line Laundering Measures Policy
with the objectives and the ESG Policy of — Internal Guidelines on Corporate Governance
HomeFirst;
— To have an oversight for ensuring that ESG Awareness of these policies is created by providing
related initiatives are designed, implemented training on them once a year and access to the same is
and periodically monitored based on the also provided for future reference.
implementation framework;
— To receive updates from the execution team As disclosed to the Company, no disciplinary action has
regarding HomeFirst's ESG initiatives; been taken by any law enforcement agency for any
charges of bribery/corruption against Directors
Policies /KMPs/employees
Policies and frameworks are formulated in line with the
requirements of various laws and stakeholder Grievance Redressal For Customers:
expectations. It is a medium through the Board to As a service organization, customer service and
communicate its position on various aspects of the customer satisfaction are of prime concern to Home
business operations, practices and processes. Few of First. We have a Customer Grievance Redressal policy.
the policies are: The objective of the policy is to have a clearly defined
and easily accessible mechanism for dealing with and
— Code of Conduct for the Board of Directors settlement of customer complaints and grievances
and the Senior Management Personnel through proper service delivery and review mechanism
Related Party Transactions Policy and to ensure prompt redressal and review of
— Vigil Mechanism and Whistle Blower Policy customer grievances.
— Code of Conduct for Prohibition of Insider

Every branch of the Company including the Corporate Alternative Remedy:

Office maintains a Complaint Register for recording the
If the aggrieved customer is not satisfied with the reply
complaints received and their redressal there of and
provided by the Grievance Redressal Officer also or in
the same is placed quarterly before the Audit
case no reply is received within the stipulated period,
Committee for its review.
the customer can approach the National Housing Bank
via the following modes:
Escalation matrix:
The company has a three-level escalation matrix for
handling customer grievances: Online mode: https:/grids.nhbonline.org.in
Offline mode: The customer can alternatively write it to
a. Level-1
National Housing Bank and can post the same to
Any aggrieved Customer of Home First can take up the
grievance with the concerned Branch Manager of the Complaint Redressal Cell
Company or alternatively can call at 1800 3000 8425 or National Housing Bank
write it to us at loanfirst@homefirstindia.com. The Department of Regulation and Supervision
Branch Manager is required to reply to the Customer 4th Floor, Core 5A, India Habitat Centre,
within 7 working days from the date of receipt of the Lodhi Road New Delhi 110 003
complaint in the office with a copy to the Regional Grievance Redressal For Investors:
Manager & Customer Service Department at Corporate The investors/shareholders can mail to following
office on loanfirst@homefirstindia.com. address or alternatively call on the given landline
number:
b. Level-2
Home First Finance Company India
If the aggrieved customer is not satisfied with the reply
Mr. Shreyans Bachhawat,
provided by the Branch Manager or in case no reply is
Company Secretary
received within the stipulated period or the complaint
is against the Branch Manager, the customer can 511, Acme Plaza, Andheri Kurla Road,
escalate it to the Central Customer Service Team at the Andheri East, Mumbai 400 059
following email address query@homefirstindia.com. Email: corporate@homefirstindia.com
The Central Customer Service Team is required to Tel No: 022 6694 0386
dispose of the Complaint within 15 working days from
receipt of the Complaint. Investors / Shareholders can also register their
queries / complaints on the below alternatives:
c. Level 3
If the aggrieved customer is not satisfied with the reply “SEBI Complaints Redress System”:
provided by the Central Customer Service Team or in https://scores.gov.in
case no reply is received within the stipulated period,
the Customer shall escalate its complaint with the Kfin Technologies Limited (Share Transfer & Registrar
Grievance Redressal Officer at the following address:
Agent)(formerly known as KFin Technologies Private
Limited)Selenium Tower-B Plot 31 & 32, Gachibowli,
Grievance Redressal Officer
Financial District, Nanakramguda, Serilingampally,
511, Acme Plaza, Andheri Kurla Road,
Andheri (East), Mumbai-400 059 Hyderabad – 500 032 Telangana, India
Phone: 022-28241485 Email: einward.ris@kfintech.com
Email: complaints@homefirstindia.com
The Grievance Redressal Officer is required to dispose
of the complaint within 30 working days of receipt of
the complaint in the Corporate Office.

Fortifying Data Protection and Privacy
Our governance is further strengthened by our robust cyber Data Protection & Customer Privacy
security framework and our stable and scalable technology
infrastructure. We are a tech-driven affordable finance At HomeFirst, we are committed to providing the best
company. We target first time home buyers. Such customers customer service while also protecting customer
find it difficult to disrupt their daily work routine and apply information they trust us with. We recognize that this
for a loan. Hence, our focus is to provide a solution to commitment is not just about the loan products and services
process the loans digitally from lead to disbursal stage. We we offer, but how we operate as an organization with
use our tech-platforms to perform functions such as lead respect to our own compliance.
generation, underwriting, property valuation and
collections. We capture and store all our data on a cloud Home First has implemented an organization-wide data
services platform. Since our CRM, loan management and protection compliance strategy intended to meet all
accounting systems were maintained on the cloud, we were requirements in the applicable regulation, involving a cross-
able to easily migrate to a work-from-home model during functional team of internal resources. We have maintained
the disruptive pandemic industry best practices to incorporate data protection and
privacy in our day-to-day practices, as well as build strong
Our operations depend on our ability to process a high compliance programs.
volume of transactions across our network of branches,
which are connected through a cloud network to our Customer Consent
corporate office. We have an integrated customer
relationship management, loan origination and loan When a customer applies for a loan with us, he consents to
management system. Further, we have developed providing his personal details to us and once the loan is
proprietary data science models, data lake and mobile sanctioned, the customer details are governed by the loan
applications. As part of our growth strategy, we intend to agreement executed by him. We ensure that the customer
further develop and invest in our information technology provides his consent for processing the loan.
systems and create an end-to end digital process.
We have a dedicated mobile application for customers
We have a well-established IT infrastructure that ensures where they can carry out a number of transactions,
performance stability and flexibility as well as IT security. We including accessing their loan statements, prepaying loans
have a detailed IT policy in place, which sets out processes and raising queries. This enables the customer to access
and controls that are required to be maintained in relation to information on his/her loan in strict privacy.
the IT systems. The policy is amended from time to time in
order to be compliant with the guidelines of NHB as well as Data Security:
other regulatory bodies. In addition, we conduct an IT audit
once every two years, to determine issues and process level We have taken and will continue to take reasonable efforts
gaps, if any. As part of our IT risk management process, we to protect Personal Data in our possession or control by
consider the information (in IT assets or IT systems) at risk, making reasonable security arrangements to prevent
determine the consequence of compromise of such unauthorized access, collection, use, disclosure, copying,
information, identify threat, recommend appropriate modification, disposal or similar risks.
security controls and safeguards, and determine the
reduced residual risk remaining after the controls and
safeguards are implemented. We also train our new and
existing staff in our IT policies, procedures and codes of
conduct.

Fortifying Data Protection and Privacy
We have an integrated customer relationship security interests created on any asset or property with
management and loan management system on a CERSAI. Such registration is required to be completed
dedicated platform, which serves as a single portal for all within a period not exceeding 30 days from the date of the
internal and external customer related interactions. We creation of security interests. In compliance with the same
have agreements with service providers to ensure data we provide the data pertaining to our secured assets to
security and business continuity. CERSAI.
Our applications/servers/LMS/CRM/Database all Apart from this customer data is also disclosed for various
communicate with each other with the help of APIs which compliance purpose such as statutory audit, internal audit
are encrypted using the latest security algorithms. All APIs and investor disclosures.
are IP restricted to prevent DDoS attack (Distributed Denial
of Service Attack) and to ensure that the privileged users Data is shared with third party service providers only on a
have access to these APIs. All our applications have gone need-to-know basis subject to thorough confidentiality
through VAPT (Vulnerability Assessment and Penetration obligations vide exhaustive service agreements executed
Testing) and we have received the requisite certification for for the arrangement.
the same.
Employee Training and Awareness:
We use administrative, organizational, technical, and
All HomeFirst employees must complete data privacy and
physical security measures to protect the confidentiality,
security training. In addition to these training
integrity, and availability of the personal information.
requirements, we continue to conduct ongoing awareness
These measures include technological safeguards and
initiatives for data protection, security and privacy.
appropriate access controls to data and facilities.
All the new joiners are made to sign the General Terms and
Data Request Management:
Conditions of service which enumerates the importance of
Disclosure of process for evaluating and responding to law confidentiality along with a mandatory training program
enforcement or government data requests - The Credit where they are made aware about the same. We also have
Information Companies (Regulation) Act, 2005 and the a training module for the employees wherein periodic tests
respective RBI and NHB Directives state that all credit are conducted in order to ensure applicability.
institutions should become a member of a Credit
Business Continuity and Disaster Recovery
Information Bureau. In compliance of the same we
currently provide monthly data to TransUnion CIBIL,
HomeFirst has board approved policies on Business
Equifax Credit Information Services Pvt. Ltd., CRIF High
Continuity Plan and Disaster Recovery Plan. Business
Mark Credit Information Services and Experian Credit
impact analysis is included in its BCP Policy as well as in Risk
Information Company of India Pvt. Ltd. with regards to our
Management framework. The functioning of BCP is
loans and EMI payments.
monitored by the IT Strategy Committee as well as by the
Board by way of periodic reports.
As per the Central Government’s directives, the lending
institutions shall register all information with regards to

Stakeholder Engagement
Stakeholder Group Modes of Engagement Frequency Purpose and Scope Stakeholder Group Modes of Engagement Frequency Purpose and Scope
• Customer satisfaction Ongoing Stay in touch with the

surveys and feedback customer throughout
• Email, one-on-one Ongoing • Discussions with
• Interaction at Branches the life cycle of the loan
meetings, concalls, regard to various
• Tele banking - Customer and address any issues
video- conference, regulations and
Care that the customer may Regulators, mandatory filings with amendments,
• Digital Channels - have - to provide quality
Lenders and regulators inspections,
Customer App, SMS, customer service
Credit Rating approvals
Customers WhatsApp, Social media
Agencies
platform, Chatbot, Video
Call
• Pamphlets
• House Visits/Work Visits
• Community welfare Ongoing • Implementation
programs of CSR
• Project Assessment Initiatives and
• Email communications Ongoing • Training and Communities reviews status of the
• Physical/virtual meetings development sessions • Joint assessment of initiatives
& NGOs
• Appraisal Process • Wellness and projects undertaken
• Online Surveys counselling sessions
• Employee Engagement •Employee Welfare
Employees
Initiatives Schemes
• CRM/LMS Work-flow •Conducting Business
• One-on-one meetings, Ongoing • Keep abreast of

concalls, video-conferences developments of
the Company
• Quarterly reports, Annual Ongoing • To stay abreast of
reports and Press releases developments in the
Research
• Investor meets and Annual Company Analysts
General Meetings (AGMs), • Compliance
including virtual investor meets • Economic
and virtual AGMs in performance
Shareholders /
the era of COVID-19 pandemic • Governance and
Investors
• Newspaper advertisement, notice Ethical practices
board, website, intimation to stock • Regular meetings/ mails/ Ongoing • Partnership and
exchanges, quarterly financials phone calls business development
and investor meetings/
conferences. Channel Partners
& Key Partners
Materiality Assessment
We identified material risks which have an impact environmental and social impacts; or that
on our business operations. substantively influence the assessments and
decisions of stakeholders.
Materiality assessments are the vital starting point,
from which one can manage their non- financial A materiality assessment exercise was performed
risks and opportunities. to determine and manage the risk inventory and
understand its relationship with the business
The definition of “material aspects” as per Global strategy, objectives and performance.
Reporting Initiative (GRI) include those aspects that
reflect an organization’s significant economic,
The following steps have been

conducted as part of the exercise:
Identifying key
Evaluating the
ESG risks relevant
impact of ESG
to the Home First’s
risks
operations

Materiality Assessment
Sr. No. Material Topic Category Capital Impacted Why is this material
Corporate governance is the key for smooth business

Corporate operations. HomeFirst strives to adopt best practices and
1 Governance ensures adherence to all applicaple regulatory
Governance
requirements.
Risk management is essential to proactively evaluate the

Risk possible risks across the business organisation and
2 Governance processes and implement measures for mitigating and
Management
addressing the same.
Code of Conduct Code of Conduct and Business Ethics is critical to

3 and Business Governance ensure ethical conduct of business operations, legal
compliance and building trust of all the stakeholders.
Ethics
Sustainable Finance is required to ensure financial

Sustainable
4 Governance inclusion of the lesser privileged community. This also
Finance aids in promoting growth of the Indian economy.
Employee Training To ensure competitive advantage and drive the business,

5 Social it is essential to have a well trained workforce. The
and Development employees and improve their productivity.
For efficient conduct of business and adherence to the

Employment and rules and regulations, it is essential for the company to
6 Social have compliant employment and labour practices.
Labour Practices
This inturn attracts and retains talent.
HomeFirst is a tech driven company functioning in a

Data Protection services sector, hence Data protection and privacy is
7 Social very critical to ensure responsible usage of data,
and Privacy
appropriate storage and confidentiality of the data.
To ensure health and safety of employees is of paramount

8 Health and Safety Social importance for the company and sustainable development
of its employees.
Customer satisfaction is of primary focus for HomeFirst.

Customer
9 Social Customer first approach and providing quality service to
Satisfaction our customers forms the core of our business operations.
HomeFirst believes in working for the benefit of the

Community society by implementing and adopting various CSR
10 Social measures. The impact created by way of CSR initiatives
Relations
is a reflection of HomeFirst values.
In our endeavour to provide faster service to customers

Operational with high degree of accuracy and efficiency, we strive to
11 Environmental digitise our processes and thereby promote operational
Eco-efficiency
eco- efficiency.
To move towards low -carbon economy, HomeFirst strives

12 Climate Resilience Environmental to adopt measures to be more eco-friendly and energy
efficient.
Social and
Financial Intellectual Human Natural
Relationship
Capital Capital Capital Capital
Capital

Financial Capital
Summary reaffirm their belief in our business model by improvement

in outlook (by ICRA) from A+ Stable to A+ Positive and “India
Our disciplined approach towards managing our financial Ratings” assigning “AA- Stable”.
capital have led to a strong financial position, sustained
growth and improving shareholder returns. The financial We remain diligent about optimising our cost of operations
capital includes shareholder equity, retained earnings, along with the cost of borrowings. This enables us, besides
external borrowings among others. other factors, to offer access to finance to the unbanked,
thereby supporting one of our ESG goals of financial
Despite challenges over the past couple of years due to inclusion.
Covid disruption, Credit Rating agencies have continued to
Particulars FY20 FY21 FY22

AUM in ₹ Crs 3,618 4,141 5,380
NIM 5.1% 4.7% 5.4%
ROA 2.7% 2.5% 3.6% ^
ROE 10.9% 8.7% 11.8%^

Opex to Asset 3.5% 2.7% 2.7%
GNPA 1.0% 1.8% 2.3%^ ^
NNPA 0.8% 1.2% 1.8%^ ^
Âdjusted RoA at 3.6% and Adjusted RoE at 11.8% are computed considering Adjusted PAT for FY22 without the positive impact of one-time deferred tax liability adjustment
^Ôur Gross Stage 3 (GNPA) as at Mar’22 stands at 2.3% in line with RBI circular dated 12 Nov 2021. Prior to such classification, it stands at 1.3% (Mar’21: 1.8%).
Our Net Stage 3 (NNPA) as at Mar’22 stands at 1.8% in line with RBI circular dated 12 Nov 2021. Prior to such classification, it stands at 0.9% (Mar’21: 1.2%).
Industry Leading Performance in a challenging Maintained cumulatively positive ALM gaps and high
environment liquidity in stress scenarios.
Your company has maintained its growth momentum and Favourable interest rate environment and our treasury
delivered improvements in majority of its key financial efforts led to a reduction in cost of borrowings and further
parameters. Despite being a pandemic-disrupted year, your focussed on building a strong liability franchise.
company held up with a strong customer base, robust risk
management framework and best governance practices. Our profitability in disruptive times, is an outcome of the
Your company crossed an AUM of ₹ 5,000 Crs in Jan'22. operational efficiencies built into our system. We continue to
deliver a double-digit growth in earnings, with an increase of
Raising the right resources in challenging times: 73.8% in net profit, while keeping a check on our operational
Liquidity raised in FY22: ₹2,015 Crs costs, resulting in a lower cost to income ratio of 34.0%. The
business resilience is an important indicator of our credit risk
Our efficiency in managing capital can be seen from our evaluation and management. Our key strength continues to
diversified sources of capital incl NHB refinancing. be maintaining one of the lowest levels of Gross Non-
Performing Assets (NPAs) in the industry with provision
During the year ended Mar'22, the Company raised over ₹ coverage ratio of 47.1% (83.6% pre-RBI circular).
2,015 Crs in long term borrowings across quarters reflecting
the strength of it's balance sheet.

Financial Capital
Prudent Asset Liability Management framework by maintaining cumulative positive liquidity gaps
in all buckets. HomeFirst is compliant with LCR
ALM framework at HomeFirst involves measuring, requirements. Company remains prudent and holds
monitoring and managing liquidity and interest rate risks liquidity of ₹1,063 Crs (₹ 1,063 Crs includes Undrawn bank
and is closely aligned to the Company's business strategy lines of ₹ 437 Crs) as of Mar'22.
and risk management. HomeFirst has built a strong ALM
ALM Position (as of Mar’22)
Surplus in ₹ Crs 728 709 697 1,018 2,172 1,465
8,283
6,973 6,818
Inflow
Outflow
4,812 4,801
3,794
2,275
1,582 1,579
1,240
873
512
0-3 Months 3-6 Months 6-12 Months 1-3 Years 3-5 Years 5+ Years
Robust Liability Management During FY22, HomeFirst entered into Direct Assignment (DA)
transactions amounting to ₹ 465 Crs DAs are an efficient
HomeFirst, due to its strong business fundamental source of funds for us as it helps us manage ALM and release
continues to enjoy competitive rating from reputed rating capital for further growth.
agencies. This combined with market confidence provides
access to diverse sources of funds such as Term loans, NCD, We also believe that short term sources of funds, though
etc. Our treasury also makes continuous efforts to reduce cheaper, are not appropriate for a long duration asset like
the Cost of Borrowing (CoB) of existing borrowing through housing loan. Hence, we have not raised any funds from
various measures. Commercial Paper or other short-term sources.
Borrowings Mix and Cost of Borrowing Trend
Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22

Financial Capital
Balance Sheet 1.3% (Mar'21: 1.8%). The Company is still carrying ₹47.8 Crs
of provisions. The PCR (Provision Coverage Ratio) is stable at
HomeFirst saw significant improvement in collections and 47.1% as at Mar'22 (pre-RBI circular: 83.6%).
disbursements in year ended Mar'22, highlighting the
robustness of the unique business model. HomeFirst Credit Rating
continues with prudent provisioning policy enabling
absorption of any shocks on account of Covid. During the year, there were two important developments
related to credit rating. India Ratings & Research has
Provisioning assigned AA- Stable for Term Loans and NCDs of Home First.
Also, ICRA upgraded the long-term outlook on the company
By the end of Mar'22, collection efficiency improved to A+ with a Positive Outlook. We believe, these
materially and we expect our delinquency buckets to reach improvements on outlook and rating are due to our
pre-Covid levels in FY23. We have been conservative in excellent asset quality, strong focus on profitable growth,
providing for bad loans and have provision of 1.1% on book. resilient customer segment and strong balance sheet. We
believe the above actions can help us in lowering cost of
Despite challenging times, asset quality improved. Our
borrowing and diversify our source of funds.
Gross Stage 3 (GNPA) stands at 2.3% in line with RBI circular
dated 12 Nov 2021. Prior to such classification, it stands at
FY21 FY22
Rating Agency Short Term Long Term Short Term Long Term
ICRA A1+ A+ A1+ A+

Stable Outlook Positive Outlook
CARE NA A+ NA A+
Stable Outlook Stable Outlook
India Ratings A1+ NA A1+ AA-

Stable Outlook

Natural Capital
Real estate sector contributes up to 6-7% to India's GDP. Of in the affordable segment lack awareness and are very price
this, the housing sector alone accounts for 22% of all the sensitive in nature. The general misconception around the
emissions and increasing at an alarming rate as urbanization matter is the belief that green buildings and environmentally
becomes more and more mainstream. Cities across the sustainable housing are only an issue for the rich and
country are continually spreading to welcome new residents, wealthy since it is expensive. However, our research revealed
the majority of whom are migrants moving to a bigger city for that this could not be farther from the truth.
employment opportunities. As their lives and earnings
stabilize here, these migrants turned residents look to As we decided to understand the problem on the ground, we
improve their standard of living by owning a home in the city. carried out our own field research, talked to our customers,
As per Knight Frank, gap of 9.7 Crs houses is projected in and reached out to members of the construction ecosystem.
India between 2019-30, this is a sizeable chunk of the market This made us realise that there are several small alternatives
set to build their houses in near future. By the year 2030, available which are not only easy on the pocket but can also
India’s new climate targets aim to reduce carbon emissions help make a big difference environmentally.
of the country by 1 billion tonnes. In order to meet the
This led us to understand the concept of a 'Green Home'- an
reduced emissions with increasing population and
environmentally sustainable home that focuses on efficient
demographic shift towards urbanisation and nuclearization,
use of natural resources. Let's see what makes a home a
it becomes imperative to focus on housing sector.
green home:
At the present moment, green buildings only constitute 2%
of the total new constructions in our country. The end-users
What Makes a Home Green Home?
Use of Eco friendly building materials Provision of natural light, ventilation

during construction to reduce carbon and protection from heat
emission
Integrating renewable energy for daily

Use of energy efficient lighting, cooling
consumption like solar panels for water heaters
systems and other appliances
Adoption of sustainable lifestyle. Mindful Recycling of water, rain water harvesting units
of water wastage and usage of cheap plastics and effective waste management
To create some real impact, we have started our journey toward turning individual homes
into green homes and this is our progress towards the same now
Source: Fortune India

Natural Capital
Journey So Far
Q1 Q2 Q3 Q4
Understanding the problem; Co-creating a green Co-creating the evaluation Proof of concept
Internal research and field evaluation mechanism and certification process established
work for the individual units for the individual units in
in the AFH space the AFH space Sample impact
Understanding green reports created
evaluation and certification. Further development Pilot study in Bangalore
of green calculator Started building
Conceptualisation of Green a green roadmap
Box and started with
awareness programs for
the ecosystem
As we set out to reduce the carbon footprint in our Next, with tech in mind, our interventions in digital processes
ecosystem through interventions, we selected three main also go a long way in helping us become environment-
routes towards a Green Future: A Green Box to convert friendly and reduce our carbon footprint. Gone are the days
affordable homes to green homes, digital processes to when you needed to take a road trip to a bank branch to
reduce our daily carbon footprint and environmental print out paper bank statements or having them mailed and
interventions through adopting and promoting eco-friendly delivered to your home. We have full-service mobile apps,
practices. that cater to all our customer needs and through it, we are
trying to catalyze decarbonization. When our customer
So, as we understood the concept of a green home, we repays through the app, we are saving on carbon emissions.
developed a program called Green Box - A simplified solution When they pull out an account statement from the app, we
to turn affordable homes into green homes. As we looked for are saving paper. We are not only helping our consumers
an evaluation process to certify a green home, we realised and business partners make informed choices we are also
that the existing certification and evaluation mechanism prioritizing the planet! More and more processes everyday
needed a framework to measure how we define a green are taking the online route starting from onboarding to
home. So, we set out to create a format to assess and grade collections. The tribulations of covid have further inspired
individual housing units based on their environmental innovations like e-verification, and e-signing. Over time, all
sustainability. With a large share of our country residing in these interventions are bound to make a huge dent in our
unorganised, individual houses, we sought the help of carbon footprint through savings not just on paper but also
several experts and authorities on the subject to discuss and on fuel.
co-create a greenhouse rating calculator to gauge the same.
As the affordable housing sector leads the charge for post Various metrices tracking the technological initiatives
covid recovery in the industry, the completed calculator shall undertaken by the company across processes and
soon pave way for a new wave of affordable green homes in operations is detailed in the Intellectual Capital Chapter on
the market. pg 72. Further, the digital adoption of Company’s mobility

Natural Capital
solutions is gaining traction. In the last quarter of FY22, we not only help create a new source of income for these
witnessed 34.1% y-o-y growth in App logins, 96.9% y-o-y marginalized families and tribal communities but also off set
growth in the number of unique users making payment via some carbon footprints. All branches of HomeFirst use jute
app and an increase of 41.8% y-o-y in the number of service bags and other recycled products for any documentation,
requests raised on the App. gifting or storage purposes internal or external. As we scale
up the interventions to reduce our carbon footprint we hope
Lastly, not only within our operations, we are also promoting to inspire other organisations.
environmental sustainability in our society. Recently, we
created a Herbal Garden with 1,000 herbal plants in Palghar
district of Maharashtra and distributed 4,000 fruit tree
saplings to farmers from the marginal community. This will

Human Capital
HomeFirst understands and acknowledges that human learn and develop skills and achieve their full potential.
capital is an important business enabler and an We have an entrepreneurial organisation culture that
important asset for the company. HomeFirst drives innovation – this in turn promotes high
understands the importance of workplace culture and employee & customer satisfaction. We have been
creating an environment for employees to grow and Certified as “Great Place To Work” by GPTW Institute for
thrive. Our culture empowers employees to be agile, 2 successive years.
Differentiated people strategy
27% 69% 195

MBAs
women employee
employees have ESOPs
Culture Career Compensation
Entrepreneurial organisation culture that Preferred employer for High degree of employee
drives innovation - high employee & fresh MBAs & B.Techs ownership - 195 employees
customer satisfaction Offering fast growth into have ESOPs
leadership positions
Diverse Workforce do not discriminate on the basis gender or any other

factor. As of Mar’22, approximately 69.1% of our
employees had obtained a post-graduation in business
We primarily employ people who have obtained their
administration or management and approximately
engineering or management degrees and we hire them
32.0% had a bachelor in technology degree or a
directly from campuses instead of hiring them from
bachelor in engineering degree. We are a young and
other organizations. Further, we also hire management
diverse organization with a median age of 26.50 years,
trainees in the organization to provide them a platform
and approximately 27.4% of all of our employees are
for their first step into the corporate world. We are an
women. 51.7% of our employees at head-office are
equal opportunity organization. We are committed to a
women, as of Mar'22. Our hiring and training
policy of treating all its employees and job applicants
procedures have helped us achieve superior employee
equally. Our Equal Opportunity Employer Policy
productivity with an average disbursement of ₹2.6 Crs
expresses the company's commitment to promote
per employee for the financial year 2022 (compared to
equality and conduct its business according to
₹ 1.6 Crs per employee for the financial year 2021) and
principles of social justice, respect and freedom of
resulted in a consistent improvement in disbursement
expression. We practice equal pay for equal work and
per employee, while maintaining asset quality.

Human Capital
851
Gender Representation
0.2%Age Diversity
27% 52% 20%

No. of employees Women employees Women at head office Women in senior management
T otal no of Female Male

Age employees % employees % employees %
Under 30 years 680 79.9% 198 85.0% 482 78.0%
30-50 years 169 19.9% 35 15.0% 134 21.7%
> 50 years 2 0.2% 0 0.0% 2 0.3%
Total 851 100.0% 233 100.0% 618 100.0%
Training & Development

Ratio of basic salary and
remuneration of women to men
We have an elaborate year long training and
Management 1.08
development program for all our new hires, which
Non-Management
comprises of classroom-training sessions, on the job
training and a buddy program. Branch Sales 0.99
Service 1.51
HO L0 – L2 0.91
Aspire Program-Aspire is the opportunity for growth
L3 – L4 0.77
from a Relationship Manager/ Customer Service L5 -
Manager to Branch Manager at Home First. The
objective is to nurture fresh minds and give them a big also covered in our training programs. During the year,
platform. 392 manhours of six sigma training was provided to
eligible employees. We have also framed leadership
development training program for employees at
Evo Program-Evo is an "evolution" program for all our
managerial levels. Further, all employees undergo
newcomers at HomeFirst. The idea is to turn a novice
career development discussions and performance
into a professional with the help of an interactive
appraisal.
training & assessment program.
During the year FY22, 5,288 manhours of training vs
Human capital development is one of the key focus 4,770 manhours of training in FY21. Since we have a
areas for us and we strive to upskill the employees by young and diverse employee base with median age of
providing them functional, behavioural and other 26.5 years and we have just 2 employees who are aged
types of trainings. The different types of functional 50 or more, we currently do not have any transition
trainings conducted include property, credit, disbursal, assistance programs provided to facilitate continued
collection. We also provide training on interpersonal employability and the management of career endings
skills, grooming and etiquette as well as on leading resulting from retirement or termination of
teams. Areas such as code of conduct, different employment.
policies of the company and information security are
Total number of Average hours of training that the

Total number of
training hours organization's employees have
employees
provided to employees undertaken during the reporting period
Female 1,209 233 5.19

Male 4,079 618 6.60

Human Capital
Total number of training Total number of Average hours of training that the
hours provided to employees organization's employees have
employees undertaken during the reporting period
L0 – L2 4,893 762 6.42
L3 and above 395 89 4.43
Talent Retention employees who have completed 5 years with

HomeFirst they are inducted into the 5VY league and
HomeFirst has employee friendly policies to create a are eligible to enjoy a pool of perks and benefits.
safe and conducive working environment. We have HR
Policy, Parental leave policy and Equal Opportunity In addition to compensation that includes both salary
Policy. and allowances (including performance linked
bonuses), we provide our employees other benefits
The various benefits such as health insurance, group which include insurance coverage, medical
accident insurance, maternity benefits and paternity reimbursements and employee stock options. As of
benefits are provided to the employees. Further, for Mar'22, 195 employees are covered under our ESOP
program.
FY 2022 FY 2021 FY 2020

(Turnover rate in current FY) (Turnover rate in current FY) (Turnover rate in current FY)
Male Female Total Male Female Total Male Female Total
Permanent 37.83% 33.41% 36.54% 18.51% 15.80% 17.64% 41.90% 23.47% 37.92%
Employees
Attrition Rate (Age and Gender-wise)
42.56% 20.35%
Attrition Mix (Vintage and Gender wise)
No of employees who completed 5+ yrs : 94 (11.0%)

Human Capital
We hire employees basis our expansion plans and create opportunities for talents in these markets. We hire centrally
for all our branch requirements and deploy them at various branches.
Talent Infusion – New Employees Hired (Age and Gender -wise)
Gender Under 30 years 31 – 50 years > 50 years Total

Female 88 4 92
Male 288 64 1 353
Employee Wellbeing & Benefits are given HomeFirst Lyf Culture Book at the time of
code of conduct training. The Culture book provides
HomeFirst is committed to employee safety and
the employees an overview of all their eligible
wellbeing. During the pandemic, treatment expenses
employee benefits. During the year, we introduced the
during home quarantine for employees and their
option for employees to invest in National Pension
family members was covered by the company. Further,
System (NPS). We introduced the option in Jan’22 and
the Company has Group Personal Accident Insurance
by Mar’22, 8 employees already availed the option to
Policy and Group Health Insurance Policy for the
invest in the scheme (1 female and 7 males).
employees. The Company also offers to cover the
medical expenses, as applicable. In case of death of the
employee who had ESOPs, the ESOPs immediately vest
with the nominee of such an employee. The employees
% of employees covered by
Health Insurance Accident Insurance Maternity benefits Paternity benefits
Category Total Number B % (B/A) Number C % (C/A) Number D % (D/A) Number E % (E/A)
Male 618 618 100 618 100 NA NA 618 100

Female 233 233 100 233 100 233 100 NA NA
Total 851 851 100 851 100 233 100 618 100
HomeFirst recognizes the importance of

Number of Active Employees holding ESOPs
emotional wellbeing. To promote employee
wellbeing, we provide 1-to-1 counselling to
employees. Further, during the year, we also Female
conducted financial wellness programs. We have Male
a tie-up with MyGalf to provide physical wellness
143
sessions to employees.
52

Human Capital
We have a Parental Support policy where employees Paternity Leave:

are entitled to avail leaves as per the Company policy. Men can avail Paternity Leave under this policy for
upto seven working days with full pay within two
Maternity leave: months from the actual date of delivery of employee's
A woman employee can avail Maternity leave under child.
this policy for up to twenty-six weeks with full pay for
upto two children and for more than two children, can Adoption Leave:
avail maternity leave for up to twelve weeks (called Both men and women employees will be eligible for
Paid Maternity Leave). paid leave of up to six weeks if they are the primary
caregivers of an adopted child below the age of one
year.
Gender Return to work rate Retention rate
Male 100% 0%
Female 100% 75%
Total 100% 60%
Employees who availed parental leave in FY20 - 21, returned to work and are still on the Company rolls as on Mar'22
Gender No of employees who took Still employed 12 months

parental leave in FY20 - 21 after their return to work
Male 1 0
Female 4 3
Employee Engagement Programs Santa Is Real /Christmas Celebrations:- HomeFirst

In order to boost the morale of the employees, there delivered gifts to all employees' kids this Christmas
are many employee engagement programs
undertaken throughout the year.
Diwali Dhamaka/Celebrations : Gift Hampers for all

employees and special gifts on lucky-draw
On Women's Day we started with Walkathon-Walk for a

cause contest for employees to support a good cause
by number of steps HomeFirst employees walk. We
also celebrated women employees by gifting them with
a token of appreciation and conducted an internal
competition to celebrate the women in their lives.

Human Capital
We celebrated crossing ₹5,000 Crs AUM milestone of Engagement surveys are conducted amongst the
the company on the company's incorporation day and employees to monitor employee satisfaction. Another
listing anniversary day i.e. 3rd Feb; with all the external engagement survey conducted was for Great
employees with a town hall in an unconventional way Place to Work accreditation. Further, we practice an
by having a tete-a-tete with the MD & CEO. open-door policy and have regular performance
appraisals and feedback processes.
To address employee complaints and grievances, the

employees can raise a complaint on the employee
portal or even connect personally with HR team. Any
employee can access the HR team to raise a complaint
and the same is then taken up by the HR team who
travel to the location (in case of conflict) or reach out on
phone to resolve with the complaint / grievance / issue.
Any grievance raised is responded within the same day
and resolved within the next 4 days. Alternatively, the
employees can raise complaint on the LEENA AI portal.
The company follows an open-door policy and is a lean
organization. Employees have access to the
management/ business heads/HR to raise their
concerns.
Promoting Human Rights & Non-discrimination
HomeFirst has a very strict policy against any case of

sexual harassment at workplace. We provide an easy
channel for reporting the offence. We have a policy on
Prevention of Sexual harassment in the workplace. To
ensure women feel comfortable and safe raising their
complaint, the Internal Committee is headed by a
Senior Woman employee.
Cases of Sexual No of complaints FY 21-22

Harassment at
Workplace
Cases of Sexual 1
harassment
Cases of Discrimination No of complaints FY21-22

at Workplace
Discrimination 0
Complaints

Social and Relationship Capital
Flagship Project 1
Project Sashakt
With the struggles of the migrant population in mind, we covid vaccination drives were organized. Doctors at the
surveyed 1,000+ families in the Narol area of Ahmedabad to camps checked the children for basic diseases and
study their demographics, family income, educational deficiencies and the elderly for BP and diabetes. With
CSR Activities background, and the problems they face in everyday life. The
observations from our survey indicated that 63% of families
malnourishment being a common observation, nutrition kits
were distributed to children and pregnant women. This free
HomeFirst lives in every community across the nation their families a chance at a better life. Here, many of them only had 1 earning member of which 43 families earned less health check-up camp has since been made a weekly event
through our customers and business partners. We can help translate the dreams of our customers to reality. Daily than ₹5,000. Even families with 2 or more earning members for all families along with free medicine distribution. We have
relate to the everyday struggle of a daily wager. The morning wage earners and construction workers form the backbone had monthly incomes less than ₹15,000. After the age of 35, enrolled 120 individuals to learn new skills. Including GST -
bus chase of an employee running late for work, the of the housing industry. It is their sweat and tireless their incomes stagnated due to lack of skills. On the health Tally courses, tailoring, and beautician therapy. Also, helped
afternoon hunger of an autorickshaw driver, or the midnight determination that transforms brick and mortar into a front, 75% of the families surveyed were not vaccinated for open 80 Sukanya Smabriddhi Yojna accounts.
drowsiness of a watchman swatting mosquitoes! Our home. In order to celebrate their hard work and promote the covid and from a socio-economic perspective, 90% of the
philosophy of giving back to society as a responsible welfare of this community that supports our cause, our CSR families could not avail any Government schemes due to In order to focus on children, we decided to incorporate a
corporate citizen is deep-rooted in our CSR (Corporate Social initiatives are focused on these groups. We have conducted lack of awareness and basic documents like Aadhar card, separate flagship program within Project Sashakt to
Responsibility) Policy. It acts as a guiding star to design surveys based on various parameters such as healthcare, ration card, BPL card, etc. specifically target holistic development for children. This led
initiatives that would benefit the communities at large. workplace safety, job skills etc. with the assistance of local to the foundation of Bal Sashakt program. Bal Sashakt
NGOs and created programs accordingly. These families lived in a fragile situation where most of their targets children aged 6-15 years in the beneficiary families
Every year hundreds of thousands of workers migrate to earnings got exhausted in daily expenses, and years of for extra-curricular activities, incorporating academics, arts,
urban areas in search of employment opportunities to give savings and family heirlooms could potentially be wiped crafts, sports, nutrition, culture and performing arts aspects.
away by common diseases and health problems. The The first batch of Bal Sashakt was recently concluded at
objective of our intervention was to make these families Narol, Ahmedabad. In addition to providing exposure to
'sashakt', meaning "self-sufficient". various skills and hobbies, here we help these children to
become confident at expressing themselves, develop their
What we have done From the survey of 1000 families, we selected 500 most creativity, and in the process, sometimes discover hidden
During the year, we implemented 14 Projects. 12 projects (including donations) were executed in collaboration with NGOs and 2 vulnerable families for intervention. Unique identifiers were talents. Added to this, the height and weight of each child is
of them (Covid Care and Relief and Workplace Safety) through head office and branches directly. given to each family in order to facilitate tracking of benefits recorded at the beginning of the program and at every
and progress made over a period of time. Project Sashakt session, we distribute healthy food to the children.
aims to uplift the health and socio-economic status of these Wholesome learning has been combined with measurable
The community engagement process involves:
families over a period of time. Health check-up camps and health goals of these children.
Consultation Need Resource Stakeholder Project Monitoring

with Assessment through Allocation and Engagement and and Impact
Stakeholders local NGOs Detailed Planning Project implementation Assessment
and employees through NGOs
Since some of them are long-term projects, we have broken created in collaboration with the NGOs. Let us take you
them down into phases. Post completion of each phase, the through the details of our CSR projects including our flagship
NGOs submit their impact reports. In case of any grievances, projects.
the beneficiaries can walk into the community centres

enrolled to learn masonry, and plumbing in the carried out, where we helped them open a bank account,
construction field as well as skills like tailoring in non- and a Jandhan account and taught them how to handle
construction fields were imparted to these women. their cheque books, passbooks and how to use an ATM.
Next, we launched a series of health and nutrition
To bring more awareness around various government workshops. We started off by linking our MSSK with ICDS
social security schemes in this community, we started (Integrated Child Development Services) centres. This
registering women-construction workers with Buildings helped us provide primary and universal healthcare to
Flagship Project 2 and Other Construction Workers welfare board (BOCW) on teenage girls, lactating mothers and their children. Then,
e-nirman portal and registered them for insurance and we facilitated regular access to food and nutrition, iron
Mahila Shram Shakti Kendra health schemes. Also, workshops on financial literacy were tablets and timely vaccinations at our MSSKs. A workshop
When a family migrates, the women often migrate along lives, lack of job skills, and awareness seemed to be the
with their husbands and kids in search of a better life. main pain points. So, we set up 3 multipurpose centres
However, with restricted means and higher costs of living exclusively for women workers called “Mahila Shram
in urban cities, they are forced to find a job for themselves Shakti Kendra”.
in addition to handling the responsibility of the household
and children. Classified mostly as “unskilled laborers”, they The objective of these centres is to provide a safe space for
wait at local market spots to get hired by the local women construction workers and their children And
construction contractors. Here they face the stigma of provide them with important skills and knowledge to
being delicate and weak, so they either don't get an improve their prospects of getting regular work in the long
opportunity to work, and even when they do, they are run. Initially, women workers turned up at our centre
barely paid half the wages as their male counterparts. seeking refuge to rest for themselves and their children. As
Adding to this, many of them also have to care for their more and more women heard about our centres and
children who end up traveling along to these harsh visited us, we started talking to them about the various on family planning and female hygiene was also held to commitment, we have provided counselling and
working conditions. When we reached out to these women ways we could help them in terms of knowledge, and skills build awareness of reproductive health along with assistance with 70+ legal cases. In addition to this, we have
to understand the various challenges and struggles in their to enhance their employment prospects. 21 Women have valuable information on Ante-natal and Post-natal Care. In helped raise awareness regarding minimum wages, due
the last financial year, we have conducted 31 awareness payments, and payments book maintenance for 1,000+
meetings helping 650+ women. women. Empowering women to raise their voice in places
of importance and protect themselves against workplace
Another important initiative was to impart legal awareness harassment, gender sensitization workshops were held at
and aid among the women labourers. Following our all MSSKs by expert trainers.

Other Projects
Workplace Safety
Loss of hearing is one of the hazards of working in a loom

factory. Noise levels are upwards of 90 decibels which is 30
decibels more to an environment that is considered to be
normal. So, we aided these loom workers by providing
them with high-quality noise cancellation ear muffs.
Construction workers are often exposed to hazardous
working conditions. Basic safety gear like helmets, gloves,
and glasses goes a long way in ensuring the safety of this
workforce and improving their overall working conditions.
We provided 5,000+ construction safety kits to workers at
the construction sites.. We have also, facilitated e-shram
and e-nirman card registrations in Surat. That will provide
them with state-sponsored welfare schemes and benefits.
Going Green
This Jan'22 we crossed ₹5,000 crores in AUM. We
distributed 5,000 fruit and herbal trees to the marginal
farmers as a contribution to a green and cleaner
environment. These initiatives will not only help the
marginalized farmers / tribal communities to create an
additional source of income but also help the environment.
In another initiative, we have installed Solar Panels at a
Physiotherapy Institute and Research Centre in Nagpur
which provides its services to specially-abled individuals at
discounted rates to install solar panels at their centre. This
will help in cutting down the overall running cost of the
centre and lower its carbon footprint.

Healthcare Initiatives
Financial support for medical

surgeries
We sponsored cleft lip surgeries and clubfoot rectifications

for close to 100 children. At Vizag, 100 cataract cure
surgeries were also sponsored in association with Shankar
Netralay Foundation to help the elderly get their vision
back.
Capacity Building and Covid Care
We have also made contributions to hospitals to build their

infrastructure and worked with organizations like JCI and
Rotary Club to provide oxygen concentrators to covid
patients during the second wave of covid. We were able to
help 170+ critical patients during the peak of the second
wave. In addition we also contributed food kits to
vulnerable families during covid.
We at HomeFirst try to use our network and resources to

spread happiness and joy among the various communities
at the grassroot level such that the less fortunate who live
at the bottom of the economic pyramid are also able to
access the best of facilities and healthcare. It is they who
toil day and night in all weathers and by the sweat of their
brows build the castle of our customer's dreams. While we
may take you home, it is they who bring it into existence.
We are focused towards working towards betterment of

our society. Given that the nature of our business is
providing housing finance loans and is a service – oriented
business, we do not have any direct adverse impact on the
environment due to our business operations.

Customer Centricity
HomeFirst is driven by relentless customer focus. We (either as main applicant or co-applicant). Till date, we
believe that customers should get the best solution. have helped 28,368 customers to claim PMAY subsidy.
Something that would delight them. This drives us to We have received ₹703.8 Crs till date as PMAY subsidy
innovate, find a smarter solution, and customize it to that has been credited to customers' account to reduce
the individual's need. their loan amount.
Process We have assumed the role of a guide to our customers.

We are talking about first-time home buyers here who Any prospective customer can reach out to us for a free
find it difficult to disrupt their work routines to go and consultation and clarify any doubts that they might
apply for a loan and comprehend the terms of a loan have regarding the loan. Our Customer Philosophy is to
transaction on their own. In order to address such be “swift” by providing quick services and turnarounds,
concerns, we have set up a simple customer friendly to be “transparent” in our delivery and “uncon-
process. Right from the application stage to the ventional” if necessary to bring in any positive changes.
disbursement of the loan. A paperless process to
onboard customers home and workplace visits to In our Loan Agreements, all the terms are explained in
ensure minimal disruption to a customer's daily simple English and six other regional languages (Hindi,
routine is just one such example of keeping the Marathi, Gujarati, Tamil, Telugu & Kannada) for easy
customer in mind and then working backwards. understanding. Our website and branches also clearly
display, all the fees and charges that the customer
Our Approach would incur for the loan and the terms and conditions
We believe that we play a key role in overall Financial which are further summarized in a document attached
Inclusion by facilitating access to organised loans for to the Loan Agreement - MITC (Most important terms
affordable homes and empower buyers from the EWS and conditions).
& LIG segment, who account for 75%+ of our book. Also,
around 90% of our loans have Woman Borrowers
Our Differentiators
Single Point of Contact No Physical Documents

across the journey required from lead to
of the loan approval stage
01 02
Service at Home
Customized Loan Approval in 48 hrs No Hidden Charges
RM visit customer at home
& office to complete the “We See You, Not Your Fastest turnaround in One time fixed
loan process Documents” the industry charges
03 04 05 06
Consent Call Before Multiple Electronic
Easy Prepayment Mobile App
Disbursal Payment Modes
Zero prepayment Full feature app with
Disbursal only with Ease of making payment via
charges prepayment option
customer permission multiple payment methods
07 08 09 10

Some of our customer friendly features are worth also provide easy balance transfer options with no pre-
highlighting: payment charges for our housing loan customers.
1. Product Feature - Auto Prepay: 2. Customer Experience - Customer App:
This is a small, monthly pre-payment option. Starts We offer mobility solutions through dedicated mobile
from as low as ₹500/- a month and comes with a applications for our customers to enable quick and
flexibility to not pay if one chooses to. The facility is transparent loan related transactions. We have
given for free, to all our customers through our auto- HomeFirst Customer App which is feature rich and
prepay feature on the mobile application. Auto-prepay customer friendly. The app can be used for submitting
gets its name from its auto-debit functionality, where queries, downloading the statement of account and
customers can set their monthly pre-payment amount making part payments, refer a person, locate the
that would be deducted from their bank account. This nearest branch, etc. The App was rated 4.2 stars as of
feature was introduced with the objective of ‘nudging’ Apr'22. Due to the ease of making payments via app,
customers towards prudent financial planning by the number of customers making payments via app is
facilitating the process of pre-paying their loan. We going up. The service requests raised on app are also
increasing.
Digital Dashboard
App logins Unique Users Making Payment Via App
YoY: 34.1% YoY: 96.9%

33,044 7,396
28,251 29,819
24,643 24,818 5,904
5,035
3,758 3,975
Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22
No of Payments Via Customer App Service requests raised on app
YoY: 81.5% YoY: 41.8% 12,917

15,028 11,058
9,622
12,276 9,108
10,883
8,278 8,724 6,477
Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22
Customer Awareness loan agreements, charges, fees etc are all explained in
detail. The counselling is usually conducted in a
We maintain high levels of transparency in all our language which the customer is most comfortable in, to
interactions with customers across every channel. ensure that the customer has good understanding of
When we meet our customers in person at the the terms and conditions and the product details.
branches, we conduct mandatory counselling sessions Awareness is also created around being tech smart.
to educate them about the loan. All the key terms of the

There's strict prohibition on pre-payment of loan via schedules through automated calls and text messages.
cash. Digital channels like our Website's blog section, We undertake various activities in order to engage with
social media handles, and marketing collaterals also our customers from time to time. We send birthday
frequently carry communication related to awareness. wishes, season's greetings, etc. We also have a
HomeFirst Gyaan Series on our YouTube channel is a Customer Grievance Redressal Mechanism in place to
similar initiative – where we educate the customers on address the concerns of the customers in a
various topics related to home loans and allied professional and timely manner.
activities in a vlogging format. Response
As a result of our expertise, experience, business
Customer Engagement Activities model and a customer centric approach, we are able to
We aim to maintain high levels of customer service and effectively serve customers and achieve superior net
we have mapped each customer to a dedicated service promoter scores. We take feedback from customers
manager and a relationship manager. We send regular after every service closure (CSAT). Our approach has
updates to customers on the status of their loan been to listen carefully to our customers, take
applications and remind them of their payment feedback, understand the issues and create
meaningful solutions.
Customers registered Google rating of

on app NPS
Homefirst Customer App
80% 4.2 79
As of 31 Mar’22 As of 17 Apr’22 For FY22
Our superior customer service is reflected in the below statistics:
Overall queries (in Mar'22) as a % of live base is 6% of live loans.
Overall complaints (in Mar'22) as a % of live base is 0.04%.
85% of Queries are resolved within 48 Hrs (FY22).
83% of complaints were resolved within 7 working days (FY22).

Queries Resolved Within TAT (%)
89% 92%
85% 85% 84% 86% 85% 88%
83% 82% 81% 83%
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22
Queries Resolved Within TAT

TAT for queries is defined according to the nature/type of the query
Complaints Resolved Within TAT (%)
80% 90%
81% 86% 84% 82% 86% 88%
83% 80% 83%
76%
Complaints Resolved Within TAT

TAT defined as within 7 working days for complaints

Tech in Mind, Service at Heart is our motto at HomeFirst. We In addition, our digital service delivery mechanisms and
are a tech-driven affordable housing finance company. To operating model brings uniformity in our operations,
provide the best quality of service for our customers in a increases customer satisfaction and positions us well to
swift and transparent manner, we are continuously of expand our business in geographies that offer growth
innovating and digitizing processes. As a result, our systems opportunities. We have an end-to-end digital process for
are designed to facilitate a sanction within an average turn- loan appraisal and disbursement.
around-time of 48 hours.
Digitally Agreement Signing E-Stamping NACH Mandates

(16% in 12M) (41% of total in 12M) ( 38% in 12M)
Credit Approval and Disbursement in underwriting procedures across branches and regions.
Further integrated customer relationship management and
We have set up a robust credit approval process comprising loan management system allows our underwriters to
the following stages: conduct the credit appraisal process in a quick and efficient
manner. We have also integrated our systems with third-
Initial Screening and Pre-Sanction Check party databases to obtain additional customer data points.
Customer leads are logged into our system which are This helps us gather data to assess credit worthiness of the
pursued and reviewed completely by our in-house team of customers and conduct a fraud check in case of any
well-educated and trained relationship managers. Each lead discrepancies. Further, we utilize proprietary machine
is checked against KYC, credit bureau and other third-party learning credit scoring models to assist us with our credit
databases to establish customer credentials. We have an assessment process.
efficient paperless process to onboard and verify customers
as well as determine their eligibility. Our relationship Property Underwriting and Disbursement Process
managers conduct workplace and residence verifications We assess the value of the collateral at the time of
and submit the loan application on the central platform – this sanctioning the loan and conduct additional checks before
is then cross-checked by our underwriting and operations disbursing the loan and giving final approval of the property.
team for a number of factors including completeness of Our teams initiate a legal and technical assessment through
application form, KYC, eligibility, fraud check, credit bureau, third party vendors to verify the authenticity of the technical
income assessment, loan-to-value, value of collateral, bank documents, legal title to the collateral property and its
statements, debt burden and third-party databases for market value. We have set up a legal and technical portal to
income and asset ownership. simplify the process of evaluation of the property. Our
proprietary machine learning backed property price
Customer Credit Underwriting predictor coupled with geo-tagging of properties further
Our centralized underwriting team is assisted by data- assists in reducing our turnaround times for approving loans
science backed customer-scoring model to evaluate a and improving accuracy in determining loan to value ratio.
customer’s ability to repay the loan and maintain consistency

Loan Collection and Monitoring We capture over 100 data points of a customer besides
We have set up a robust and tiered, collections management credit bureau data such as scanned collateral documents,
system with prescribed collection action at each stage of videos, photographs, etc. This data is captured and stored on
severity of default. All our borrowers register for an the cloud. Further, our tie-ups with third-party service
automated debit facility, which reduces our cash providers provide us with data such as fraud related data,
management risk, and we track the status of installments banking, vehicle ownership of customers and taxation
collected on a real time basis through a collections module. related data. This further strengthens our underwriting
We employ a structured collection process wherein we process and helps identify areas of concern to take quick and
remind our customers of their payment schedules through accurate decisions. Our proprietary machine learning
text messages and automated calls to maintain adequate customer scoring models also assists in our underwriting
balance in their account on the due date. We also use our process. Further, all our financed properties are geo-tagged
proprietary machine learning model to predict probability of and we use a machine-learning backed property price
bounce, which helps us in obtaining early signals of potential predictor. This helps us achieve higher accuracy in
bounce and initiate action such as pre-emptive reminder determining the loan-to-value ratio. The seamless
calls made by branch teams. Our collection process is integration and availability of data across platforms and
completely managed by our branch teams and a significant users enables us to process loans in a paperless manner and
portion of our employee incentives are dependent on with quick turnaround times.
collections.
We use a data lake, to store the data from all our different
Tech in sourcing: applications. This expedites data consolidation, visualization,
We use digital media and have strategic alliances with machine learning model development, and model
organisations such as Airtel payments bank, Paytm, Paisa implementation. The data lake also facilitates detailed
Bazaar, IndiaPost Payments Bank, etc. to source digital leads. analytics leading to better operational decisions.
We run digital marketing campaigns on major social media
platforms. We also run short videos to educate the customer Tech in collections:
on various facets of home buying. Our customers can reach 95% of our collections are non-cash. During the year we have
us through social media, Whatsapp, emails, etc. introduced more channels to make electronic payments. All
our borrowers register for an automated debit facility, and
Tech in loan processing: we track the status of instalments collected on a real time
We have developed a paperless process to onboard basis through a collection module in our system. We remind
customers efficiently and our well-trained front-end teams our customers of their payments and schedules by way of
appraise customers by conducting home and workplace automated calls and text messages. Further, we use AI and
visits and ensure minimal disruption to a customer’s daily ML to predict the probability of default. This provides us early
routine. The data collected by our front-end teams is warning signals and we can take appropriate action to
uploaded on the cloud-based platform. As a result of which mitigate the risks.
real time data can be accessed from any location. This also
enables us to do consistent and centralized underwriting Mobility solutions:
and facilitates quick turnaround times. We also have an We offer mobility solutions to our stakeholders – internal as
integrated customer relationship management and loan well as external. We have HomeFirst Customer Portal app for
management system set up on a leading cloud-based our customers which has features such as accessing loan
customer relationship platform providing us with a holistic statements, prepayment of loans without any prepayment
view of all our customers. charges and service requests. We also have an application
‘HomeFirst Connect’ for our channel partners and ‘HomeFirst
RM Pro’ for our relationship managers.
Tech in underwriting:

New Digital Initiatives: c. E-KYC: We have set up systems for E-KYC of customers,
including KYC verification, geo tagging of the customer and
Subsequent to the onset of the COVID-19 pandemic in India, facial matches.
we launched new processes following an even more digital
approach, as follows: d. E-Vault: E-signed loan sets will be stored in E-vault.
a. E-Verifications: Branches started conducting office and e. Biometric authentication on Customer App
home digital verifications through video calls for certain
categories of customers, with records of such calls uploaded f. Instant Soft-Approval of Loans on App – A potential
in our internal systems. customer can self-onboard on our website or mobile
application in 4 easy steps.
b. E-Sign: We have launched systems for Aadhar based E-
signature of loan documents,. We believe that over time this
will result in savings on printing, storage and transaction
costs.
Google Ratings
Customer App Connector App RM Pro App
4.2
Homefirst Customer App
As of 17 Apr’22
4.6
Homefirst Connect App
As of 17 Apr’22
4.7
Homefirst RM Pro App
As of 17 Apr’22
Tech in Risk Management efficient underwriting decisions. This helps mitigate credit
risks. The bounce predictor enables us to take early steps to
Risk management is integral to our operations – be it predict potential defaults. We also have an IT Policy in place
financial or non-financial risks. We have a risk management which sets out processes and controls to mitigate the IT risk
framework in place to identify, manage and mitigate the risks arising on account of inadequacies or failure of technical
faced across various business operations. Our risk infrastructure or IT systems which can have an adverse
management initiatives include obtaining a better impact on the availability, integrity, accessibility and security
understanding of the geographies we are based in, of the data and the IT infrastructure. We have a well-
optimising tech usage in underwriting the loans and established IT infrastructure that ensures performance
deploying initiatives for an efficient and effective collections stability and flexibility as well as IT security. The loan
system. Our customer relationship management and loan processing applications of the company are built on a
origination system is integrated with our loan management globally recognized platform with low downtime and low
system, which is set up on a leading cloud-based platform. security risk.
Tie-ups with third-party aggregators assist in taking more

GRI 102 GENERAL DISCLOSURES
Organisa on Profile
102-1 Name of the organisa on. Pg 173
102-2 Ac vi es, brands, products, and services Pg 173
102-3 Loca on of headquarters Pg 173
102-4 Loca on of opera ons Pg 06
102-5 Ownership and legal form Pg 173
102-6 Markets served Pg 06
102-7 Scale of the organisa on Pg 174
102-8 Informa on on employees and other workers Pg 57 - Pg 60
102-13 Membership of associa ons Business Responsibility Report Pg 207
Strategy and Analysis

102-14 Statement from senior decision-maker Pg 32-33
102-15 Key impacts, risks, and opportuni es Pg 91
Ethics and Integrity

102-16 Values, principles, standards, and norms of behaviour Pg 02
GRI Index
102-17 Mechanisms for advice and concerns about ethics Pg 36-43
Governance
102-18 Governance structure Pg36
102-19 Delega ng authority of economic, environmental and social topics Pg 40-42, 179
102-20 Execu ve-level responsibility for economic, Pg 179
environmental, and social topics
102-21 Consul ng stakeholders on economic, environmental, Pg 194-195
and social topics
102-22 Composi on of the highest governance body and its commi ees Pg 36-42
102-23 Chair of the highest governance body Pg 37
102-24 Nomina ng and selec ng the highest governance body Pg 40
102-25 Conflicts of interest Pg 183
102-26 Role of highest governance body in se ng purpose, Pg 40-42, 179
values, and strategy
102-27 Collec ve knowledge of highest governance body Pg 38-39
102-28 Evalua ng the highest governance body’s performance Pg 37-38
102-29 Iden fying and managing economic, environmental, Pg 48-49
and social impacts
102-30 Effec veness of risk management processes Pg 101-104
102-31 Review of economic, environmental, and social topics Pg 179
102-35 Remunera on policies h ps://homefirs ndia.com/files/Nomina on
%20and%20Remunera on%20Policy.pdf
102-36 Process for determining remunera on Pg 137-138, 145
102-37 Stakeholders’ involvement in remunera on Pg 137-138, 145
102-38 Annual total compensa on ra o Pg 57, 171
102-39 Percentage increase in annual total compensa on ra o Pg 171
75
Stakeholder Engagement
102 -40 List of stakeholder groups Pg 46-47
102-42 Iden fying and selec ng stakeholders Pg 192-194
102-43 Approach to stakeholder engagement Pg 46-47, 192-194
102 -44 Key topics and concerns raised Pg 46-47, 192-194
Iden fied Aspects and Boundaries

102-46 Defining report content and topic Boundaries Pg i
102-47 List of material topics Pg 48-49
102-50 Repor ng period Pg i
102-52 Repor ng cycle Pg i
102-53 Contact point for ques ons regarding the report Pg 173
102-54 Claims of repor ng in accordance with the GRI Standards Pg i
102-55 GRI content index This table
102-56 External assurance Pg 302
GRI-400 SOCIAL
Employment
GRI Index
401-1 New employee hires and employee turnover Pg 58-59

401-2 Benefits provied to full me employees, programs for upgrading Pg 59
employee skills
401 -3 Parental leave Pg 60
Training and Educa on
404-1 Average hours of training per year per employee Pg 57-58
404-2 Programs for upgrading employee skills and transi on assistance programs Pg 57
404-3 Percentage of employees receiving regular performance and career Pg 57
development reviews
Diversity and Equal Opportunity
405-1 Diversity of governance bodies and employees Pg 37, 57
405-2 Ra o of basic salary and remunera on of women to men Pg 57
Non-Discrimina on
406-1 Incidents of discrimina on and correc ve ac ons taken Pg 61
Local Communi es
413-1 Opera ons with local community engagement, impact assessments, Pg 62
and development programs
413-2 Opera ons with significant actual and poten al nega ve Pg 67
impacts on local communi es
Marke ng and Labelling
417-1 Requirements for product and service informa on and labeling Pg 213-214
417-2 Incidents of non-compliance concerning product and service Pg 213-214
informa on and labeling
76
Sustainable
Building Materials
Sustainable building materials are made of
recycled ingredients. AAC blocks have fly ash, a
by-product from the thermal power plants as
their primary ingredient, instead of soil that is
used by red bricks. M sand instead of river sand
is a great choice and the usage of low-energy
materials for flooring, furniture, partitions, false
ceiling, etc is picking up pace in the home
construction. Vitrified / Ceramic tiles do not
require energy for polishing, plywood /
engineered wood instead of teak wood is also
considered to be eco-friendly.
Statutory
Report
Management Discussion and Analysis
We have prepared a comprehensive overview of the India is expected to be the third largest economy (non-
housing finance space sequenced as macroeconomic PPP) in 2030 from its 6th position currently only after
view, industrial and exports revival in India, rising USA, China, Japan and Germany and United Kingdom.
middle class, digital leap frogging and housing demand India is already 3rd highest economy on PPP basis after
drivers. USA and China.
FY22 Macroeconomic Overview Exhibit: Indian & other major economies ranking
Economy Back to Growth, Business As Usual (CY20).
It is a big relief to see world economy getting back on
Turkey 0.7 CY20 GDP USD Tn
growth. India started seeing economic revival in Indonesia 1.1
Q3FY21 and FY22 is certainly a turnaround year. Mexico 1.1
Countries have adapted to Covid and consequently Spain 1.3
Australia 1.3
economies have opened up. This is due to higher
Brazil 1.4
inoculation of populations with vaccines. Environment Russia 1.5
is very positive. South Korea 1.6
Canada 1.6
Italy 1.9
According to IMF's World Economic Outlook (Apr'22), France 2.6
the world economy is projected to grow by 3.6% each in India 2.7
2022 and 2023 from a growth of 6.1% in 2021 and UK 2.8
Germany 3.8
normalize in the range of 3.3%-3.4% over the medium Japan 5.1
term. India is the third largest economy on PPP basis as India (in 2030)
per World Bank and is projected to fare better than China 14.7
peers with an impressive estimated growth of 8.2% in USA 21.0
2022 and 6.9% in 2023. As per various leading research

institutions, Indian economy has the potential to 1.4 CY20 GDP USD Tn (PPP Basis)
Australia
deliver the highest GDP CAGR globally in the medium Canada 1.8
term amongst large economies, driven by various Spain 1.8
Turkey 2.3
structural policy measures taken by the Indian South Korea 2.3
government. Mexico 2.4
Italy 2.5
UK 3.1
Exhibit: Indian Economy GDP growth & Global GDP Brazil 3.2
growth France 3.2
Indonesia 3.3
Russia 4.4
Germany 4.6
Japan 5.3
India vs Global Real GDP Growth (%) India 9.0
USA 21.0
China 24.3
8.9 India World
8.2 Source: World Bank
6.9 7.0 7.0
6.5
6.1 6.2 Indian economy's three major pillars are expected to
witness growth in FY22; with Industry sector growing
3.6 3.6 3.4 3.4 3.3 3.3 the highest at 10.3% vs decline of 3.3% in FY21.
However, services sector growth has also been robust
at 8.8% despite it higher share in GDP.
CY’21 CY’22 CY’23 CY’24 CY’25 CY’26 CY’27
Source: IMF, World Economic Outlook, Apr'22

Exhibit: Indian Economy contribution by 3 Exhibit: Foreign Direct Investments received by

major sectors. India (USD Mn).
81,973
Sector-wise growth of Indian Economy (in %) 74,391
Agriculture Industry Services

10.3 62,001
9.6 8.8 60,220 60,974 60,339
9.0 8.6
7.7 8.1 7.1 55,559
7.0 6.9 7.0 6.8 6.6
5.6 5.9 6.2 5.3 5.5 5.7
3.3 3.8 3.3 3.3

2.1 46,556 45,148
1.5 0.6
-0.2
-1.4 36,046
34,847 34,298
Source: RBI -3.3
34%
25% 23%
20%
-7.8
8% 10%
FY’13 FY’ 14 FY’15 FY’16 FY’17 FY’18 FY’19 FY’20 FY’21 FY’22E 5%
1% 2%
-8%
GVA Composition of Indian Economy (in %) -26%
Agriculture Industry Services

FY’11 FY’12 FY’13 FY’14 FY’15 FY’16 FY’17 FY’18 FY’19 FY’20 FY’21 9MFY’22
Source: Department for promotion of industry and internal trade. Note that
FY22 is for 9 Months
Indian economy will benefit from structural positives

59% 60% 60% 58% 58%
61% 61% 61% 66% 67%
62% like i.e. transition to higher urbanization, higher
Source: RBI
discretionary spending, government push on

transparency through digitization (for eg: Faceless Tax
Assessment, FASTag, digitalization of land records,
22% 22% 22% 22% 24% 24% 28% 27% 22% etc) and government push for reforms in various
18% 17%
sectors are expected to continue to drive GDP growth
19% 18% 18% 17% 15% 15% 14% 16% 16% 15% 16% in medium to long term. India's medium-term growth
is supported by demand-side stimulus provided by
FY’12 FY’13 FY’14 FY’15 FY’16 FY’17 FY’18 FY’19 FY’20 FY’21 FY’22E the current fiscal budget promoting an uptick in
public investment with main focus on Infrastructure
India has always been a preferred economy within
investments.
emerging markets when it comes to long-term
investments by foreign investors. During FY21, India
Post Covid Wave 2, GST collections have been strong
received USD 82bn of investments which is also the
with a monthly run-rate of 1.4 Tn. It reached an all-
highest India has ever received. This is again due to long-
time high of 1.41 Tn in the month of Jan'22. It is
term prospects of the economy, stable government and
expected that GST collections will remain robust on
its structural policies for a reliable business operation,
the back of strong recovery and government reforms
growing middle class population with higher share of
like PLI, etc that have given a boost to the
working-age population.
manufacturing sector. FY22 saw an average of 1.24
Tn monthly collection.

IIP Index (6m average) benefitted metal and cement players by repairing their
balance sheets, rising merchandise exports, supply
chain diversification, healthy balance sheets and global
135
134
134
133
132
131
130
129
129
128
129
129
126
126
liquidity. Government capex has a higher multiplier
126
124
123
121
118
115
111
effect of 3.25x on economic output. It also has a 'crowd

107
102
103
101
in ' eff e c t o n p r i va t e i n ves tm e n t , i n d u c in g a
disproportionate increase in investments in the
economy.
Since its introduction in March 2020, PLI has been

Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Feb-22
Mar-22
Jan-22
announced for 15 sectors, involving government

Source: MOSPI incentives to the tune ₹ 1.93 Tn. Of this, 50-60% is to be
spent on sectors with domestic manufacturing and
export focus, and the rest on import localisation. As per
GST Collection (₹Bn) research reports, of the ₹ 2.5-3 Tn potential spend
under the scheme, 60% is already approved by the
government and major spending set to occur over
GST Collection of Avg ₹1,236 Bn indicating revival
of economy fiscals 2023-2026. PLI schemes will account for up to
FY21 FY22
13-15% capex in key sectors and incremental revenue
of ₹30-35 Tn over the scheme period. The approved
1,410
1,421
1,397
capex for PLI schemes is in 10 sectors. While capex in

1,330
1,315
1,298
1,301
1,239
1,199
1,170
1,164
mobile, pharma and telecom has already kicked off,

1,152
1,131
1,120
1,052
1,050
that in capital-intensive sectors such as automobile

978
955
928
909
864
874
and solar photovoltaics, which form 70% of the

committed investment, will kick off from April 2022.
625
The key changes brought upon by the PLI scheme are in

322
terms of bringing integration across supply chains,

reducing import dependencies, and propelling
exports.
Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar
Source: GST Council other sources

PLI scheme is particularly attractive for mobile phones,
electronic components, telecom equipment, and IT
Industrial Capex expected to get a boost from Private hardware, which have high dependence on imports
across value chains and relatively lower domestic base.
capex & PLI Scheme's positive Impact
The rate of incentives offered under the PLI scheme are
Industrial capex is expected to pick up, driven by
measured as a percentage of incremental sales over
conducive government support through policy measures
the 5-7-year scheme period and vary from 4-6% for
such as the Production-Linked Incentive (PLI) scheme,
mobiles and white goods and 5-20% for active pharma
reduced tax rates, accommodative monetary policies,
ingredients to 8-18% for autos and auto-components.
lower interest rates, commodity upcycle which has

The scheme has received interest from over 900 players While global trade growth may revert to its usual trend
across sectors, of which ~350 have got approval so far. Of line next year, India can strategize to acquire a greater
the approvals, 20% have been received by global share of global exports by building manufacturing
multinationals and the rest by domestic players. Also, capacity for its existing product base as well as looking
50% of the bidders are large in terms of revenue, while the at emerging products. The recent production linked
rest are medium and small players. schemes in some of these sectors would go a long way
in raising manufacturing investments and production.
As per recent comment from Chief Economic Advisor of
India, bank credit is beginning to pick up especially in Aside from the supply-chain integration benefits of PLI,
MSME sector and by 2HFY23, capital expenditure in the it will also aid exports. Of the 15 sectors, nine show an
private sector will pick-up. RBI survey has shown a jump in
export potential of ₹11 Tn, ranging from 20-80% of the
capacity utilisation by the industry to 72.4% and the top
incremental revenue generated.
four firms in several sectors are already operating at over
80%. This also highlights the pick-up in economic activity India Merchandise Exports (USD Bn)
in India.
USD Bn
Yoy%
418
43.2%
High Share of Indian Exports in our Focused States 37.5%
330 313
304 301 314 310 304 292
262 276
In FY22, India has delivered its highest ever merchandise 246
23.5%
export figure of USD 418 bn and overall exports 179
10.0%8.7%
(merchandise + services) also reached an all-time high of 4.6%
5.2%
USD 670bn. Services sector touched USD 250 bn for the -5.1%
-1.3%
-1.0%
first time (all-time high) despite Covid disruption in -15.5% -6.9%
sectors like tourism, aviation and hospitality. In FY22,
FY’10 FY’11 FY’12 FY’13 FY’14 FY’15 FY’16 FY’17 FY’18 FY’19 FY’20 FY’21 FY’22
India has seen a significant jump in the growth of non-oil,
Source: Ministry of Commerce & Industry https://commerce. gov.in/
non-gems & jewellery exports at about 34%. This has
trade-statistics/
raised the confidence of entrepreneurs regarding India's
global competitiveness. As per CII, India is poised to target
HomeFirst focused states amongst top States in
$1 Tn of merchandise exports and a similar level for
Exports: Our 6 States of focused presence are the
services exports by 2030. Electronics, Machinery,
leading states in terms of exports. Gujarat is the
vehicles, pharmaceuticals and plastic products are top
highest exporter and also our largest state in terms of
five categories that have the potential to contribute the
presence. On the basis of FY22 (10 months data), we
most to the $1 Tn target. India has demonstrated
have presence in 8 out of top 10 exporting states in
effectively that it is fully capable of meeting global
India. Also, we have strong presence in top 4 export
demand, adhering to international quality standards and
states in India i.e. Gujarat, Maharashtra, Tamil Nadu
ramping up capacity with flexibility within a short time
and Karnataka.
period.

Exports of 6 Specific States
₹ Bn
7,520
30.9%
29.7%
4,500
4,596
4,483
4,436
4,317
10MFY22
2,127
2,121
2.7%
1,933
1,524
1,247
1,203
1,179
1,121
1,048
4.8% 17.5%
645
672
522
6%
Gujarat Maharashtra Tamil Karnataka Andhra Telangana
Nadu Pradesh 8.4%
FY20 FY21 10MFY22 Gujarat Maharashtra Tamil Nadu Karnataka Andhra Pradesh
Telangana Others
Rising Middle Class – Secular Opportunity for favourable trends in urbanisation, show that a massive
Housing Finance shift towards a middle-class society is already in the
making in India. As per a recent CII report “Harnessing
Most examples of rapid & sustained economic growth India’s Demographic Dividend for Boosting Growth”, a
coincide with the development and expansion of the whopping 24.3% of the incremental global workforce
middle class. Once the size of the middle class passes a over the next decade will come from India and this
threshold size, a virtuous cycle is initiated. A bigger golden period between 2020-50 is when the country’s
middle class spends more, saves and invests more, working age population will bulge and will be an
leading to higher business activity and profits. The important enabler for economic growth. Income
evolution of middle class is also correlated with rapid growth will transform India to a truly middle-income
urbanization. Empirical evidence, based on India’s country, with consumer spending growing from $1.5 Tn
household surveys, changing demographics and to nearly $6 Tn by 2030.
Exhibit: India will have more middle class people than any other country. India's middle-class growth is
predicted to accelerate. From 2027 India's population is set to overtake China's and the middle class will
overtake that of the United States, Europe and China.
The Global Middle-class Wave
100%
Global middle-class consumption will shift
heavily toward China, India and other Asian
Percentage Share Of Global
Middle-class Consumption
75 countries (excluding Japan) as the high-income

countries see their share decrease.
50
China India Other Asian
India Japan United States Eu

25
Other
0
2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050
Source: World Economic Forum

India is currently the third-largest middle-class market, In aggregate, China and India will represent roughly
after China and the United States, and is expected to be two-thirds of the global middle-class population and
the largest in another decade. India would soon have a 59% of middle-class consumption that is expected to
middle class that is as large as that of the US total $64 Tn by 2030. Middle-class spending in 2015 was
population. Compared to China, India’s middle class is roughly $35 Tn, and was concentrated in the U.S. and
more dynamic since it is expected to have a growth rate Europe. As per experts, by 2030, the middle-class in
of 8.5% until 2030. According to World Bank, by 2030, India and China together will be spending more than
over 70% of China’s population could be middle class, the combined middle-class spending in Europe and the
but India could be the world’s largest middle class US in 2015.
consumer market, surpassing both China and the
U.S. with its sheer size.
Exhibit: With increasing share of middle-class households, the pyramid structure today will turn in to a
diamond in 2030.
Evolution of the household-income profile in India
High Income &

Households 219M 293M 386M Upper Middle
Income Segment
High 1M (1%) High 8M (3%) High 29M (7%)
1 in 4
Uppermid Uppermid Uppermid households
61M (21%) 168M (44%)
16M (7%) today
1 in 2
Lower mid households
51M (23%) Lower mid Lower mid
by 2030
97M (33%) 132M (34%)
~70M fewer
Low 151M
low income
Low 127M Low 57M (15%)
(69%) households by
(43%)
2030
2005 2018 2030 forecast

Source: World Economic Forum
Household income per annum classification as per report: Low < $4k (< ₹ 2.5 lakhs), Lower-middle- $4k – 8.5k ( ₹ 2.5 – 5.5 lakhs),
Upper-middle- $8.5k – 40k ( ₹ 5.5 – 27.5 lakhs), High: >$40k (> ₹ 27.5 lakhs). Poverty line at <$2 (< ₹ 125) per day per person
Digitisation Momentum Continues to Benefit believe this will drive speed and scalability for the
Economy company. Banks and non-banking financial companies
are now more focused on providing integrated
We believe that companies with better technology solutions. Digital payments have evolved from being
capabilities backed by talented workforce and strong viewed as a cost centre for banks to a revenue centre
leadership will witness superior performance in the and a key lever for customer acquisition. As per various
new world. There is an increased willingness of research reports, India is poised to have 1 bn
customers to avail financial services through digital smartphone users by 2025, propelled by 5G
channels. This has also helped in penetrating new implementation. This will support operations of tech
regions. We have been proponents of technology focused companies like HomeFirst. Focus on
usage almost since the inception of the company as we technology has been a matter of habit for us.

Exhibit: Digital Payments are expected to grow to ₹ 385 Tn in FY26 from 42 Tn in FY20, delivering 45%
CAGR over the period.
High growth expected in Indian Digital Payments
385
FY20 FY21 FY22 FY23 FY24 FY25 FY26
302
214 228
165 162
123 110
87
63 60
35 42
25
Volume in Bn Value ₹ Tn
Source: PWC Report Mar'22
UPI payment method has transformed Digital digital channels by India population. The quantum of
Payments in India. Within the past half decade, UPI digital transactions in India is highest globally and even
adoption has increased multi-fold. In the month of crossed China. As per PWC, UPI based transactions are
Feb'22 & Mar'22, UPI transactions crossed ₹ 8 Tn each expected to show 30% value growth between FY22 and
(USD 105 Bn), which solidifies the quick adoption of FY26 and touch ₹ 327 Tn from ₹ 85 Tn respectively.
Exhibit: Strong growth on UPI Payment Method
UPI - Key to Payment Digitalisation in India UPI expected to deliver 30% CAGR
(FY 22-26) in value terms
₹ Tn FY’19 FY’20 FY’21 FY’22 327

9.00 350
FY’23 FY’24 FY’25 FY’26
No of banks live on UPI platform
8.00 300 255

7.00
250
6.00
5.00 200 188
4.00 150
131
3.00
100
2.00 85
50
1.00
41
0.00 0
9 21
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
UPI value ₹ Tn
Source: NPCI's Retail Payments Statistics on NPCI Platforms https://www.npci.org.in/
statistics and PWC Report Mar'22

Bharat Bill Pay System (BBPS) is also widely used mode deliver 30% growth by FY26 touching ₹ 4,701 Bn in
of payments in India. Electricity bill payment value terms. This is almost 4x from today's level. These
contributes 57% of the total, whereas loan repayments disruptions in digital payment have immensely
contributes 21% of the total. The role of Fintech's benefited HomeFirst and with further digitalisation, the
focused on digital payment has been very important in efficiency and timely execution will be the key moat in
achieving the growth seen in BBPS mode. BBPS has businesses going forward in a hyper-competitive
grown from ₹ 91 Bn to around ₹ 430 Bn just between world.
two years FY20 and FY22 and is further expected to
Exhibit: BBPS also helping loan collection mechanism with 21% share of loan repayments in FY22E as per
PWC report
12%
BBPS expected to deliver 30% CAGR
(FY22-26) in Value terms 4,701
3,250
21%
58%
2,241
1,372
1,230
9% 430
91 217
BBPS ₹ Bn
Electricity FASTag recharge Loan Repayment Others FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 FY’26 FY’27
Source: PWC Report Mar'22
The hyper-growth in digital payments in the past and Exhibit: India's Smartphone Penetration Trend
expectation from future would not have been possible and Forecast
without increasing smartphone penetration and low
data cost in India. As per research report, by the year India Smartphone Penetration
CY’25, India will see about 60% penetration of
# of Smartphones (Mn)
smartphone or about 860 mn smartphones being % Penetration 60%
actively used. Also, with 5G telecom auction in the near
860
future, smartphone adoption will be faster and 40%
38%
inevitable with affordable phones. 35%
30% 600
21% 480 500
380
300
CY’16 CY’17 CY’19 CY’20 CY’21E CY’25E
Source: Research Reports

Indian Housing Demand Scenario & Housing As per the above table, the total opportunity in
Finance Opportunity affordable housing segment is around USD 146bn or
₹11Tn between 2019-30. This implies immense
potential for the housing finance market.
India's real estate sector, which is a $200 Bn market
currently, has come out of the disruptions caused by
The Indian housing finance market grew at ~16% CAGR
the Covid and is on the path to become a $1 Tn industry
over FY15-21 owing to rise in disposable income,
by 2030. With growing urbanisation, nuclearization,
healthy demand, government impetus on housing and
increasing working population coupled with increasing
more market players catering to different segments. It
per capita income, demand for housing will see a rise.
is estimated to grow in the range of 8-10% CAGR. HFCs
As per a report by Knight Frank, there will be a housing
accounted for 41% share of the total home loan
gap for about 97 mn households by 2030, up from
outstanding amount as of Sep’21. The growth of HFCs is
70mn households in 2019. These numbers are very
faster on account of deeper reach, focused approach,
close to that in the RBI document published in 2019.
and expertise in this segment.
Housing Gap @ 2019 (in Mn) No of Households

Type EWS LIG Total
As per credit bureau, the overall affordable housing
Rural India 45 15 60 outstanding credit growth grew at a CAGR of ~10%
Urban India 8 2 10
during FY15-21. The major growth drivers being
Total 53 17 70
increase in penetration of financiers in rural and semi-
New Households in 2019-30 period (in Mn)
Type EWS LIG Total urban areas, favourable demographics, government
Rural India 1 0 1 push to promote “Housing for All”, and improved
Urban India 22 4 26
Total 23 4 27
affordability of borrowers. The affordable housing
market outstanding is ~ ₹9.2 Tn as on FY21 and as per
Total Household gap in India (2019-30) (in Mn)
Type EWS LIG Total various research, it is projected to grow by at least 9-
Rural India 46 15 61 10% CAGR in the medium term to touch ~ ₹22 Tn by
Urban India 30 6 36
Total 76 21 97
FY30. In volume terms, affordable housing loans
comprises majority of overall housing loan volumes.
Average Size of Home Loan (in ₹ Mn)
Type EWS LIG
Rural India 0.08 0.15
Urban India 0.12 0.25
Size of Housing Finance Market (2019-30) (in ₹ Tn)

Type EWS LIG Total
Rural India 3.7 2.2 5.9 Mortgage to GDP Ratio is rising every year though
Urban India 3.6 1.6 5.2 India is still behind many countries in mortgage
Total ( ₹ Tn) 7.3 3.7 11.1
Total (USD Bn) 96.46 49.26 145.73
penetration ratio.
Source: Knight Frank's report titled “State of the Affordable Mortgage to GDP Ratio - India
Housing Sector in India”.
Mortgage to GDP ratio (%), 2004 - 2022E
11.7
10.9
9.6 10.2
8.7 9.1
7.9 7.9 8.0 8.4
7.5 7.1 7.4 7.7
6.5 6.9 6.7 6.9
5.3
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E
Source: CSO, RBI

2018 Mortgage to GDP ratio - Country Comparison 88
67
Mortgage to GDP ratio (%)
56
52
45
38 40
34
31
18 20
India China Thailand Korea Malaysia Taiwan Germany Hongkong Singapore USA UK Denmark
Source: European Mortgage Federation, Hofinet, RBI
Strong Momentum in Housing Sale Deed The heightened activity in property registrations is
Registration in FY22 expected to surpass all-time high revenue of ₹ 5,878
Crs of FY18.
Indian Housing Sector has seen a strong inventory
absorption in the past 18 months supported by pent- The major growth drivers supporting higher
up demand, improved affordability, all-time low home mortgage penetration are:
loan interest rates, and certain state incentives etc. For
Example, Maharashtra, within the first 11 months of Apart from the positives highlighted on domestic
FY22 has earned ₹ 5,671 Crs from property regist- economy, there are some specific drivers of housing
rations; 63% per cent higher than ₹ 3,474 Crs in FY21. sector growth positively impacting financing business.
Government
Urbanization
initiatives
Changing dynamics Housing Loan Rising Population and

of housing Demand Nuclearisation
Growth Drivers
Improved Favorable
Affordability Demographics

1. Increasing Population: The pace of rising Exhibit: 76% of the total urban housing shortage is
population will propel India to the most populated contributed by 10 states. We have presence in 8 of them.
country by 2050. India is currently the second most
populated country in the world after China. India's Housing Shortage by State
population currently stands at 138 Crs which is
expected to rise to 155 Crs by 2035 and 164 Crs by 3.1 ~ 76% of the total urban housing in Mn
2050. This is one of the key driver to rising housing shortage is contributed by 10 states
demand potential in the country. 1.9
1.3 1.3 1.3 1.2

2. Covid led to change in house ownership 1.2 1.1 1.0
1.0
dynamics: As per various surveys, reverse 0.6 0.5 0.5

0.42 0.4 0.4 0.4
0.3 0.2
0.2
migration has further supported an increase in
UP MH WB AP TN BR RJ MP KA GJ JH KL DL HR OR PB CG AS NL UK
housing demand in tier II/III cities. This is validated
Source: Report of the Technical Urban Group on Urban Housing Shortage (TG-12)
by the strong recovery seen in Real Estate sector in
FY22. Also, as per experts, the demand dynamics
4. Urbanization: According to Census 2011,
of the Indian real estate have undergone a change
Urbanisation in India rose from 28% in 2001 to
during pandemic. Buyers are demanding homes
around 31% by 2011. Currently it is around 36% as
which offer more liveable space. The residential
per World Bank. Urban population is expected to
property now doubles up as an office corner,
cross Rural population in the year 2045 and to
virtual workouts as well as a place for online
reach 53% by 2050 as per United Nations report on
schooling.
World Urbanization Prospects 2018 Revision.
Higher urbanisation is expected to boost demand
3. Initiatives to boost housing ownership by
for housing in urban areas. It is estimated that
government: Initiatives such as Income tax
around 70-75% of India's GDP will be contributed
deductions along with various regulatory
by Urban centres by 2030.
measures to boost liquidity and demand for
housing have been instrumental in boosting the
housing demand in the past. We expect that these (Source: https://population.un.org/wup/Country-Profiles/)
will continue going forward as well given that

housing ownership in India is low as compared to
other countries.
Exhibit: Home Ownership in major countries
Home Ownership Comparison Between Major Countries (%)
100
90
80
70
60
50
40
Poland
New Zealand
Russia
Canada
Australia
United Kingdom
Sweden
Japan
South Korea
India
Singapore
France
United States
Hong Kong
Denmark
Norway
Italy
Germany
Source: https://tradingeconomics.com/country-list/home-ownership-rate and Knight Frank

80
Urbanisation in India and China
% India Urbanised
% China Urbanised 64 53
36
1971
2001
2031
1953
1983
2013
2043
1965
1995
2025
1959
1962
1989
1992
2019
2022
2049
1950
1968
1998
2028
1977
1980
2007
2010
2037
2040
1956
1986
2016
2046
1974
2004
2034
Source: United Nations
5. Strong relation between rising Per-capita mortgage to GDP seen in the USA from 1946 to
income & mortgage penetration: As per IMF 2000. In 1946, per capital income in the USA was at
estimates, India's per capita income (at constant similar levels as where India is at now (~$2000 non-
prices) is expected to grow at 7.8% CAGR from FY20 PPP adjusted). As incomes rose from $2000 to
to FY25 rising from USD 1877 in 2020 to USD 2729 $5000 (between 1946 to 1973), mortgage
by FY25. The per capita income is expected to grow penetration has increased from 12% to 30%. If
along with improvement in GDP growth. As per adjusted for PPP, India is at similar levels to where
ADB, higher per capita income leads to higher USA was in 1973. Incomes in the USA have
discretionary income which will lead to higher increased from $6000 to $35,000 over 1973 to
spending including buying of larger housing space. 2000 and mortgage to GDP has moved from 35% to
This can be corroborated with the trend of 52% in the same period.
China shows a similar co-relation. The mortgage to

GDP ratio of China has grown from 12% in 2008 to
USA - Per Capital Income vs Mortgage Penetration as % of GDP
34% in 2021. The per capita income of the country
Per Capital Income in USD (LHS) has increased from USD 7,600 to USD 17,700
40 57.0%
Mortgage Penetration (RHS) during the same period. India has started a similar
52.0%
35
journey with mortgage penetration in the country
47.0%
30 increasing from 7.9% in 2008 to 11.0% in 2021 that
42.0%
is correlated to the increase in per capita income of
Thousands
25 37.0%
the country from USD 3,700 in 2008 (PPP) to USD
20 32.0%
7,300 in 2021 and set to enter a period of sharp
27.0%
15 growth.
22.0%
10
17.0%
5 12.0%
46 48 50 952 954 956 958 960 962 964 966 968 970 972 974 976 978 980 982 984 986 988 990 992 994 996 998 000
19 19 19 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2
Source: World Bank & US Federal Bank

India vs China: Mortage to GDP & Per Capita Income Trend (In USD PPP Adjusted)
China GDP per capita (in USD ‘000) India GDP per capita (in USD ‘000)
17.7
17.2
16.8
China Mortage to GDP % India Mortgage to GDP%
15.6 33.5%
32.0%
14.3
13.6 29.9% 30.5%
13.0
12.5 27.9%
11.9
11.2
10.3 23.0%
9.3
8.3
7.6 18.0%
7.3
16.4% 7.0
6.7 6.5
15.3% 6.2
14.3% 13.9% 13.9% 5.8
5.2 5.5
4.9 5.1
12.0% 12.1% 4.5
4.2 11.0%
7.9% 3.9 10.0%
9.1% 9.4%
8.4% 8.7%
3.7 7.4% 7.7% 8.0%
6.9% 6.7% 6.9% 7.1%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: World Bank and Other Sources
6. Nuclear Families Led Consumption: Reducing 7. Working Population led Economic growth: As
average household size driven by changing per Economic Survey FY19, working age
lifestyle of people, changing social culture, and population will grow by 9.7 million per year during
increased mobility of labour is expected to FY21-31 and 4.2 million per year during FY31-41.
continue in future. The average household size has Favourable demographics coupled with declining
reduced from 5.5 persons in 1991 to 4.8 persons in age of home loan borrowers, growth in salaries/
2011 as per Census 2011. Nuclearization is also incomes and increasing preference to accumulate
expected to drive housing demand. assets is also expected to boost mortgage
penetration in India.

8. Stable Housing Prices driving affordability: 2017. With lower price levels of houses and lower
As per RBI statistics, the affordability of housing is interest rates, the housing demand is expected to
at its highest and as shown in the chart below, the be strong.
housing price rise has slowed down since mid of
RBI House Price Index
HPI 4 Qtr Avg. Increase
294
287
285
286
285
281
278
275
279
278
274
271
268
267
5.4%
265
258
258
252
251
242
240
235
231
222
219
218
215
212
202
193
188
181
173
169
162
161
157
147
143
134
126
119
116
107
99
100
94
0.8%
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Source: RBI

Our Performance Overview
Strong expansion momentum in a Low mortgage penetration in India–huge

contiguous manner driving deeper potential
penetration in core markets
Demographic factors such as urbanisation,
Omni channel distribution strategy with nuclearization and population growth
growing digital channel contribution
Government initiatives to boost
Digital initiatives driving scalability affordable housing
Strong collection process and culture
Data science backed underwriting
Strengths
S O Opportunities
Relatively smaller asset base and

lesser known brand in the market
W T Any industry or economic situations
Competition from Fintechs
Uncertain economic and political

environment
Weakness Threats
During the year, HomeFirst has maintained its growth y-o-y in our AUM and 85.2% y-o-y growth in our
momentum despite being a pandemic disrupted year. disbursements. Compared to pre-covid year FY20,
We continued with our focus on growth, liquidity, disbursements grew by 25.5%. The robust growth was
collections and increased use of technology across the supported by deeper penetration in our core markets
business operations. We registered growth of 29.9% and widened distribution coverage. We also exhibited

resilience in collections despite tough conditions Assets under Management

during the year. We demonstrated prudence in
collection practices such as low percentage of During the year, our Assets Under Management grew
restructuring (0.7%) and no loans under ECGLS by 29.9% from ₹4,141 Crs as at Mar'21 to ₹5,380 Crs as
program for our customers. The dual focus on growth at Mar'22. We crossed a major milestone of ₹5,000 Crs
and collections helped us maintain our asset quality. AUM book during this current fiscal. Our 5 year CAGR
Our Gross Stage 3 (GNPA) stands at 2.3% in line with RBI (Mar'17- Mar'22) stands strong at 44.7%. Our book is
circular dated 12 Nov 2021. Prior to such classification, growing in a granular and calibrated manner keeping
it stands at 1.3% (Mar’21: 1.8%). We shall deep dive into our asset quality in check.
performance of various business parameters.
Assets Under Management ( ₹ Crs)
Last 4 Years Last 4 Quarters

5,380 4,994 5,380
4,294 4,617
4,141
3,618
2,444
FY’19 FY’20 FY’21 FY’22 Jun’21 Sep’21 Dec’21 Mar’22
Our growth stems from our pan India contiguous Karnataka. Together they comprise of 83.1% of our
distribution strategy. Starting with 60 districts at the total AUM. We intend to penetrate deeper into these
beginning of the year, we now have presence in 98 large housing finance markets, increase our presence
districts. Our States of focus are Gujarat, Maharashtra, and thereby capture higher market share.
Tamil Nadu, Telangana, Andhra Pradesh and
States/Territories Number of Percentage of gross loan assets as on
Branches Districts FY22 FY21 FY20 FY19

Gujarat 21 22 36.0% 38.2% 39.7% 40.8%
Maharashtra 17 16 16.1% 19.2% 21.7% 28.4%
T amil Nadu 12 18 12.2% 11.1% 9.9% 8.5%
Karnataka 4 5 8.1% 9.1% 9.0% 8.2%
Rajasthan 7 5 5.7% 5.5% 5.0% 3.8%
T elangana 5 5 7.5% 5.5% 4.9% 3.2%
Madhya Pradesh 5 6 4.9% 4.4% 3.9% 2.6%
Uttar Pradesh &
1 8 3.9% 2.9% 2.6% 2.0%
Uttarakhand
Haryana & NCR 1 2 0.9% 1.0% 1.1% 1.3%
Chhattisgarh 1 4 1.5% 1.2% 0.9% 0.8%
Andhra Pradesh 6 7 3.2% 1.9% 1.3% 0.4%
Total 80 98 100.0% 100.0% 100.0% 100.0%

Geographic Presence Disbursements

As of Mar'22, HomeFirst has presence in 98 districts FY22 saw strong rebound of business and quarterly
spreading over 13 states/UT. We have 80 physical highs for disbursements. We ended the year with
branches, presence at 63 new branch locations and 57 ₹2,031 Crs of disbursements – clocking a y-o-y growth
digital branches – taking our total touch points to 200. of 85.2%. Compared to pre-covid year FY20,
disbursements grew by 25.5%.
For our presence across India, please refer to
Geographic Presence on page no. 06.
Disbursement ( ₹ Crs)
2,031
1,573 1,618 641
515 570
1,097
305
Product Metrics Considering the AUM mix by occupation, salaried

The Company continues to have strong focus on home customers forms majority of our portfolio amounting
loans. These comprise of 91% of our total portfolio. The to 72% of our total book. Our emphasis has been
high concentration of home loans improves the quality towards salaried customers as they tend to show more
of the portfolio. Further the average ticket size of home resilience from a credit quality perspective. Further,
loan is ₹10.5 lakhs. majority of our customers are first time home buyers.
AUM by Product

Since majority of our customers are first time home AUM by Occupation
buyers, we have a fair share of new to credit customers,
comprising 26% of our AUM. Further, the average CIBIL
score for our customers who have bureau scores stands
at 737.
AUM by Credit History
Our book is very granular with ~89% of our book

comprised of loans provided for ticket size ranging
between ₹ 5 lakhs to 25 lakhs.
AUM by Ticket Size
We manage our risk, by controlling our exposure to

under-construction properties. Currently, only
11% of our book is exposed to under-construction
properties. Our LTV at the time of sanction stands
at 57.2%

Credit Underwriting Process

We have a strong underwriting process which
incorporates the best of local knowledge of the
customer and the property combined with centralized
intervention in the form of digital data validation and
machine learning models. The data validation and
analytics help achieve consistent, accurate and cost-
effective outcomes. Detailed steps in underwriting
process and the technological initiatives undertaken by
the company across processes and operations is
detailed in the Intellectual Capital Chapter on page no.
72.
Asset Quality: Healthy Leading Indicators
Bounce rate : on the day of EMI presentation
COVID
COVID WAVE - 1
WAVE - 2
36.4%
28.3%
20.1%
17.3% 18.3%
16.5% 15.7% 14.5%
11.7% 10.8% 10.9% 10.5%
10.2% 9.2% 9.5% 10.0%
Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22

Our bounce rates which were impacted due to covid efficiency has improved and closed the year with 99.4%
have been continuously improving every quarter. It is in Mar'22.
moving closer to pre-covid numbers. Also, collection
Collection Efficiency in % Collection efficiency trending

back to normal levels
98.5 96.9
94.7 94.3 94.0 93.3 97.6 95.0 97.2 95.5 98.5 96.3 98.0 96.3 97.9 96.4 97.4 96.0 99.1 96.9 98.0 96.6 99.4 96.9 99.4 97.2
Mar'21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22
Note: (1) Collection Efficiency = Total # of EMIs received in the month (including arrears of previous months) / Total # of loan accounts whose EMIs are due
in the month (2) Unique customers = # of customers who made at least one payment in the month / Total # of Customers whose EMIs' are due in the
month
During the year, pursuant to the RBI circular dated 12 of loans amounting to ₹44.41 Crs as non-performing
Nov 2021 - "Prudential norms on Income Recognition, assets (Stage 3) as at Mar'22 in accordance with
Asset Classification and Provisioning (IRACP) pertaining regulatory requirements. Our Gross Stage 3 (GNPA)
to Advances - Clarifications'', the Company has aligned stands at 2.3% in line with RBI circular dated 12 Nov
its definition of default and taken steps to comply with 2021. Prior to such classification, it stands at 1.3%
the norms/ changes for regulatory reporting, as (Mar'21: 1.8%). Our Stage 3 Provision Coverage Ratio
applicable. Such alignment has resulted in classification stands at 47.1% (83.6% pre-RBI circular) as at Mar'22
compared to 74.4% as at Mar'21.
Gross Stage 3 / POS (GNPA) % Net Stage 3 / Net POS (NNPA) %
Mar'19 0.8% Mar'19 0.6%
Mar'20 1.0% Mar'20 0.8%
Mar'21 1.8% Mar'21 1.2%
Mar'22 1.3% 1.0% 2.3% Mar'22 0.9% 0.9% 1.8%
Jun'21 1.9% Jun'21 1.4%
Sep'21 1.7% Sep'21 1.2%
Dec'21 1.7% 0.9% 2.6% Dec'21 1.3% 0.7% 2.0%
Mar'22 1.3% 1.0% 2.3% Mar'22 0.9% 0.9% 1.8%
Re-classification due to RBI circular

Our Financial Performance

Particulars ( ₹ Crs) FY22 FY21 Y oY %
Interest Income on term loans 477.04 406.13 17.5%
Net gain on DA 67.83 43.94 54.4%
Non-interest income 50.82 39.10 30.0%
T otal Income 595.70 489.16 21.8%
Interest on borrowings and commercial papers 214.82 216.58 0.8%-
Net Interest Income 262.23 189.55 38.3%
Net T otal Income 380.89 272.58 39.7%
Operating Expenses 129.57 106.38 21.8%
Credit Cost 25.02 32.15 22.2%-
Profit before tax 226.30 134.04 68.8%
Tax expense 52.21 33.90 54.0%
One-time adjustment (12.01) -
Profit after tax after exceptional item 186.10 100.14 85.8%
Adjusted PAT 174.08 100.14 73.8%
Basic EPS 21.26 12.37
Diluted EPS 20.85 12.18
Key Financial Ratios

Particulars ( ₹ Crs) FY22 FY21 Variance
Profit after tax on average total assets (ROA) 3.6%^ 2.5% +110 bps
Leverage (Average total assets/average Equity or average Net-
3.3 3.5
worth)
Profit after tax on average equity or average Net-worth (ROE) 11.8%^ 8.7% +410 bps
Cost to Income Ratio (Operating Expenses / Net Total Income) 34.0% 39.0% -500 bps
Operating Expenses / Average total assets 2.7% 2.7%
Debt to equity ratio 2.2 2.2
Âdjusted RoA at 3.6% and Adjusted RoE at 11.8% computed considering Adjusted PAT for FY22 without the positive impact of one-time deferred tax
liability adjustment
Profit After Tax (in ₹Crs) Adjusted PAT for FY22 increased by 73.8%; on account
stronger spread contributed by lower cost of borrowing,
174* ability to hold pricing in the market and judicious
operating costs. We closed the year with ₹ 174* Crs
100 Profit after tax compared to ₹100 Crs for the year ended
80
46 Mar'21. Growth is supported by strong networth and
health asset quality of the book. Our RoE for FY22 stands
FY‘19 FY’20 FY'21 FY‘22 at 11.8% (considering adjusted PAT).
* ₹174 Crs is Adjusted PAT for FY22 without the positive impact of one-time
deferred tax liability adjustment

Return on Average Assets Return on Average Equity
3.6%
2.7% 2.5% 10.9% 11.8%
2.4% 10.8%
8.7%
FY’19 FY’20 FY’21 FY’22 FY’19 FY’20 FY’21 FY’22
Spread on Loans borrowing book and rate resets during the year.
During FY22, our portfolio yield stabilized at 12.8% as Competitive marginal cost on fresh borrowing assisted
against 13.0% for the previous year. The weighted cost in further reducing the cost of borrowing. Spread on
of borrowings improved to 7.2% for FY22 from 8.0% for book for the year was 5.6%.
FY21 due to increasing diversification across the
Net Interest Spread Movement
12.9% 13.0% 12.8%

12.3% 12.7% 12.8% 12.8% 12.8%
8.8%
8.4% 8.0%
7.2% 7.2% 7.1% 7.2% 7.2%
5.6% 5.6% 5.6%

5.0% 5.6%
3.9% 4.1%
5.5%
Portfolio Yield COB Spread
Resource Mobilisation
Shareholders' Funds
Our Shareholders' Funds as of Mar'22 stood at ₹1,573.69 Crs. The increase was primarily due to increase in retained
earnings.

Particulars ₹ in Crs
Opening Equity as on Mar'21 1,380.54
Add: Shares issued during the year – represents increase on account of face value for
the shares allotted pursuant to ESOPs exercised 0.05
Add: Increase in securities premium on account of premium received on allotment of
shares 3.19
Add: Statutory Reserve transfer for the period 37.50
Add: Increase in retained earnings (net off transfer to statutory reserve) 148.60
Add: Option valuation linked credit 4.13
Add: Other comprehensive income (0.32)
Closing Equity as on Mar'22 1,573.69
ESOP allotment Borrowings

During FY22, the company has issued and allotted The Borrowings of the company stood at ₹3,466.77 Crs
233,976 equity shares pursuant to the exercise of stock as at Mar'22 as against ₹3,053.69 Crs as at Mar'21.
options by eligible employees of the company under During the year, liquidity to the tune of ₹2015 Crs was
ESOP plans. Further during the year, 925,000 ESOPs raised. The Company placed NCD of ₹99 Crs with ICICI
were granted to the employees under the HomeFirst Prudential Mutual Fund during the year.
ESOP Scheme 2021.
Borrowings Mix and Cost of Borrowing trend

DA NCD NHB Refinance
NBFC Public Sector Banks Pvt Sector Banks
COB% (Represents quarterly avg.)
21% 19% 22% 8.5% 21% 20% 22% 23% 23%

20% 25%
8.8% 8.6% 5% 6%
7% 8.3% 7% 6% 5% 4%
18%
21% 8.0% 6%
21% 21%
7.4% 7.2% 24% 7.1% 7.2% 7.2%
1% 2% 29% 26%
26% 23% 27%
2% 2%
1% 1% 1% 2% 2% 2%
32% 33%
29% 27% 25% 24% 25% 22%
27% 24%
28% 25% 21% 22% 19% 21%

19% 20% 23%
21%
Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
During FY22, the Company had not issued any We have a robust asset liability management to ensure
Commercial Paper or any Short-Term Instrument. that we satisfy the requirements for loan
Accordingly, the Company's Commercial Paper disbursements and maturity of our liabilities. We have
outstanding was NIL as at Mar'22. cumulative positive flows across all buckets and
thereby optimally matched assets and liabilities.
As at the end of Mar'22, we had a liquidity buffer of
₹1,063 Crs – comprising of unencumbered cash and
cash equivalent of ₹626 Crs and ₹437 Crs of un-availed
sanctions from the banks.

ALM Position (as at Mar’22)
Surplus
728 709 697 1,018 2,172 1,465
( ₹ Crs)
8,283
Inflow 6,973 6,818

Outflow
4,812 4,801
3,794
2,275
1,582 1,579
1,240
873
512
0-3 months 3-6 months 6-12 months 1-3 years 3-5 years 5+ years
Further detailing can be referred in the Financial Capital Chapter on page no. 50
Risk Management Directions, the Listing Regulations and provisions of

As a housing finance company, the Company faces the Act, the Company's 'Risk Framework and Policy', the
financial as well as non-financial risks. Hence risk Company has risk management policy in place after
management forms a crucial part of our business. We considering the nuances of the business operations,
have a risk management and audit framework in place business strategy as well as Company's overall
to identify, assess, monitor and manage various types objectives. The risks are identified and monitored
of internal and external risks. In terms of the RBI NDSI periodically.
Corporate Governance Structure

Strong 5-tier corporate governance framework in place for effective risk management
Board of Directors
Committees
Audit Nomination and Stakeholder Risk Management Corporate Social

Committee Remuneration Relationship Committee Responsibility
Financial Expertise Committee Committee Operational & Risk
Committee
Recruitment & Stakeholder oversight, fraud prevention CSR initiatives
Remuneration Grievances and control
Compliance
Internal Audit Management Team
Policy Implementation Controls & Reviews Organizational Communication Risk Monitoring & Reporting
Asset & Liability Credit IT Strategy Grievance Redressal

Management Committee Committee Committee Committee
Treasury Credit & Analysis IT Systems Vulnerability Customer Complaints
Assessment & Queries
Major risks faced by the Company are: The Risk Management Committee reviews all the risks
— Credit risk and policies at timely intervals to ensure they are in line
— Market risk including liquidity risk and interest rate with the growth of the Company. Further, the Board
risk also monitors the risks and their mitigants through its
— Operational risk sub-committees like ALCO, Risk Management
— Asset liability management risk Committee, and IT Strategy Committee. The Audit
— Compliance and regulatory risk Committee observes how the management oversees
— Reputation risk compliance with the risk management policies and
— Information Technology risk, Cyber Security Risk and procedures. It also reviews the adequacy of the risk
Information Security Risk management framework with respect to the risks faced
— Environment Social & Governance related risk
by the Company from time to time.
Type of Risk Description Mitigation Measures
Credit Risk The possibility of losses · The Company has a Board approved Credit Policy in place
associated with diminution in which is prepared post considering inputs from Senior
the credit quality of Management. This policy entails a set of credit procedures
borrowers or counterparties. and guidelines for effective credit risk management and to
In a credit portfolio, losses ensure a healthy portfolio.
stem from outright default · The Credit Committee reviews adherence to the policy and
due to inability or the credit portfolio performance metrics on a quarterly
unwillingness of a customer basis. This is presented to the Audit Committee of the
or counterparty to meet Board and their inputs are also taken on record.
commitments in relation to · The credit policy is reviewed annually and amended
lending, trading, settlement periodically to ensure compliance with guidelines of RBI,
and other financial NHB as well as other regulatory bodies. The inputs
transactions. received from credit committee and audit committee are
considered while reviewing and renewing the policy.
· Robust processes
o Credit Approval - Verification of information through
independent third-party/applications (to understand
financial discipline and other credit risk dimensions).
o Property Assessment - Support from Technical and
Legal Expert to evaluate ownership rights on property
o Conditional approval and risk-based pricing.
o Exposure limits on groups / sub groups, builder,
Product & Property type.
o Refining sourcing strategy based on portfolio
performance and business opportunities.
o Continuous training to existing credit officers and new
recruits – who form the first line of defence for the
company.
o Regular internal audits and reviews by the Audit
Committee ensure that the credit policy is
implemented effectively.
Market Risk Risk of loss arising from · Investment process is guided by detailed investment
movements in market prices policy. Investments of temporary surplus funds is done as
or rates away from the rates per the policy principle which provides for strict controls in
or prices set out in a terms of tenure, product, rating, limits and authorization.
transaction or agreement. · Regular assessment of all investments along with
underlying portfolios is carried out & the investments are
Considering the nature and reported to ALCO on a quarterly basis.
scope of business, Home
First's primary objectives of
investments is liquidity
management, through
investments in liquid mutual
funds, debt mutual funds,
NCDs, CD/CPs, fixed deposits
with high quality instrument.
Operational Risk of loss resulting from · The Board approved Operational risk management policy
Risk inadequate or failed internal enlists the processes and controls for monitoring people,
processes, people and systems and processes at various points of time.
systems or from external · We have a comprehensive system of internal controls,
events. systems and procedures to monitor transactions,
employee rotations, contingency planning, insurance
cover, document storage and retrieval arrangements as
well as maintenance of back-up procedures to minimize
operational risks.
· In addition, we have appointed independent audit firms to
conduct internal and process audits at all of our offices to
assess adequacy of and compliance with our internal
controls, procedures and processes, as well as all
applicable statutory and regulatory guidelines.
· Reports of the internal auditors as well as the action taken
on the matters reported upon are discussed and reviewed
in the Audit Committee meetings.
Liquidity Risk Liquidity risk is the inability of · In order to manage the liquidity risk, we have a
a financial institute to meet comprehensive Asset Liability Management Policy in place.
its obligations as they The Policy provides for several risk management measures
become due, without including short term liquidity forecasts which is done to
adversely affecting the its identify any short-term liquidity gaps and implementing
financial condition. immediate actions to correct such gaps, diversifying our
sources of funding to facilitate flexibility in meeting our
funding requirements, and maintaining strong capital
adequacy.
· The Company has adopted the stock approach to
measure liquidity buffers along with quarterly reporting of
critical ratios and threshold levels to ensure adequate
liquidity planning.
We have positive ALM flows across all buckets in line with

prudent ALM practices.
· Effective simulation method is also adopted to periodically
stress test bucket-wise flows.
· Quarterly monitoring of liquidity ratios including Liquidity
Coverage Ratio (LCR).
· Further, to strengthen internal controls, an audit process is in
place to ensure implementation of the above-mentioned
measures is carried out effectively.
Compliance & The risk of legal or regulatory · The Company has a robust framework, monitored by senior
Regulatory sanctions, material financial management team to mitigate compliance and regulatory
Risk loss, or loss to reputation as a risk.
result of its failure to comply · Monitoring through compliance tracker and reporting
with laws, regulations, rules, timelines.
related self-regulatory · Coordination and clear communication amongst
organization standards, and departments in case of inter-dependencies
applicable codes of conduct. · The amendments by any of the regulators are monitored
closely.
· Further internal audit process assists in complying with all
the existing laws and regulations.
Reputation Reputational risk can be · HomeFirst has robust Governance framework as per
Risk defined as the risk arising from applicable Regulations.
negative perception on the · Enhance compliance culture through training and awareness
part of customers, workshops.
counterparties, shareholders, · Customer grievance redressal policy with robust redressal
investors, debt-holders, mechanism.
market analysts, other relevant · Communication with stakeholders through appropriate
parties or regulators that can mechanisms to address their expectations and concerns.
· Dedicated investor relations team and adherence to
adversely affect entity's ability
Regulatory disclosures.
to maintain existing, or
establish new, business
relationships and continued
access to sources of funding.
Information Information technology risk is · HomeFirst has IT Policy prepared as per NHB and RBI
Technology the risk arising on account of guidelines, which sets out processes and controls that are
Risk, Cyber inadequacies or failure of required to be maintained in relation to the IT systems. The IT
Security Risk technical infrastructure or IT Policy is amended regularly.
and systems which can have an · Further we have an IT Strategy Committee of the Board. The
Information adverse impact on the main responsibility of this Committee is to assess the IT
Security Risk availability, integrity, systems of the Company and gauge the vulnerability of the
accessibility and security of the system to various risks and its mitigants.
data and the IT infrastructure.
Cyber Security Risk means risk · The Company has adequate codes/policies to ensure that
of cyber-attacks on Home First's there is no breach in the privacy of the information of the
systems through hacking, customers.
phishing, ransomware and · End Point security software and Antivirus software in all
other means, resulting in laptops .
disruption of our services or · Robust access-control and log tracking for server security
theft or leak of sensitive internal
· To ensure IT security, performance stability and flexibility,
data or customer information.
HomeFirst has a well-established IT infrastructure in
place. The loan processing applications of the company
Information Security refers to
are built on Salesforce.com which is a globally recognized
protecting sensitive information
and ensuring use of information
platform with low downtime and low security risk.
only by legitimate users with · Further, we conduct IT audit once every two years to
proper authorization. Risk of determine issues and process level gaps, if any.
information getting · Training is provided to existing and new employees on IT
compromised or being accessed policies, procedures and code of conduct.
without proper authorization
exposes organization to
Information Security Risk.
Environment The risk related to · HomeFirst has dedicated ESG policy.

Social & environmental, social and · Involvement of senior management in tracking and
Governance governance-related that may monitoring ESG related risk.
related risk impact an entity in terms of · Negative list/exclusion for restricting funding to
its sustainability and may inappropriate property/development location which may
exposes it to non-financial either lead to loss of life and/or deterioration in quality of
risk. life in nearby habitats.
Direct Assignment
During the FY22, we received a purchase consideration the company. As at Mar'22, the company has Direct
of ₹ 464.62 Crs from direct assignment and the Assignment of ₹ 1,025.16 Crs in the total portfolio
securitized assets were derecognized in the books of compared to ₹ 765.59 Crs as at Mar'21
Capital to Risk-Weighted Assets Ratios

The following table sets forth our capital to risk-weighted assets ratios for the periods indicated:
Mar’22 Mar’21
CRAR (%) 58.61% 56.19%
CRAR - Tier I capital (%) 58.05% 55.23%
CRAR - Tier II capital (%) 0.56% 0.96%
Credit Ratings
As at Mar'22, the following table sets forth our credit ratings:
Instrument Rating Agency Rating Amount (in ₹) Outlook

Term Loan ICRA A+ 3,500 Crs Positive
India Ratings AA- 1,500 Crs Stable
CARE A+ 282.97 Crs Stable
Commercial Paper ICRA A1+ 100 Crs -
India Ratings A1+ 100 Crs -
Non-Convertible ICRA A+ 400 Crs Positive
Debentures India Ratings AA- 400 Crs Stable
During FY22, ICRA Limited revised the outlook to ‘A+ Section. Please refer page no. 32 onwards. Through this
with Positive Outlook' from ' A+ with Stable Outlook' for chapter, we will take you through the digital initiatives
Term Loans and NCDs. Furthermore, during the year adopted by the Company by way of Intellectual Capital.
under review, India Ratings & Research has assigned Please refer to page no. 72. The innovative
AA- for Term Loans and NCDs. technologies show our commitment towards being
environmentally friendly. To display our responsibility
Human Resources towards our customers and employees – we have
drafted Social and Relationship Capital and request you
Human Capital is the most critical asset of our company to please refer page no. 62. Further, our commitment
and forms the core of our operations. As a company, and infrastructure to have strong governance system is
we are sensitive to the needs of the employees and detailed out in Ethics and Governance Chapter – please
ensure that best practices are adopted in the refer page no. 36.
organization and conducive environment is created for
growth of the employees. There are various trainings Internal Control Systems
provided to the employees to upskill them and help
them progress in their careers. Further, employee The Company has an adequate internal Control System
engagement programs are undertaken to keep them to ensure adherence to company's policies and
motivated and to instill a sense of belongingness. procedures, compliance with applicable laws and
Pursuant to such measures, HomeFirst Finance regulations, to ensure that management information
Company was certified as Great Place to Work tag by and financial reporting is correct, reliable, and
GPTW Institute for second time in a row. More details complete, to enable detection and prevention of frauds
on trainings, employee benefits, employee and errors and to safeguard the company assets
engagement activities can be found in Human Capital against loss from unauthorised use or disposition,
Chapter – refer page no.56. amongst others. Further, the internal control system is
commensurate with the size of the business as well as
As of Mar'22, the employee strength stood at 851 as the industry in which the Company operates. The
compared to 687 as at Mar'21 framework endorses ethical values, good corporate
governance, and risk management practices. The
ESG Company has appointed Internal Auditors to ensure
compliance with the company's policies and
Given the growing importance of sustainability across procedures and compliance with applicable laws and
the global economy, HomeFirst has taken a proactive regulations.
approach to come up with Sustainability Report
Audit Committee of the Board reviews the differ materially from those expressed in the forward-
performance of the internal audit and the adequacy of looking statements. The Company assumes no
the internal control systems and compliance with responsibility to publicly amend, modify or revise any
regulatory guidelines. Audit Committee also provides forward-looking statements based on any subsequent
necessary oversight, gives recommendations, and developments.
monitors implementation of such recommendations.
Outlook
Cautionary Statement
This document contains statements about expected We are very positive on the business environment.
future events, financial and operating results of the Affordable Housing Finance is a multi-decade
Company, which are forward looking. By their nature, opportunity. HomeFirst will continue to maintain
forward-looking statements require the Company to strong fundamentals led by a strong balance sheet with
make assumptions and are subject to inherent risks a robust risk management framework. We will leverage
and uncertainties. There is a significant risk that the technology to automate processes, reduce costs and
assumptions, predictions, and other forward-looking improve customer service. We are committed to our
statements will not prove to be accurate. Readers are mission to be the fastest provider of home loans to the
cautioned not to place undue reliance on forward- aspiring middle class of India - delivered with ease and
looking statements as several factors could cause transparency. We will continue to contribute value to all
assumptions, actual future results, and events to our stakeholders with sustainable & profitable growth.
Directors’ Report
DIRECTORS' REPORT FY22
To, Financial Results:

The Members,
Home First Finance Company India Limited. The year FY22 saw a mix of the best of times and the
(“the Company” / “Home First”) worst of times. During the year under review, your
company has delivered a robust all-round performance,
Your Directors take pleasure in presenting the 13th emerging stronger from the crisis. Your company has
Annual Report of the Company together with the achieved a key milestone of ₹ 5,000 Crs AUM in FY22.
Audited Statement of Accounts for FY22. The customers exhibited resilience during this phase
and this is illustrated by strong collections and the asset
FINANCIAL SUMMARY: quality. Further, the bounce rate has also normalized
and moving towards the pre-covid range of 10%-15%.
State of Company's Affairs Although we faced minor bumps on account of covid,
the company managed to record healthy 1+ DPD at
The Company is a leading technology driven affordable 5.3%, 30+ DPD at 3.7%. Further, our Gross Stage 3
housing finance company in India. As a new-age (GNPA) stood at 2.3% in line with RBI circular dated 12
company in one of the fastest growing economies, the Nov 2021. Prior to such classification, it stood at 1.3%
Company caters to the need of first-time home buyers (March'21: 1.8%)
belonging to the low and middle-income group who
have the aspiration of owning a home. The Company The key highlights of the Audited Financial Statements
has transitioned over the years to keep pace with of your company for FY22 and a comparison with the
changes in the environment and technology, with its previous year is summarized below.
prime focus being to provide sustainable credit to the
underserved segment of the society.
(Amount in ₹Crores)
Particulars FY 22 FY 21
Total Income 595.70 489.16
Less: Total Expenses 369.40 355.12
Profit/ (Loss) before tax 226.30 134.04
Less: Current tax 44.68 28.95
Deferred tax 7.53 4.95
Tax pertaining to earlier years (12.01) -
Profit after Tax 186.10 100.14
Other Comprehensive Income (0.32) (0.33)
Transfer of Statutory Reserve (u/s 29C of NHB Act, 1987) (37.50) (20.04)
Balance carried to Balance Sheet 148.28 79.77
Earnings per Share (Face Value ₹2)
Basic (₹) 21.26 12.37
Diluted (₹) 20.85 12.18
Directors’ Report
Business Update: During the year under review, the company issued
secured, rated, listed, redeemable, taxable non-
During the year under review, your company expanded
convertible debentures on a private placement basis
the distribution network to 80 branches as at March'22
aggregating to ₹99 crores which are listed on the
from 72 branches as at March'21. This contiguous
wholesale debt segment of BSE Limited.
branch expansion has helped your company to grow its
portfolio by 30% y-o-y. Additionally, in FY22, the long- Further the Company had received subsidy under
term credit rating for your company was revised from PMAY-CLSS worth ₹89.47 crores in respect of 3,962
A+ 'Stable' to A+ 'Positive' by ICRA. Furthermore, India beneficiaries and the same had been credited into to
Ratings & Research had assigned the long-term credit the respective customers' loan accounts as applicable.
rating as 'IND AA-'/Stable.
Resources and Liquidity:
The Net Interest Income reported for the period was
₹262.23 crores vis-à-vis ₹189.55 crores in FY21. The Your Company has been maintaining strong liquidity
increase in employee strength has also accounted for buffers on an ongoing basis. The Company has a
an increase in operating expenses to ₹129.57 crores diverse set of lenders/investors which includes public
from ₹106.38 crores in FY21. The Assets Under sector banks, private sector banks, the national
Management (AUM) as at March'22 amounted to housing bank, mutual funds and financial institutions.
₹5,380.33 crores vis-à-vis ₹4,141.07 crores in the Funds were raised in accordance with the Company's
previous year; a year-on-year growth of 29.9%. The Resource Planning Policy, through term loans from
profit before tax for FY22 increased by 68.8 % to ₹ banks, NCDs and re-finance facilities from NHB. The
226.30 crores (FY21: ₹134.04 crores). The profit after Company's long-term nature of borrowings and
tax for FY22 increased by 85.84% to ₹186.10 and the adequate liquidity have ensured a well- matched ALM.
Net Worth of the Company as on March'22 stood at
During the year under review, the Company has raised
₹1,573.69 crores.
(i) ₹911 crores borrowings from bank / financial
The Gross Non-Performing Assets (GNPA) as on institutions (outstanding as on March'22: ₹2,103.70
March'22 was ₹101.52 crores equivalent to 2.33% of crores), (ii) ₹605.09 crores raised by way of Direct
the total loan book of the Company and corresponding Assignment (iii) ₹400 crores through re-finance from
Net Non-performing Assets (NNPA) was ₹76.27 crore NHB (outstanding as of March'22: ₹1,194.28 crores)
resulting in NNPA of 1.77%. Pursuant to the and (iv) ₹99 crores by way of NCDs (outstanding as of
requirement of the Indian Accounting Standard (“Ind March'22: ₹168.78 crores).
AS”), net provision of ₹1.54 crores was created by the
Disclosure as per Master Direction – Non-Banking
Company in FY22 (FY21: ₹18.59 crores) on total loan
Financial Company - Housing Finance Company
assets of the Company. The Company has written off
(Reserve Bank) Directions, 2021.
loans amounting to ₹ 22.53 crores in FY22 (FY21: ₹
12.88 crores) on which corresponding opening (I) The total number of non-convertible debentures
provisions were reversed. The total credit cost for the which have not been claimed by the Investors or not
year amounted to ₹25.02 crores (FY21: ₹32.15 crores). paid by the housing finance company after the date on
As at March‘22, the Company holds an aggregate which the non-convertible debentures became due for
provision of ₹47.78 crores (FY21: ₹46.25 crores) against redemption : Nil
advances. Our total ECL provision / POS as of March'22
stands at 1.1% (March'21: 1.4%). (ii) The total amount in respect of such Debentures
remaining unclaimed or unpaid beyond the date of
such debentures become due for redemption : Nil
Directors’ Report
Credit Rating:
The Company's financial discipline and prudence is reflected in the strong credit ratings assigned by Credit Rating Agencies
as under:
Instrument Rating Agency Rating Outlook Amount in ₹
Term Loan ICRA A+ Positive 3500 Cr
India Ratings AA- Stable 1500 Cr
CARE A+ Stable 282.97 Cr
Commercial Paper ICRA A1+ - 100 Cr
India Ratings A1+ - 100 Cr
Non-Convertible Debentures ICRA A+ Positive 400 Cr
India Ratings AA- Stable 400 Cr
Migration of Credit Rating of the Company: Change in the nature of business:
During the year, rating agencies have reaffirmed their There has been no change in the nature of business of
confidence in your Company's stable operations and the Company during the year under review.
strong balance sheet. ICRA Ratings has revised the
long-term outlook from “A+ Stable” to “A+ Positive”. Details of Companies which have become or ceased
Also, India Ratings & Research had assigned “AA- to be its subsidiary, associate or joint venture
Stable” rating to Home First's long-term rating and re- companies:
affirmed “ A1+” for the commercial paper program.
During the year under review the Company does not
Capital Adequacy Ratio: have any Subsidiary, Associate or Joint venture
Companies.
The Company maintains an adequate Capital
Adequacy Ratio of 58.61 % (Tier I Capital Adequacy Material changes and commitments, if any, affecting
Ratio 58.05 %) as of FY22 (FY21 56.19%); which is far the financial position of the Company which have
higher than the minimum required level of 15% under occurred between March'22 and date of this report:
the RBI Master Directions signifying the strong position
of the Company. No material changes and commitments, affecting the
financial position of the Company have occurred
Deposits: between the financial year ended March'22 and date of
this Director's Report.
Your Company being a Non-Deposit taking Housing
Finance Company has not accepted or renewed any Dividends & Reserves:
amount falling within the purview of provisions of
Section 73 of the Act read with the Companies The Board of Directors have assessed the performance
(Acceptance of Deposit) Rules, 2014 during the year of the Company and considering the future strategic
under review. Hence, the requirement for furnishing plans of the Company for rapid growth, the Board
the details relating to deposits covered under Chapter considers it prudent to conserve the resources of the
V of the Act or the details of deposits that are not in Company. Hence, the Board of Directors do not
compliance with the Chapter V of the Act is not recommend any dividend payment on equity shares
applicable. for the financial year under review.
Awards & Recognitions: The Company has formulated Dividend Distribution

Policy in accordance with Securities and Exchange
Your Company was certified as 'Great Place to Work' by Board of India (Listing Obligations and Disclosure
Great Place to Work Institute, India. This was an Requirements) Regulations, 2015 (“SEBI Listing
excellent endorsement of the human resource Regulations”) for bringing transparency in the matter of
practices and work culture of the Company. declaration of dividend and to protect the interest of
investors. The Dividend Distribution Policy is available
on the website of the Company at https://homefirst
india.com/files/DividendDistributionPolicy.pdf
Directors’ Report
During the year under review, pursuant to Section 29C approval for the same from the Audit Committee, and
of the NHB Act, 1987, the Company had transferred a the requirement of disclosure of Related Party
sum of ₹37.50 crores out of the previous year's profits Transactions in terms of Section 134(h) of the Act is
available for appropriation to the Statutory Reserve provided in Form AOC-2 as Annexure I.
Fund.
Further as required by Master Directions – Non-
SHARE CAPITAL: Banking Financial Company - Housing Finance
Company (Reserve Bank) Directions, 2021, “Related
Authorized Share Capital:
Party Transaction Policy” is annexed as Annexure II
and the same can be accessed on the website of
During the year under review there was no change in the Company at
the Authorized Share Capital of the Company. https://homefirstindia.com/policy/related-party-
transaction-policy/.
Issued, Subscribed and Paid-up Share Capital:
CONSERVATION OF ENERGY, TECHNOLOGY
During the year under review, the Company allotted ABSORPTION AND FOREIGN EXCHANGE EARNINGS
233,976 Equity Shares to employees on exercise of AND OUTGO:
stock options granted under ESOP 2012 Scheme and
ESOP II Scheme. Pursuant to the aforesaid allotments Since your Company is engaged in financial services
of equity shares, the issued, subscribed and paid-up activities, its operations are not energy intensive nor
share capital of the Company stands increased to does it require adoption of specific technology and
₹175,267,406 /- (87,633,703 Equity Shares of Face Value hence information in terms of Section 134(3)(m) of the
₹2/- each). Act read with the Companies (Accounts) Rules, 2014 is
not provided in this Board's Report.
PARTICULAR OF CONTRACTS OR ARRANGEMENT
WITH RELATED PARTIES: Foreign Exchange Earnings and Outgo:
During the financial year under review, the Company The Company has no foreign exchange earnings and
has entered into certain transactions/contract with has made expenditure in foreign currency as per the
related parties falling within the provisions of Section following table:
188 of the Act and the rules made thereunder.
However, the Company has obtained Omnibus
(Amount in ₹ crores)
Sr No. Particulars FY 22 FY 21
1. Software fee 6.14 4.47
2. Legal Counsel fee for IPO - 1.95
3. Data room charges for IPO - 0.07
Total 6.14 6.49
Directors’ Report
ANNUAL RETURN: control procedures that is commensurate with the size

of the Company.
Pursuant to the provisions of Section 134(3)(a) of the
Act, the copy of Annual Return in Form MGT-7 as MATTERS RELATED TO DIRECTORS AND KEY
required under Section 92 (3) of the Act is placed on the MANAGERIAL PERSONNEL:
website of the Company at www.homefirstindia.com.
The Company has a diverse and inclusive Board which
PARTICULARS OF LOANS, GUARANTEES OR empowers to protect the interest of all the
INVESTMENTS: Stakeholders. The composition of the Board is in
accordance with Section 149 of the Act and Regulation
The Company is a Housing Finance Company, the 17 of SEBI (Listing Obligations and Disclosure
disclosure regarding particulars of loans given, Requirements) Regulations, 2015 with an appropriate
guarantees given, security provided and investment combination of Executive, Non-executive and
made in the ordinary course of business is exempted Independent Directors. As of March'22, the Board of
under the provisions of Section 186 (11) of the Act. Directors of your Company comprised 9 Directors; viz.
four (4) Independent Directors out of which two (2) are
ADEQUACY OF INTERNAL FINANCIAL CONTROLS women Independent Directors, four (4) Nominee
WITH REFERENCE TO THE FINANCIAL STATEMENTS: Directors and 1 (one) Executive Director. The Chairman
of the Board is an Independent Director.
The Company has in place adequate internal financial
controls with reference to its financial statements. Details of Board of Directors along with Key Managerial
During the year, such controls were tested and no Personnel as on March'22 is mentioned below
reportable material weakness in the design or
operation was observed. In the opinion of the Auditors
of the Company, there are adequate internal financial
Name DIN/PAN Designation

Mr. Deepak Satwalekar 00009627 Chairman & Independent Director
Ms. Geeta Dutta Goel 02277155 Independent Director
Mr. Anuj Srivastava 09369327 Independent Director
Ms. Sucharita Mukherjee 02569078 Independent Director
Mr. Vishal Vijay Gupta 01913013 Nominee Non-Executive Director
Mr. Divya Sehgal 01775308 Nominee Non-Executive Director
Mr. Maninder Singh Juneja 02680016 Nominee Non-Executive Director
Mr. Narendra Ostawal 06530414 Nominee Non-Executive Director
Mr. Manoj Viswanathan 01741612 Managing Director and Chief Executive Officer
Ms. Nutan Gaba Patwari AGSPG3187G Chief Financial Officer
Mr. Shreyans Bachhawat AJDPB9500E Company Secretary
Appointment / Resignation of Directors:

· Mr. Anuj Srivastava (DIN:09369327) w.e.f.
During FY22, the following Directors were appointed on November 1, 2021
the Board of the Company as Non-Executive
Independent Director of the Company. · Ms. Sucharita Mukherjee (DIN:02569078) w.e.f.
February 1, 2022
· Ms. Geeta Dutta Goel (DIN:02277155) w.e.f.
November 1, 2021
Directors’ Report
In the opinion of the Board, the Independent Directors In accordance with provisions Section 152 of the Act,
appointed during the year meet the criteria of integrity, Mr. Vishal Vijay Gupta (DIN:01913013), Nominee
expertise and experience required for decision making Director of the Company, being longest in the office,
and strategy building of the Company. retires at the ensuing Annual General Meeting.
Further, the following Directors have resigned from the Performance Evaluation of the Board:
Board of the Company
The Company has defined a manner of evaluation as
· Mr. Sakti Prasad Ghosh (DIN:00183802) w.e.f. per the provisions of the Act and SEBI Listing
October 31, 2021 Regulations and for the evaluation of the performance
· Ms. Sujatha Venkatramanan (DIN:05340759) w.e.f. of the Board, Committees of Board & Individual
October 31, 2021 Directors. The above manner is based on the Guidance
· Mr. Rajagopalan Santhanam (DIN:00025669) w.e.f. Note on Board Evaluation issued by the SEBI on January
January 31, 2022 05, 2017.
Key Managerial Personnel (KMP): The Board carried out the evaluation of every
Director's performance, its own performance, the
During the year under review, there was no change in Committees namely Audit Committee, Nomination &
the Key Managerial Personnel of the Company. Remuneration Committee, Corporate Social
Responsibility Committee, Stakeholders Relationship
In terms of the Act, the following are the KMPs of the Committee and Risk Management Committee and all
Company as on March'22: the Independent Directors.
a. Mr. Manoj Viswanathan –Managing Director & CEO During the financial year under review, a separate
b. Ms. Nutan Gaba Patwari – Chief Financial Officer meeting of the Independent Directors was held on
c. Mr. Shreyans Bachhawat – Company Secretary March 21, 2022, without the attendance of Non-
Independent Directors and the Management of the
Declaration by Independent Directors: Company. The Independent Directors had discussed
and reviewed the performance of the Non-
There are four Independent Directors on the Board of Independent Directors and the Board as a whole and
the Company. The Independent Directors have also assessed the quality, quantity and timeliness of
submitted their Declaration of Independence in the flow of information between the Management and
accordance with the relevant provisions of Section 149 the Board, which is necessary for the Board to
of the Act; stating that they meet the criteria of effectively and reasonably perform its duties.
Independence and are not disqualified from
continuing as Independent Directors. Corporate Governance Report:
Declaration of Fit & Proper Criteria: The Corporate Governance report is furnished as
Annexure III to this report. A certificate from Bhatt &
All the Directors of the Company have given the Associates Company Secretaries LLP, Practicing
declaration to the effect that they are Fit & Proper, to be Company Secretaries, confirming compliance with the
appointed as Director, as per the criteria prescribed by conditions of Corporate Governance as prescribed
RBI / NHB. under the Listing Regulations is annexed to the
Corporate Governance Report. Further, pursuant to
Director(s) Retiring by Rotation: Regulation 34(3) and Schedule V Para-C clause (10)(i) of
the SEBI (Listing Obligations and Disclosure
In terms of Section 152(6) of the Act read with the Requirements) Regulations, 2015, M/s. Bhatt &
Articles of Association of the Company, not less than Associates Company Secretaries LLP have stated that
one-third of the total number of retiring directors for FY22, none of the Directors have been debarred or
should retire by rotation, at every Annual General disqualified from being appointed or continuing as
Meeting. For the purpose of this section, the total Directors of companies by the Securities and Exchange
number of directors to retire by rotation shall not Board of India, Ministry of Corporate Affairs or any
include Independent Directors. such other Statutory Authority and a certificate to that
effect has been annexed to the corporate governance
report.
Directors’ Report
Internal Guidelines on Corporate Governance: social and governance perspective, in the format as
specified by SEBI from time to time. The same has been
As on March'22, your Company adhered to the Internal included as part of the Annual Report as Annexure VII.
Guidelines on Corporate Governance adopted in Despite not being mandatory this year, the Company
accordance with Master Directions – Non-Banking being committed to the well-being and betterment of
Finance Company -( Housing Finance Company), the community in which it operates and with a focus on
(Reserve Bank) Directions, 2021, which inter-alia, the social and governance aspects have opted to
defines the legal, contractual and social responsibilities submit the BRSR for FY22.
of the Company towards its various Stakeholders and
lays down the Corporate Governance practices of the DISCLOSURES RELATED TO BOARD, COMMITTEES
Company. The said policy is available on the website of AND POLICIES:
the Company can be accessed at https://
homefirstindia.com/policy/corporate-governance- Board and Committee Meetings:
policy/
During FY22, the Board of Directors of the Company
Company's policy on Director's appointment and met 5 times. The details of meetings of the Board and
remuneration: its Committees held during the financial year under
review are provided in the Corporate Governance
The Nomination and Remuneration Committee had Report of the Directors which forms a part of this
laid down criteria for determining Directors report. The intervening gap between the two Board
Qualification, Attributes and Independence of a meetings was within the period prescribed under the
Director, remuneration of Directors, Key Managerial Act.
Personnel and other employees and criteria for
evaluation of Directors, Chairperson, Non-Executive Whistle Blower Policy / Vigil Mechanism:
Directors and Board and the evaluation process of the
same. The policy may be accessed on the Company's In accordance with the provisions of Section 177 (9) of
website at https://homefirstindia.com/. the Act and the rules made thereunder, the Company
has established Vigil mechanism and also adopted a
Further as required by Master Directions – Non- Whistleblower Policy under the surveillance of the
Banking Finance Company -( Housing Finance Audit committee. The Company has adopted a work
Company), (Reserve Bank) Directions, 2021, there were culture which ensures the highest standards of
no pecuniary relationship or transactions of the Non- professionalism, honesty, integrity, moral and ethical
Executive Directors with the Company except sitting behavior.
fees and profit related commission paid to the
Independent Directors. The Policy may be accessed on the Company's website
at the link: http://www.homefirstindia.com/whistle-
Management Discussion and Analysis: blower-policy
In accordance with the Securities and Exchange Board Corporate Social Responsibility (CSR):
of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (Listing Regulations) As part of its initiatives under “Corporate Social
and Master Directions issued by the Reserve Bank of Responsibility (CSR)”, the Company has undertaken
India, the Management Discussion and Analysis Report projects in the areas of promoting healthcare,
(MD&A) forms part of this report. education and livelihood support, skill development of
migrant workers and empowerment of women
Business Responsibility and Sustainability Reporting workers. The Company in order to ensure enviro-
('BRSR'): nmental sustainability and to create ecological balance
has undertaken projects viz. planting of trees and
In terms of Regulations 34(2)(f) of the SEBI (Listing installing solar panels. Further, during COVID time, the
Obligation and Disclosure Requirements) Regulations, Company has also provided oxygen cylinders and food
2015, the top 1000 listed entities, based on the market kits. The CSR Policy is available on the Company's
capitalization (calculated as on 31st March of every website at http://www.homefirstindia.com/CSR policy.
financial year) shall submit business responsibility and The details of all the activities done as a part of CSR
sustainability report for FY22 describing the initiatives initiatives are given in Annexure V, forming part of this
taken by these listed entities from an environmental, Report. These projects are in accordance with Schedule
Directors’ Report
VII of the Companies Act, 2013 read with the relevant Qualification/ Reservation/ Adverse remark /
rules. Disclaimer of Statutory Auditors on Financial
Statements for FY22:
RISK MANAGEMENT FRAMEWORK:
The Statutory Auditors have not made any adverse
With the growing size, risk management is critical for comments or given any qualification, reservation or
the Company. As a lending institution, we face financial adverse remarks or disclaimer in their Audit Report on
and non-financial risks. The framework is developed in the Financial Statements for FY22.
such a way that it aligns with the business strategy,
company's reputation and ensures support to business Fraud Reported by Auditors:
operations while creating value for the stakeholders.
The Company has automated the risk management During the year under review, the Statutory Auditors
practices and has a multi-layered structure. This have not reported any instances of fraud committed in
augments our risk evaluation and management the Company by its officers or employees to the
capabilities while providing the flexibility to adapt Board/Audit Committee under Section 143(12) of the
effectively and efficiently to the changing business and Act.
regulatory environment.
Internal Auditors:
In terms of the RBI NDSI Directions, the Listing
Regulations and provisions of the Act, the Company's The Company had appointed M/s. P Chandrashekhar
'Risk Management Framework and Risk Management LLP and M/s BDO India LLP as Joint Internal Auditors for
Policy' integrates various elements of risk management FY22 to conduct comprehensive audits of functional
embodied in the business and administrative aspects areas and operations to examine the adequacy of, and
of the Company into a unified enterprise-wide policy. compliance with policies, plans and statutory
The Company is vigilant and has laid down the policy in requirements. For the year under review, the Internal
light of Company's objectives, business strategy and Auditors have not submitted any material qualifi-
intricacies arising out of the business operations. The cations, reservations or adverse remarks or
Company identifies and monitors risks periodically. disclaimers.
The Company also has a Risk Management Committee,
comprising majority of Board members, which Maintenance of Cost records:
oversees the overall risk assessment and imple-
mentation of the mitigants in the Company. The Company being a Housing finance Company is not
required to maintain cost records as prescribed under
A detailed report on Risk Management is presented in section 148(1) of the Act.
the Management & Discussion Analysis report, which
forms part of this annual report. Secretarial Standards:
AUDITORS AND REPORTS: During the year under review, the Company has
complied with the applicable secretarial standards
Appointment of Auditors: issued by the Institute of Company Secretaries of India.
Pursuant to the provisions of Section 139 of the Act and Secretarial Auditors' and Secretarial Compliance
the Companies (Audit and Auditors) Rules, 2014, and Report:
with the approval of the shareholders at the Annual
General Meeting held on August 5, 2021, M/s. Deloitte In accordance with Section 204 of the Act and Rule 9 of
Haskins and Sells ('Auditors'), Chartered Accountants, the Companies (Appointment and Remuneration of
Firm registration no: 117365W, were appointed as the Managerial Personnel) Rules, 2014, the Company had
Statutory Auditors of the Company for a term of 3 appointed M/s. Bhatt & Associates Company
years. The Company has received a confirmation from Secretaries LLP, Practicing Company Secretaries to
the said Auditors that they are not disqualified and are conduct secretarial audit of the Company for FY22. The
eligible to hold the office as Auditors of the Company. Secretarial Audit report has been annexed to this
Report as Annexure IV. The Secretarial Auditors have
not submitted any qualifications, reservations or
adverse remarks or disclaimers. Further, the
Secretarial Auditors have not reported any instances of
fraud in terms of Section 143 (12) of the Act.
Directors’ Report
HUMAN RESOURCE: Meeting as required under Securities and Exchange

Board of India (Share Based Employee Benefits)
The primary responsibility of Human Resource (HR) Regulations 2014. During the year under the review,
function at the Company is to equip the employees of your Company has also introduced a new ESOP
the Company with the processes and services which Scheme named Homefirst ESOP Scheme 2021 (“ESOP
will help them in order to achieve the goals of the 2021”) for the benefit of the employee. In terms of
Company. The HR team has built and nurtured a safe Regulation 14 of SEBI (Share Based Employee Benefits
environment for the employees which has helped the and Sweat Equity) Regulations, 2021, the disclosures
employees to deliver optimum result while maintaining for FY22 with respect to all the ESOP policies have been
their work life balance. provided on website of the Company at
www.homefirstindia.com.
The Company's total staff strength for FY22 is 851; out
of which women employees constitute 233 (27.38%) of Employee Remuneration:
the total workforce. The Company has hired a Chief
Technology Officer and a Chief Risk Officer and has In terms of Section 197 of the Act read with Rule 5 of the
further strengthened the Leadership team. The Companies (Appointment and Remuneration of
employees of the Company possess industry Managerial Personnel) Rules, 2014, the disclosures
knowledge and have the required skill set to achieve with respect to the remuneration of Directors, Key
the goals of the Company. Training and Development Managerial Personnel and Employees of the Company
of the employees through digital channels continued to have been provided in Annexure VI to this Board's
be the key area of focus this year as well. The Company Report. Further, statement containing details of
has also introduced new online modules to meet the employees as required in terms of Section 197 of the
training needs of our workforce. The HR team also had Act read with Rule 5(2) and Rule 5(3) of the Companies
conducted various employee engagement activities to (Appointment and Remuneration of Managerial
promote collaboration and positivity amongst Personnel) Rules, 2014, is available for inspection at the
employees located across India especially during the Registered Office of the Company during working
stressed Covid pandemic period. hours for a period of 21 days before the date of the
ensuing Annual General Meeting. A copy of the
The Company has a detailed yearlong training and statement may be obtained by shareholders by writing
development program for all the new hires, which to the Company Secretary at the Registered &
comprises classroom-training sessions, on the job Corporate Office of the Company or at corporate
training and a buddy program. Your Company also @homefirstindia.com.
conducts various training on subject matters such as
business operations, credit underwriting, insider PREVENTION OF SEXUAL HARASSMENT AT
trading, whistle blower mechanism, prevention of WORKPLACE:
sexual harassment, information security training
program, functional training, behavioral training and In accordance with the Act and the rules made
for other matters as and when required. Your Company thereunder the Company has adopted and
also has a leadership development program for senior implemented a policy in this behalf. The Policy is
employees which is aimed to get them to the next level available on the website of the Company at the below
considering the need for succession planning. The mentioned http://www.homefirstindia.com/psh-
Company has HR Policy, Parental leave policy, Job policy. The Company has complied with the provisions
rotation policy and Equal opportunity policy which relating to the constitution of Internal Complaints
helps to create a safe and conducive working Committee under the Sexual Harassment of Women at
environment for its employees. Workplace (Prevention, Prohibition and Redressal) Act,
2013.
EMPLOYEE STOCK OPTION SCHEMES:
During FY22, the Company had received one complaint
In order to enable the employees of the Company to and the same was appropriately resolved. The Annual
participate in the future growth and success of the Report as required under Section 21 of the Act read
Company, Employee Stock Option Scheme 2012 Policy with Rule 14 of the Sexual Harassment of Women at
(“ESOP 2012”) and Employee Stock Option Plan II Workplace (Prevention, Prohibition and Redressal)
(“ESOP II”) which was adopted by the Company were Rules, 2013 has been submitted to the respective
ratified by the Shareholders at the last Annual General authority.
Directors’ Report
REGULATORY COMPLIANCE: year;
The Company has complied with the guidelines, c. the directors had taken proper and sufficient care
circulars and directions issued by RBI from time to time. for the maintenance of adequate accounting
The Company has adopted all the Policies as records in accordance with the provisions of this
recommended by regulatory authorities from time to Act for safeguarding the assets of the Company
time. and for preventing and detecting fraud and other
irregularities;
The Company has also been following directions /
guidelines / circulars issued by Accounting Standards, d. the directors had prepared the annual accounts of
Income Tax Act, 1961 and Ministry of Corporate Affairs the Company on a going concern basis;
from time to time, as applicable to the Company.
e. the directors had laid down internal financial
OTHER DISCLOSURES: controls to be followed by the company and that
such internal financial controls are adequate and
Other disclosures as per provisions of Section 134 of were operating effectively.
the Act read with Companies (Accounts) Rules, 2014 are
furnished as under: f. the directors had devised proper systems to
ensure compliance with the provisions of all
DISCLOSURE OF ORDERS PASSED BY REGULATORS OR applicable laws and that such systems were
COURTS OR TRIBUNAL: adequate and operating effectively.
During the year under review, there were no significant DISCLOSURE UNDER SECTION 43(a)(ii) OF THE ACT:
material orders passed by the Regulators / Courts
which would impact the going concern status of the The Company has not issued any shares with
Company and its future operations. However, BSE differential rights and hence no information as per
Limited vide their email dated December 10, 2021 had provisions of Section 43(a)(ii) of the Act read with Rule
levied a penalty of ₹29,500 (including GST) for delay in 4(4) of the Companies (Share Capital and Debenture)
disclosure of asset cover in relation to Non-Convertible Rules, 2014 is furnished.
Debentures for the half year ended September 30,
2021 under Regulation 54(2) of SEBI (Listing Obligations DISCLOSURE UNDER SECTION 54(1)(d) OF THE ACT:
and Disclosure Requirements) Regulations, 2015.
Further, the Company has made representation before The Company has not issued any sweat equity shares
BSE Limited for waiver of the same and is yet to receive during the year under review and hence no information
any communication from them as on the date of this as per provisions of Section 54(1)(d) of the Act read with
report. Rule 8(13) of the Companies (Share Capital and
Debenture) Rules, 2014 is furnished.
DIRECTOR'S RESPONSIBILITY STATEMENT:
DISCLOSURE UNDER SECTION 67(3) OF THE ACT:
In terms of Section 134(5) of the Act, in relation to the
audited financial statements of the Company for the During the year under review, there were no instances
year ended March'22, the Board of Directors hereby of non-exercising of voting rights in respect of shares
confirm that: purchased directly by employees under a scheme
hence no information pursuant to Section 67(3) of the
a. in the preparation of the annual accounts, the Act read with Rule 16(4) of Companies (Share Capital
applicable accounting standards have been and Debentures) Rules, 2014 is furnished.
followed along with proper explanation relating to
material departures; DISCLOSURE UNDER RULE 8 OF THE COMPANIES
(ACCOUNTS) RULES, 2014:
b. the directors had selected such accounting policies
and applied them consistently and the Directors During the year under review the Company has not
made judgments and estimates that are made any application nor any proceedings are pending
reasonable and prudent so as to give a true and fair under the Insolvency and Bankruptcy Code, 2016.
view of the state of affairs of the Company as at Further there were no instances of one-time
March'22, and of the profit of the Company for the settlement for any loans taken from the Banks or
Financial Institutions.
Directors’ Report
ACKNOWLEDGEMENT AND APPRECIATION:
Your Board of Directors take this opportunity to express their appreciation to all stakeholders of the Company
including the Reserve Bank of India, National Housing Bank, the Ministry of Corporate Affairs, Securities and
Exchange Board of India, the Government of India, Stock Exchanges and other Regulatory Authorities, Bankers,
Lenders, Financial Institutions, Members, Credit Rating agencies, Customers of the Company for their continued
support and trust. Your directors would like to express deep appreciation for the commitment shown by the
employees in supporting the Company in achieving continued robust performance on all fronts.
In closing, I would like to thank all the investors as well as the communities we operate in who have reposed their trust
in us and supported us in our journey.
For and on behalf of the Board of Directors
Deepak Satwalekar
Chairman & Independent Director
DIN: 00009627
Date: May 3, 2022

Place: Mumbai
Directors’ Report
Annexure I
FORM NO. AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2)
of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts / (c) Duration of the contracts/ arrangements/
arrangements entered into by the Company transactions: N.A
with related parties referred to in sub-section (1) of (d) Salient terms of the contracts or arrangements
section 188 of the Companies Act, 2013 including
or transactions including the value, if any: N.A
certain arm's length transactions under third proviso
thereto (e) Justification for entering into such contracts or
arrangements or transactions: N.A
1. Details of contracts or arrangements or transactions
not at arm's length basis: NIL (f) Date of approval by the Board: N.A
(a) Name(s) of the related party and nature of (g) Amount paid as advances, if any: N.A
relationship: N.A (h) Date on which the special resolution was
(b) N a t u r e o f c o n t r a c t s / a r r a n g e m e n t s / passed in general meeting as required under
transactions: N.A first proviso to section 188: N.A
2. Details of material contracts or arrangement or transactions at arm's length basis:
Sr. Particulars Details

1. Name(s) of the Actify Data Labs Private Perfios Software Solutions True North Enterprise
related party Limited Private Limited Private Limited
2. Nature of Entity under common Entity with Common Entity under Common
relationship control. director Control
3. Nature of Service Agreement. Service Agreement Reimbursement of
contracts/ Expenses
arrangements/
transactions
4. Duration of the One year Five years Not Applicable

contracts
/arrangements
/transactions
5. Salient terms of i. Service Agreement has i. Service Agreement has i. True North Enterprise
the contracts been entered with Actify been entered with Private Limited (’True North’)
Data Labs Private Limited Perfios Software has appointed their
arrangements (‘Actify’) for a period of Solutions Privat e employees to assist in
or transactions Twelve Months. Limited (‘Perfios’) for a projects and provide their
including the ii. T echnology and other period of Five years. support and insights on
value, if any professional services to ii. Software solutions and critical matters of the
be provided by Actify to technological services to Company.
the Company. be provided by Perfios.
ii. The Company had
iii. Actify to provide iii. Perfios to provide online reimbursed True North
resources for project s integration software to for the remuneration paid
assigned by the the Company. to these employees in lieu
Company. iv. The delivery timeline of of their contribution
iv. The delivery timeline of each assignment shall be made during FY22.
each assignment shall be mutually agreed.
mutually agreed. v. During the year the iii. During the year the total
v. During the year the total total value of the value of the transaction
value of the transaction transaction with Perfios with True North was
with Actify was for was for ₹ 448,560/-. ₹ 6,313,933/-.
₹1,700,000/-.
Directors’ Report
Sr. Particulars Details

6. Date(s) of Approval granted by Board Approval granted by Board Approval granted by
approval by in its meeting held on May 3, in its meeting held on May Board in its meeting held
the Board, if 2021. 3, 2021. on May 3, 2021.
any:
7. Amount paid NIL NIL NIL
as advances, if
any
Note: Actify Data Labs Private Limited ceased to be a Related Party w.e.f. December 22, 2021.

Home First Finance Company India Limited
Deepak Satwalekar Manoj Viswanathan

Chairman & Independent Director Managing Director & CEO
DIN: 00009627 DIN: 01741612
Directors’ Report
Annexure II
POLICY ON MATERIALITY OF RELATED PARTY TRANSACTIONS AND
DEALING WITH RELATED PARTY TRANSACTIONS
1. Title
Note: For determination of Arm's Length basis,
This policy shall be called the 'Policy on materiality
guidance may be taken from the provision of
of related party transactions and dealing with
Transfer Pricing under Income Tax Act, 1956.
related party transactions' (the “Policy”).
2. Objective c) “Key Managerial Personnel” or “KMPs” means
a. Related party transactions have been one of the Key Managerial Personnel as defined under the
major areas of focus for corporate governance Companies Act and includes:
reforms being initiated in India. The changes i. managing director, or chief executive officer
introduced in the corporate governance norms or manager;
through Section 188 of the Companies Act, 2013, ii. the whole-time director;
as amended and the rules framed thereunder iii. company secretary;
(the “Act”) and Regulation 23 of the Securities and iv. chief financial officer;
Exchange Board of India (Listing Obligation and v. such other officer, not more than one level
Disclosure Requirements) Regulations, 2015, as below the directors who is in whole-time
amended (“SEBI Listing Regulations”) require employment, designated as key managerial
companies to have enhanced transparency and personnel by the Board; and
due process for approval of the related party vi. such other officer as may be prescribed.
transactions. Pursuant thereto, Section 188 of the
Companies Act and Regulation 23 of the SEBI d) “Material Related Party Transaction” in
Listing Regulations require the Company to relation to the Company means a Related Party
formulate a policy on materiality of related party Transaction which individually or taken together
transactions and also on dealing with related with previous transactions with a Related Party
party transactions including clear threshold limits during a financial year, exceeds rupees one
duly approved by the Board. thousand crore or ten per cent of the annual
This policy is framed to endeavor to ensure due consolidated turnover of the Company as per the
and proper compliance with the applicable last audited financial statements of the Company,
provisions and provide guidance for entering into whichever is lower or such limit as prescribed or
transaction with related party to ensure that amended by the SEBI Listing Regulations or the
proper procedure is defined and followed for Companies Act, 2013 or any other Statutory
approval / ratification and reporting of Bodies.
transactions as applicable, between the Company
and any of its Related Parties. e) Notwithstanding the above, a transaction
3. Definitions: involving payments made to a Related Party with
respect to brand usage or royalty shall be
a) “Act” or “The Act” shall means the Companies
considered material if the transaction(s) to be
Act, 2013 and the Rules made thereunder (as
entered individually or taken together with
amended/modified/re-enacted from time to
previous transactions during a financial year,
time).
exceed five percent of the annual consolidated
b) “Arms' length transaction” means a turnover of the Company as per the last audited
Transaction between two related parties that is financial statements of the Company such limit as
conducted as if they were unrelated, so that there prescribed or amended by the SEBI Listing
is no conflict of interest. Regulations or the Companies Act, 2013 or any
other Statutory Bodies.
Directors’ Report
f) “Ordinary Course of Business” means all such interpretation of the term “Related Party”.
acts and transactions undertaken by the
Company, including, but not limited to sale or h) “Related Party Transactions” means a
purchase of goods, property or services, leases, transaction involving a transfer of resources,
transfers, providing of guarantees or collaterals, services or obligations between:
providing loan to subsidiaries/joint (i) a listed entity or any of its subsidiaries on one
ventures/obtaining loan from holding companies hand and a related party of the listed entity or any
in the normal routine in managing trade or of its subsidiaries on the other hand; or
business and is not a standalone transaction and (ii) a listed entity or any of its subsidiaries on one
includes any transaction carried out as per the hand, and any other person or entity on the other
Object Clause of Memorandum of Association hand, the purpose and effect of which is to benefit
and Articles of Association of the Company. a related party of the listed entity or any of its
subsidiaries, with effect from April 1, 2023
Note: The Company may take into account the
frequency of the activity and its continuity carried regardless of whether a price is charged and a
out in a normal organized manner for “transaction” with a related party shall be
determination what is in the ordinary course construed to include a single transaction or a
business. group of transactions in a contract:
i. “Relative” in relation to a related party shall Provided that the following shall not be a related
have the same meaning assigned to it in party transaction:
Section 2(77) of the Act and rules prescribed
there under and as per Regulation 2(1) (zd) of (a) the issue of specified securities on a
the SEBI Listing Regulations as amended from preferential basis, subject to compliance of the
time to time, means anyone who is related to requirements under the Securities and Exchange
another, if Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2018;
(i) they are members of a Hindu undivided (b) the following corporate actions by the listed
family; or entity which are uniformly applicable/offered to
all shareholders in proportion to their
(ii) they are husband or wife; or shareholding:
i. payment of dividend;
(iii) one person is related to the another in the ii. subdivision or consolidation of securities; iii.
following manner, namely: issuance of securities by way of a rights issue or a
bonus issue; and
(A) father, includes step-father iv. buy-back of securities.
(B) mother, includes step-mother c) acceptance of fixed deposits by banks/Non-
(C) son, includes step-son Banking Finance Companies at the terms
(D) son's wife uniformly applicable/offered to all
(E) daughter shareholders/public, subject to disclosure of the
(F) daughter's husband same along with the disclosure of related party
(G) brother includes step-brother transactions every six months to the stock
(H) sister includes step-sister exchange(s), in the format as specified by the
Board.
g) “Related Party” means a person or an entity,
which is a related party under section 2(76) of the i) “Transaction” shall be construed to include
Companies Act, 2013 as amended from time to single transaction or a group of transactions in a
time or under applicable accounting standards contract.
and as per Regulation 2(1) (zb) of the SEBI Listing
Regulations as amended from time to time. j) “Material Modification” in relation to a Related
Party Transaction approved by the Audit
Note: Reference and reliance may be placed on Committee or a material related party
the clarification issued by the Ministry of
Corporate Affairs, Government of India and other
authorities from time to time on the
Directors’ Report
transaction approved by the Shareholders, as the purpose, the Company may seek external
case may be, material modifications means any professional opinion, if necessary.
variation having an impact on the monetary limits
already approved by the Audit Committee or Each Director and Key Managerial Personnel is
Shareholders, as the case may be, exceeding 20% responsible for providing notice to the Company
of transactions, in each case, over and above the or Audit Committee of any potential Related Party
approved limits. Transaction involving him or her or his or her
Relative, including any additional information
Any words used in this Policy but not defined about the transaction that the Board/Audit
herein shall have the same meaning prescribed to Committee may reasonably request. Audit
it in the Companies Act, the Securities and Committee will determine whether a transaction
Exchange Board of India Act, 1992, as amended, does constitute a Related Party Transaction
or rules and regulations made thereunder requiring compliance with this Policy.
including the SEBI Listing Regulations, the
applicable accounting standards or any other 6. Determination of approval level based on
relevant legislation/law applicable to the nature of transaction
Company.
I. Audit Committee approval
4. Disclosure by Directors
a. Related Party Transactions will be referred to the
Every director shall at the beginning of the next regularly scheduled meeting of Audit
financial year provide information by way of Committee for review and approval. Any member
written notice to the Company regarding his of the Committee or the Directors of the Board
concern or interest in the entity with specific who has potential interest in any Related Party
concern to parties which may be considered as Transaction in terms of Rule 15(2) of the
Related Party with respect to the Company and Companies (Meeting of Board and its Powers)
shall also provide the list of Relatives which are Rules, 2014 shall not be present at the meeting
regarded as Related Party as per this Policy. whether physically or by electronic mode during
the discussions on the subject matter and shall
Directors are also required to provide the recuse himself or herself and abstain from
information regarding their engagement with discussion and voting on the approval of the
other entity during the financial year which may Related Party Transaction.
be regarded as Related Party according to this
Policy. b. All the transactions which are identified as
Related Party Transactions should be
5. Identification of related parties and related preapproved by the Audit Committee before
party transactions entering into such transaction.
a) Identification of related parties c. The Audit Committee shall consider the following
factors while deliberating the Related Party
The Company shall periodically identify and Transactions for its approval:
update the list of related parties as prescribed
under Section 2(76) of the Act read with the Rules i. name of party and details explaining nature
framed thereunder and SEBI Listing Regulations. of relationship;
Such periodicity shall not be more than one year. ii. duration of the contract and particulars of
the contract and arrangement;
b) Identification of related party transactions iii. nature of transaction and material terms
thereof including the value, if any;
The Company has formulated process for iv. manner of determining the pricing to
identification of related party transactions in ascertain whether the same is on Arm's
accordance with Section 188 of the Act and SEBI Length Basis;
Listing Regulations. The Company has also
formulated guidelines for determining whether
the transaction is in the ordinary course of
business and at arm's length basis and for this
Directors’ Report
v. business rationale for entering into such II. Board of Directors approval
transaction; and
vi. any other information relevant or important All Related Party Transactions covered under
for the Board to take a decision on the Section 188 of the Act (which primarily excludes
proposed transaction. loans, investments and providing
guarantee/security etc.) that are:
d. In determining whether to approve a Related
Party Transaction, the Committee will consider · not in the ordinary course of business, or
the following factors, among others, to the extent · in the ordinary course of business but not at
relevant to the Related Party Transaction: arms' length or
· neither in the ordinary course of business
i. Whether the terms of the Related Party nor at arms' length
Transaction are fair and on Arm's Length
Basis to the Company and would apply on the shall require the prior approval of the Board of
same basis if the transaction did not involve a Directors at a Meeting of the Board.
Related Party;
Further, the transactions which require approval
ii. Whether there are any compelling business of the Board shall first be reviewed /approved by
reasons / rationale for the Company to enter the Audit Committee. Where any director is
into the Related Party Transaction and the interested in any contract or arrangement with a
nature of alternative transactions, if any; Related Party, such director shall not be present
at the meeting during discussions on the subject
iii. Whether the Related Party Transaction would matter of the resolution relating to such contract
affect the independence of an independent or arrangement.
Director;
III. Shareholders' approval
iv. Whether the proposed transaction includes
any potential reputational risk issues that All Related Party Transaction which falls under
may arise as a result of or in connection with first proviso to section 188 of the Act and exceeds
the proposed transaction; the threshold limit as prescribed under rules
made thereunder (as amended/modified from
v. Whether the Company was notified about the tim e to tim e) or m a ter ia l r ela ted p a r ty
R ela ted Pa r ty T r a n sa c tion b efor e its transactions and subsequent material
commencement and if not, why pre-approval modification under Regulation 23 of SEBI Listing
was not sought and whether subsequent Regulations shall be approved by the
ratification is allowed and would be shareholders in the manner prescribed
detrimental to the Company; and thereunder. All entities falling under the
definition of Related Parties shall not vote to
vi. Whether the Related Party Transaction would approve the relevant transaction irrespective of
present an improper conflict of interest for whether the entity is party to the particular
any director or key managerial personnel of transaction.
the Company, taking into account the size of
the transaction, the overall financial position 7. Review and Approval of Related Party
of the director, executive officer or other Transactions:
Related Party, the direct or indirect nature of
the director's, key managerial personnel's or (a) All Related Party Transactions or changes therein
other Related Party's interest in the must be reported by the Head of
transaction and the ongoing nature of any Accounts/Finance and to the Company Secretary
proposed relationship and any other factors and referred for the approval/review by the Audit
the Board/Committee deems relevant. Committee in accordance with this Policy.
Directors’ Report
(b) Omnibus Approval: along with the justification for entering into such
transaction.
(i) The Audit Committee may grant omnibus
approval for Related Party Transactions
9. Related Party Transactions Not Approved
proposed to be entered into by the
Under This Policy
Company in respect of the transactions
which are repetitive in nature.
(ii) The Audit Committee shall satisfy itself the In the event the Company becomes aware of a
need for such omnibus approval and that transaction with a related party that has not been
such approval is in the interest of the approved in accordance with this Policy prior to
Company; its consummation, the matter shall be reviewed
(iii) Such omnibus approval shall specify (a) the by the Audit Committee. The Audit Committee
name/s of the related party, nature of shall consider all of the relevant facts and
transaction, period of transaction, circumstances regarding the related party
maximum amount of transaction that can transaction, and shall evaluate all options
be entered into and (b) the indicative base available to the Company, including ratification,
price / current contracted price and the revision or termination of the related party
formula for variation in the price if any (for transaction. The Audit Committee shall also
ex: +/- 5-10%). examine the facts and circumstances pertaining
In case where the Related Party Transaction to the failure of reporting such related party
cannot be foreseen and aforesaid details transaction to the Audit Committee under this
are not available, Audit Committee may Policy and failure of the internal control systems,
grant omnibus approval for those kinds of and shall take any such action it deems
transactions, subject to a financial value not appropriate.
exceeding ₹1 Crore per transaction or such
other higher limit as may be prescribed In any case, where the Audit Committee
under the applicable law from time to time. determines not to ratify a related party
(iv) Such omnibus approvals shall be valid for a transaction that has been commenced without
period not exceeding one year and shall approval, the Audit Committee, as appropriate,
require fresh approvals after the expiry of may direct additional actions including, but not
one year or immediately succeeding limited to, discontinuation of the transaction or
meeting of the Audit Committee. seeking the approval of the shareholders,
(v) Audit Committee shall review on a quarterly payment of compensation for the loss suffered by
basis , the details of Related Party the related party etc. In connection with any
Transactions entered into by the company review/approval of a related party transaction,
pursuant to each of the omnibus approval the Audit Committee has authority to modify or
given. waive any procedural requirements of this Policy.
(vi) If prior approval of the Audit Committee / 10. Compliance with RPT Policy
Board / Shareholders as the case may be,
for entering into a Related Party
a) Every person associated with RPT shall be
Transaction is not feasible, then the Related
accountable for complying with this RPT
Party Transaction shall be ratified by the
Policy that may be in force from time to time.
Audit Committee and the Board / general
meeting, if required, within 3 months of b) Director or KMP or any other employee, who
entering in the Related Party Transaction. had entered into or authorised the contract
or arrangement in violation of the RPT policy
and RPT framework shall be guilty of non-
8. Disclosures
compliance.
c) In case of breach of this policy, Audit
The Company shall disclose, in the Boards' report, Committee and/or the Board of Directors
transactions prescribed in Section 188 (1) of the may intimate appropriate action against the
Act with related parties, which are not in ordinary person/s responsible.
course of business or not on arm's length basis
Directors’ Report
11. Administrative Measure 14. Exemption
The Audit Committee of the Company, subject to Transactions which are governed under the other
supervision of the Board, shall be the Competent applicable provisions of the Companies Act, 2013
Authority for investigating and taking appropriate like Section 185, 186 or 187 of the Companies Act,
actions/steps for prevention or remedy of any 2013, shall govern by the respective applicable
breach and/or default in complying with this provisions of the Act.
Policy. Any disciplinary action taken by the Audit
Committee shall be in addition to the penal 15. Policy Review
provisions of the Regulation.
In case of any subsequent changes in the
12. Interpretation provisions of the Act and the Rules framed
thereunder, the Act and its Rules would prevail
over the Policy and the provisions in the Policy
Subject to the superintendence of the Board, this
would be modified in due course to make it
Policy shall be interpreted and administered by
consistent with law. The Board shall have the right
the Audit Committee.
to amend the Policy from time to time, based on
recommendations of Audit Committee. The Policy
13. Process or Standard Operating Process shall be reviewed as and when required,
However, it shall be reviewed earlier if need arises
The Head of Finance/Accounts form/adopt a for the same and/ or under special circumstances,
Standard Operating Process (SOP) as guidance for example a change in law.
for related party transactions and all the
employees and concern persons are required to
follow the said SOP.
Directors’ Report
Annexure III
Report of the Directors on Corporate Governance for FY22
Company's philosophy on Corporate Governance The Board of Directors
Corporate governance offers a comprehensive and The Board holds a fiduciary position and is entrusted
interdisciplinary approach for the Company's with the responsibility to act in the best interests of the
management, operation and control. It is the use of Company and ensure value creation for all. Through
best management practices, strict compliance to the the Governance mechanism in the Company, the
letter and spirit of the law and adherence to superior Board along with its committees assumes its
ethical standards. Corporate governance is essential to responsibility towards all its stakeholders by ensuring
the company's survival and is needed to create a transparency, fair play and independence in its
corporate culture of transparency, accountability and decision making.
disclosure.
The contribution of the Board is critical for ensuring
Your Company's corporate governance framework appropriate guidance with regard to leadership, vision,
incorporates a system of robust checks and balances strategy, policies, monitoring, supervision,
between the prominent players; namely, the Board, its accountability to shareholders and other stakeholders,
committees, the management, auditors and various and for achieving greater levels of performance on a
other stakeholders. The Board of Directors and sustained basis as well as adherence to the best
management of your Company place a greater practices of corporate governance.
emphasis on maintaining oversight and integrity in
governing the Company and conducting business We further endorse the importance of a diverse and
operations. more inclusive Board, which brings a valuable range of
outlooks, opinions and suggestions regarding decision-
The Corporate Governance practices followed by us making and problem-solving. Board diversity can open
are commensurate with the size of the Company and in a path to more inclusive and collective corporate
the best interest of our shareholders, employees, governance, positively impact a company's culture, and
consumers, the community and other stakeholders. help keep pace with an evolving market and consumer
The Company has adopted improved and efficient base.
governance structures to ensure quality decision-
making, facilitate effective succession planning for Composition and Category of the Board of
senior management and enhance the long-term Directors:
prosperity.
The composition of the Board of Directors is in
We also believe in formulating better regulatory and conformity with the SEBI (Listing Regulations and
self-regulatory corporate governance frameworks and Disclosure Requirements) Regulations 2015 (“Listing
enforcement mechanisms. Our corporate governance Regulation”) and the Companies Act, 2013 (“Act”).
framework ensures that it makes timely, adequate and
appropriate disclosures and disseminates factual and As at March 31, 2022, the Board of Directors comprised
accurate information. of 9 Directors, of whom 4 were Non-Executive
Independent Directors (Including the Chairman and 2
Women Directors), 4 were Non-Executive Nominee
Directors representing investors and the Managing
Director & Chief Executive Officer:
Directors’ Report
No of
Membership in
No of Other
Committees*
Name of Equity Qualification / Directors
DIN Category
Director Shares Experience hips in
as
held listed
Member Chairperson
entities
Non-
Mr. Executive Bachelors in
Deepak 00009627 Chairman Mechanical
- 2 2 2
Satwalekar and Engineering and MBA
Independent (more than 36 years)
Director
Ms. Geeta Independent Bachelors in

Dutta Goel 02277155 Woman - Commerce and 1 1 -
Director PGDM (over 27 years)
Mr. Anuj Bachelors in

Independent
Srivastava 09369327 Technology and MBA - - -
Director
(over 19 years)
Ms.
Independent Bachelors in
Sucharita 02569078
Woman - Economics and 1 4 3
Mukherjee
Director PGDM (over 21 years)
Nominee
Bachelors
Director
Mr. Divya in Technology and
01775308 (For True - - - -
Sehgal PGDM (over 26
North Fund
years)
V LLP)
Nominee
Mr. Bachelors in Civil
Director
Maninder Engineering and
02680016 (For True - - 2 -
Singh Juneja PGDM (over 27
North Fund
years)
V LLP)
Nominee
Director
Bachelors in
(For
Mr. Vishal Commerce,
Bessemer
Vijay 01913013 - Chartered - - -
India
Gupta Accountant and
Capital
PGDM ( over 16 years)
Holdings II
Ltd)
Nominee
Director
Mr. Chartered
(for Orange
Narendra 06530414 - Accountant and 1 - -
Clove
Ostawal PGDM ( over 16 years)
Investment
s B.V.)
Managing
Director &
803383 Bachelors in electrical
Mr. Manoj Chief
and electronics and
Viswanathan 01741612 Executive - 1 -
(0.92%) PGDM ( over 25
Officer
years)
(“MD &
CEO”)
Directors’ Report
*For the purpose of considering the Committee Memberships and Chairpersonship's for a Director, Audit Committee
and the Stakeholders' Relationship Committee of Listed Companies including our Company has been considered.
Other Directorships of Directors in listed entity
Name of Director Name of the listed Entity Category of Directorship

Non-Executive - Independent
Mr. Deepak Satwalekar 1. Asian Paints Limited
Director, Chairman
Non-Executive - Independent
2. Wipro Limited
Director
Ms. Geeta Dutta Goel 1. Equitas Small Finance Bank Limited Non-Executive Independent Director
Mr. Anuj Srivastava - -
Ms. Sucharita Non-Executive –Independent
1. CreditAccess Grameen Limited
Mukherjee Director
Mr. Divya Sehgal - -
Mr. Maninder Singh -
-
Juneja
Mr. Vishal Vijay Gupta - -
1.Computer Age Management Systems Non - Executive - Nominee Director
Mr. Narendra Ostawal
Limited
Mr. Manoj Viswanathan - -
None of Directors hold directorship in more than ten The Company has a Non-Executive Independent
public companies and do not serve as a Director in Director as a Chairman. The role of the Chairman and
more than seven listed companies, across all their the MD & CEO are distinct and separate. The Managing
directorships held, including that in the Company. Director & CEO of the Company does not serve as an
Further, none of the Directors of the Company is a Independent Director in any listed company.
member of more than ten committees or chairperson
of more than five committees across all the public None of the directors are inter-se related to each other.
companies in which he/she is a Director. The Independent Directors are independent of the
management. All the directors of the Company have
confirmed that they satisfy the fit and proper criteria as
prescribed under the applicable regulations.
Changes in Board Composition:
The changes in the Board Composition for the FY22 under review are here as under:
Sr. Name of the Director Nature of change Effective date

1. Ms. Sujatha V enkatramanan Resignation as Non-Executive Independent Director October 31, 2021
2. Mr. Sakti Prasad Ghosh Resignation as Non-Executive Independent Director October 31, 2021
3. Ms. Geeta Dutta Goel Appointment as Non-Executive Independent Director November 01, 2021
4. Mr. Anuj Srivastava Appointment as Non-Executive Independent Director November 01, 2021
5. Mr. Rajagopalan Santhanam Resignation as Nominee Director January 31, 2022
6. Ms. Sucharita Mukherjee Appointment as Non-Executive Independent Director February 01, 2022
Directors’ Report
The appointments of Non-Executive Independent Chart setting out skills/expertise/competence of

Directors were regularized by the members of the the Board:
Company.
The Board comprises qualified members who bring in
The Company has furnished to National Housing Bank the required skills, competence and expertise to
a quarterly statement on change of directors, and a enable them to effectively contribute in deliberations
certificate from the Managing Director and CEO that fit at Board and Committee meetings. As required under
and proper criteria in selection of the directors has Schedule V of the Listing Regulations, the below matrix
been followed. summarizes a mix of skills, expertise and competencies
possessed by our individual Directors, which are key to
corporate governance and Board effectiveness:
Parameters Mr. Deepak Ms. Geeta Mr. Anuj Ms. Mr. Mr. Mr. Mr. Mr.
Satwalekar Dutta Goel Srivastava Sucharita Maninder Vishal Divya Narendra Manoj
Mukherjee Singh Vijay Sehgal Ostawal Viswanathan
Juneja Gupta
Industry
1. √ √ - √ √ - √ - √
Experience
2. Financial Expertise √ √ - √ √ √ √ √ √
3. Consumer √ √ √ - √ - √ - √
Behavior
4. Legal and - √ - - - - - - √
Compliance
5. Corporate √ √ - √
- √ √ √ √
Governance
6. Strategy and √ √ √ √ √ √ √ √ √
Decision Making
ALM and Risk -

7. √ √ √ √ - √ √ √
Management
Information
8. - -
√ √ √ √ √
-
√
Technology and
Cyber Security .
Responsibilities of the Board · reviewing and approving financial plans and

budgets;
The Board Members are responsible for the · monitoring corporate performance against
management of the business. Role, functions, strategic and business plans, including
responsibility and accountability of the Board are overseeing operations;
clearly defined. In addition to its primary role of · ensuring ethical behavior and compliance of
monitoring corporate performance, functions of the laws and regulations;
Board include, but does not restrict to the following: · reviewing and approving borrowing limits;
· formulating exposure limits; and
· formulation of strategic and business plans; · keeping shareholders informed regarding
plans, strategies and performance.
Directors’ Report
Board Proceedings the applicable laws. All the relevant notes and
information is incorporated in the agenda itself, to
The Board / Committee Meetings are pre-scheduled enable the members to take informed and conscious
and a tentative annual calendar of the Board and decisions.
Committee Meetings is circulated to all the Directors
well in advance, to enable them to plan their schedule The Board meets at regular intervals to discuss and
and to facilitate active participation in the meetings. In decide on the business policy and strategy and other
the event of any special and urgent business need, the businesses. During the year under review, 5 meetings
Board's approval is taken by passing resolutions by of the Board of Directors of the Company were
circulation, in accordance with all the applicable laws, convened and held on May 3, 2021, July 7, 2021, July 29,
which are noted and confirmed in the succeeding 2021, October 25, 2021 and January 27, 2022. All the
Board Meeting. meetings were held in a manner that not more than
120 days lapsed between two consecutive meetings.
Participation in the Board / Committee meetings is The required quorum was present at all the above
facilitated through video conferencing, to encourage meetings.
effective and active involvement in the Board
deliberations by directors located in other locations The details of attendance of each Directors at the
and in view of the precautionary measures taken for Board meetings held during the FY22 is given below.
COVID-19, all the meetings of the Board and The attendance of the directors at the above-
Committees for the FY22 were held through video mentioned board meetings and the Annual General
conferencing. Meeting (AGM) held on August 5, 2021, along with the
sitting fees paid to them are listed below:
The notice of the Board / Committee meetings is
circulated well in advance and in accordance with all
Name of Director No. of Board No. of Sitting Fees AGM

Meetings convened meetings paid (in ₹) Y=attended
during their tenure attended N=not attended
Mr. Deepak Satwalekar 5 5 500,000/- Y
Mr. Sakti Prasad Ghosh 4 4 400,000/- Y
Ms. Sujatha V enkatramanan 4 4 400,000/- Y
Ms. Geeta Dutta Goel 1 1 - N.A.
Mr. Anuj Srivastava 1 1 100,000/- N.A.
Ms. Sucharita Mukherjee - - - N.A.
Mr. Rajagopalan Santhanam 5 5 - Y
Mr. Divya Sehgal 5 4 - Y
Mr. Maninder Singh Juneja 5 5 - Y
Mr. Vishal Vijay Gupta 5 4 - N
Mr. Narendra Ostawal 5 5 - Y
Mr. Manoj Viswanathan 5 5 - Y
Directors’ Report
Membership of Directors in Board Committees during FY22:
Name of Director Audit Nomination & Stakeholders Risk IT Corporate Social

Committee Remuneration Relationship Management Strategy Responsibility
Committee Committee Committee Committee Committee
Mr. Deepak Satwalekar - - - - - -

Mr. Sakti Prasad Ghosh M C M - - C
Ms. Sujatha
C M - M C -
V enkatramanan
Ms. Geeta Dutta Goel M C - - - C
Mr. Anuj Srivastava M M - - C -
Ms. Sucharita
C - C M - M
Mukherjee
Mr. Rajagopalan
M - - - - M
Santhanam
Mr. Divya Sehgal - - - - - -
Mr. Maninder Singh
M - M C - -
Juneja
Mr. Vishal Vijay Gupta - - - - - -
Mr. Narendra Ostawal - M - M - -
Mr. Manoj Viswanathan - - M M M M
We recognize the benefits of having a diverse Board,

and see increasing diversity at Board level as an
essential element in maintaining a competitive
advantage.
The present Board comprises of adequate number of

members with diverse backgrounds that best serve the
governance and business requirements of the
Company. The directors are persons of eminence in
their respective fields and bring with them a plethora of
skills and experience that add value to the
performance of the Board.
Role of Independent Directors

In accordance with the changes in the Board, the Board
committees were reconstituted with effect from their The role of Independent Directors is important in the
date of appointment. decision-making process of the board as they approve
the overall strategy of the Company and oversee
Board Diversity: performance of the management. The Independent
Directors bring along an extensive experience,
To ensure that a fair and transparent process is in place knowledge and judgment in the field of accounts,
to encourage diversity in thought, knowledge, skills, housing, credit & risk, finance etc. This wide knowledge
experience, age and gender, perspective, functional of both, their field of expertise and boardroom
and industry experience, cultural and geographical practices brings in varied, unbiased, independent and
background, the Board has adopted the “Policy to experienced perspectives. All Independent Directors
promote diversity on the Board of Directors” as have committed and allocated sufficient time to
recommended by the Nomination and Remuneration perform their duties effectively.
Committee.
Directors’ Report
Declaration of Independence: that covers the history, background, cultures, values,

organizational structures, board procedures and
All the Independent Directors have submitted a overview of the business operations of the Company.
declaration of independence, stating that they meet The Company has also provided directors with a
the criteria of independence provided under section reference manual which inter alia covers the roles,
149(6) of the Act, as amended, and regulation 16(1)(b) functions, powers and duties of the directors,
and 25 of the SEBI Listing Regulations. The disclosures and declarations to be submitted by
Independent Directors have also confirmed compl- directors and various codes and policies of the
iance with the provisions of Rule 6 of Companies Company.
(Appointment and Qualifications of Directors) Rules,
2014, as amended, relating to inclusion of their name in The induction and ongoing programmes enable the
the databank of independent directors maintained by Independent Directors to take better informed and
Indian Institute of Corporate Affairs. conscious decisions, in the best interests of the
stakeholders of the Company.
All Independent Directors of the Company have been
appointed as per the provisions of the Companies Act, The details of familiarization programme imparted to
2013 and SEBI Listing Regulations. Formal and detailed the Independent Directors and the policy of the
letters of appointment have been issued to the Company are available on the Company's website at
Independent Directors. The terms and conditions of https://homefirstindia.com/files/Familiarisation-
appointment of Independent Directors are available Programme-of-the-Indpendent-Directors.pdf
on https://homefirstindia.com/files/Terms-
Conditions-for-Appointment-of-Independent- Separate Independent Directors Meeting:
Director.pdf
The Independent Directors convened a separate
In the opinion of the Board, the Independent Directors meeting without the presence of Non-Independent
are independent of the management. Mr. Sakti Prasad Directors and members of the management to discuss
Ghosh and Ms. Sujatha Venkatramanan independent all such issue as they may consider relevant. During the
directors resigned before the expiry of their tenure due year under review, the meeting of Independent
to advanced age and professional commitments Directors was held on March 21, 2022 at which all the
respectively and they confirmed that there are no Independent Director were present.
other material reasons other than those mentioned in
their resignation. At the said meeting, the Independent Directors
considered the following:
Familiarization Programme:
1. Reviewed the performance of Non-Independent
Your Company, on an ongoing basis strives to keep the Directors and the Board as a whole.
Board, specifically the Independent Directors informed 2. Reviewed the performance of Mr. Deepak
and updated with matters related to the industry and Satwalekar, Chairman of the Company, taking into
business environment in which we operate, our account the views of all the Directors who had
business model, risk metrices, mitigation and given their rating in the evaluation process.
management, ever evolving governing regulations, 3. Assessed the quality, quantity and timeliness of
information technology including cyber security, their
the flow of information between the Company
roles, rights and responsibilities and any other major
management and the Board that is necessary for
developments and updates.
the Board to perform their duties effectively and
reasonably.
All new Independent Directors are taken through a
detailed induction and familiarization programme,
Directors’ Report
The details of the meeting and sitting fees paid is mentioned as below:
Names of Directors Number of Number of % of total Sitting fees paid
meetings held meetings meetings (in ₹)
during the year and attended attended
during their tenure
Mr. Deepak Satwalekar 1 1 100% 100,000/-
Ms. Geeta Dutta Goel 1 1 100% -
Mr. Anuj Srivastava 1 1 100% 100,000/-
Ms. Sucharita Mukherjee 1 1 100% 100,000/-
Committees of the Board

Audit Committee:
To enable better and focused decision making for the
Company, the Board Committees are set up under the The Audit Committee has been constituted in terms of
formal approval of the Board and with clearly defined provisions of Section 177 of the Companies Act, 2013
roles. The Board Committees focus on specific areas Act and Regulation 18 read with Part C of Schedule II of
and make informed decisions within the framework of SEBI Listing Regulations. The composition of the
delegated authority, as well as make specific Committee is in adherence to provisions of the Act,
recommendations to the Board on matters within their SEBI Listing Regulations and the RBI Master Directions
areas or purview. The Committees' decisions and for Housing Finance Companies.
recommendations are presented to the Board for
information or approval, as appropriate. All the Members of the Committee are financially
literate and possess strong accounting and financial
Your Company has seven Board level Committees management expertise. The meetings of Audit
namely, Audit Committee, Nomination and Remu- Committee are attended by the Nominee Director,
neration Committee, Stakeholders Relationship Managing Director & CEO, Chief Financial Officer,
Committee, Corporate Social Responsibility Comm- Statutory Auditors and Internal Auditors as special
ittee, Asset Liability Committee, Risk Management invitees. The Company Secretary of the Company acts
Committee and IT Strategy Committee. as Secretary to the Committee. The Board of Directors
have accepted and implemented the recommen
The Board has accepted all the recommendations dations of the Audit Committee, whenever provided by
made by the various Committees. The composition and the Committee. As on March’22, the Company has a
functioning of these board committees is in qualified and independent Audit Committee
compliance with the applicable provisions of the comprising of 3 Non-Executive Directors, 2 of which are
Companies Act, 2013, Listing Regulations and the Non-Executive Independent Directors. The
Master Directions issued by Reserve Bank of India. Chairperson of the Audit Committee is an Independent
Director.
Composition:
The members of the Audit Committee as on March'22 were:

Sr No Name Category Designation
1. Ms. Sucharita Mukherjee Independent Director Chairperson
2. Ms. Geeta Dutta Goel Independent Director Member
3. Mr. Maninder Singh Juneja Nominee Director Member
Directors’ Report
Terms of reference: submission to the Board for approval;

8. Reviewing, with the management, the statement of
The terms of reference of the Audit Committee are very uses/ application of funds raised through an issue
wide and are in line with the regulatory requirements (public issue, rights issue, preferential issue, etc.),
mandated by the Act and Part C of Schedule II of the the statement of funds utilized for purposes other
Listing Regulations. than those stated in the offer document/
prospectus/ notice and the report submitted by the
1. Overseeing the Company's financial reporting monitoring agency monitoring the utilization of
process and disclosure of its financial information proceeds of a public or rights issue, and making
to ensure that its financial statements are correct, appropriate recommendations to the Board to take
sufficient and credible; up steps in this matter. This also includes
2. Recommending to the Board the appointment, monitoring the use/application of the funds raised
remuneration and terms of appointment of the through the proposed initial public offer by the
statutory auditor of the Company; Company;
3. Reviewing and monitoring the statutory auditor's 9. Approval or any subsequent modifications of
independence and performance, and effectiveness transactions of the Company with related parties
of audit process; provided that the audit committee may take
4. Approving payments to statutory auditors for any omnibus approval for related party transactions
other services rendered by the statutory auditors; proposed to be entered into by the Company
5. Reviewing, with the management, the annual subject to such conditions as may be prescribed;
financial statements and auditor's report thereon 10. Scrutinizing of inter-corporate loans and
before submission to the Board for approval, with investments;
particular reference to: 11. Valuing of undertakings or assets of the Company,
(a) Matters required to be included in the wherever it is necessary;
Director's Responsibility Statement to be 12. Evaluating of internal financial controls and risk
included in the Board's report in terms of management systems;
clause (c) of sub-section 3 of Section 134 of 13. Establishing a vigil mechanism for directors and
the Companies Act; employees to report their genuine concerns or
(b) Changes, if any, in accounting policies and grievances;
practices and reasons for the same; 14. Reviewing, with the management, the performance
(c) Major accounting entries involving of statutory and internal auditors, and adequacy of
estimates based on the exercise of judgment the internal control systems;
by management; 15. Reviewing the adequacy of internal audit function if
(d) Significant adjustments made in the any, including the structure of the internal audit
financial statements arising out of audit department, staffing and seniority of the official
findings; heading the department, reporting structure
(e) Compliance with listing and other legal coverage and frequency of internal audit;
requirements relating to financial 16. Discussing with internal auditors on any significant
statements; findings and follow up there on;
(f) Disclosure of any related party transactions; 17. Reviewing the findings of any internal investigations
and by the internal auditors into matters where there is
(g) Modified opinion(s) in the draft audit report. suspected fraud or irregularity or a failure of
6. Laying down the criteria for granting omnibus internal control systems of a material nature and
approval in accordance with the Company 'policy on reporting the matter to the Board;
related party transactions and such approval shall 18. Discussing with statutory auditors before the audit
be applicable in respect of transactions which are commences, about the nature and scope of audit as
repetitive in nature; well as post-audit discussion to ascertain any area
7. Reviewing, with the management, the quarterly, of concern;
half-yearly and annual financial statements before
Directors’ Report
19. Looking into the reasons for substantial defaults in Reviewing Powers:
the payment to the depositors, debenture holders,
shareholders (in case of non-payment of declared The Audit Committee shall mandatorily review the
dividends) and creditors; following information:
20. Reviewing the functioning of the whistle blower 1. Management's discussion and analysis of the
mechanism; financial condition and results of operations;
21. Approving the appointment of the chief financial 2. Statement of significant related party
officer or any other person heading the finance transactions (as defined by the Audit Committee),
function or discharging that function after submitted by the management;
assessing the qualifications, experience and 3. Management letters / letters of internal control
background, etc. of the candidate; and weaknesses issued by the statutory auditors;
22. Carrying out any other function as is mentioned in 4. Internal audit reports relating to internal control
the terms of reference of the Audit Committee and weaknesses;
any other terms of reference as may be decided by 5. The appointment, removal and terms of
the Board and/or specified/provided under the remuneration of the chief internal auditor shall be
Companies Act or the Listing Regulations or by any subject to review by the audit committee; and
other regulatory authority. 6. Statement of deviations:
23. Reviewing the utilization of loans and/ or advances (i) quarterly statement of deviation(s) including
from/investment by the holding company in the report of monitoring agency, if applicable,
subsidiary exceeding rupees 100 crore or 10% of submitted to stock exchange(s) in terms of
the asset size of the subsidiary, whichever is lower the Listing Regulations; and
including existing loans / advances / investments (ii) annual statement of funds utilized for
existing as on the date of coming into force of this purposes other than those stated in the
provision i.e., April 1, 2019, and henceforth. document/prospectus/notice in terms of the
Listing Regulations.
Powers of the Audit Committee:
Audit Committee Meetings, Attendance and
The powers of the Audit Committee shall include the Quorum:
following:
During the year under review, the Committee met 4
1. To investigate any activity within its terms of
times - May 3, 2021, July 28, 2021, October 25, 2021 and
reference; January 27, 2022. The required quorum of 2 Members
2. To seek information from any employee; (with at least 2 Independent Directors) was present at
3. To obtain outside legal or other professional all the meetings. The Company Secretary acted as
advice; and Secretary to all the Committee meetings. The detailed
4. To secure attendance of outsiders with relevant attendance and sitting fees paid for the said meetings
expertise, if it considers necessary. are given below:
Names of Directors Number of Number of % of total Sitting Fees

meetings held meetings meetings paid (In ₹)
during their tenure
Mr. Sakti Prasad Ghosh 3 3 100% 300,000/-
Ms. Sujatha V enkatramanan 3 3 100% 300,000/-
Mr. Rajagopalan Santhanam 4 4 100 % -
Ms. Sucharita Mukherjee - - - -
Mr. Maninder Singh Juneja - - - -
Directors’ Report
NOMINATION AND REMUNERATION COMMITTEE is chaired by Non-Executive Independent Director. The

(NRC): Committee comprises of 3 Directors as its members, all
of them being Non-Executive Directors, 2 of which are
The Nomination and Remuneration Committee has Non-Executive Independent Directors. The
been constituted in terms of the provisions of Section composition of the Committee is in adherence to the
178 of the Act and Regulation 19 read with Part D of provisions of Act and SEBI Listing Regulations. The
Schedule II of SEBI Listing Regulations. The committee Company Secretary of the Company acts as Secretary
to the Committee.
Composition:
The members of the Nomination and Remuneration Committee as on March'22 were:

1. Ms. Geeta Dutta Goel Independent Director Chairperson
2. Mr. Anuj Srivastava Independent Director Member
3. Mr. Narendra Ostawal Nominee Director Member
Terms of reference: appointment and removal, and carrying out

evaluations of every director's performance;
The terms of reference of this Committee are in line 7. Determining whether to extend or continue the
with the regulatory requirements mandated in the
Companies Act and Part D of Schedule II of the Listing term of appointment of the independent director,
Regulations: on the basis of the report of performance
evaluation of independent directors;
1. Formulating the criteria for determining qualifi- 8. Analyzing, monitoring and reviewing various
cations, positive attributes and independence of a human resource and compensation matters;
director and recommending to the Board a policy, 9. Determining the company's policy on specific
relating to the remuneration of the directors and remuneration packages for executive directors
key managerial personnel; including pension rights and any compensation
2. Evaluation of balance of skills, knowledge and payment, and determining remuneration
experience on the Board and on the basis of such packages of such directors;
evaluation, preparation of description of the roles 10. Determining compensation levels payable to the
and capabilities required of an independent senior management personnel and other staff (as
director; deemed necessary), which shall be market-
3. For the purpose of identifying suitable candidates: related, usually consisting of a fixed and variable
a. availing the services of any external agency, if component;
required; 11. Reviewing and approving compensation strategy
b. considering candidates from a wide range of from time to time in the context of the then current
backgrounds, with due regard to the diversity Indian market in accordance with applicable laws;
and 12. Performing such functions as are required to be
c. consideration of the time commitment by the performed by the compensation committee
under the Securities and Exchange Board of India
candidates.
(Share Based Employee Benefits) Regulations,
4. Formulating of criteria for evaluation of the 2014, as amended;
performance of the independent directors and 13. Framing suitable policies and systems to ensure
the Board; that there is no violation, by an employee of any
5. Devising a policy on Board diversity; applicable laws in India or overseas, including:
6. Identifying persons who qualify to become (i) The Securities and Exchange Board of India
directors or who may be appointed in senior (Prohibition of Insider Trading) Regulations,
2015, as amended; and
management in accordance with the criteria laid
(ii) The Securities and Exchange Board of India
down, recommending to the Board their
(Prohibition of Fraudulent and
Directors’ Report
Unfair Trade Practices relating to the Securities 16. Performing such other functions as may be
Market) Regulations, 2003. required for the performance of any of the above
duties.
14. Performing such other activities as may be
delegated by the Board and/or specified/
NRC Meetings, Attendance and Quorum:
provided under the Companies Act or the Listing
Regulations, or by any other regulatory authority”;
During the year under review, the Committee metfive
15. Recommend to the board, all remuneration, in times – April 23, 2021, July 23, 2021, October 25, 2021
whatever form, payable to senior management December 15, 2021 and January 27, 2022. The required
and quorum was present at the meeting.
The detailed attendance and sitting fees paid for the said meetings are given below:
Number of Number of % of total Sitting Fees

Names of Directors
during their tenure
Ms. Sujatha V enkatramanan 3 3 100% 300,000/-
Mr. Narendra Ostawal 5 5 100% -
Performance Evaluation the Directors being evaluated. The performance

evaluation of the Board as a whole, the Chairman and the
In terms of the requirements of the Companies Act and Non-independent Directors was carried out by the
the Listing Regulations, an annual performance Independent Directors at their separate meeting held on
evaluation of the Board is undertaken where the Board
March 21, 2022.
formally assesses its own performance with the aim to
improve the effectiveness of the Board and its
The performance evaluation criteria for Independent
Committees and Individual Performances of the
Directors included the criteria formulated by the NRC that
Directors.
inter alia includes- (i) Qualifications (ii) Experience (iii)
Knowledge and Competency (iv) Availability and
The Nomination and Remuneration Committee, has
Attendance (v) Independence in views and Judgement.
established a manner for performance evaluation of
directors based on parameters such as role and
The Board expressed its satisfaction on the manner,
contribution by a director, experience and expertise,
implementation and compliance of the performance
ability to constructively challenge the perspective of
evaluation carried out by the Company.
others, integrity and confidentiality, and independence of
behaviour and judgement. The Company completed the
Nomination and Remuneration Policy
Board Evaluation cycle during the year, which included
the evaluation of the Board as a whole, its committees, On recommendation of the Nomination and
and individual performance evaluation of Directors. The Remuneration Committee, the Board had adopted a
aforementioned manner of performance evaluation is as Nomination and Remuneration policy. This policy, inter
per the provisions of the Act and SEBI Listing Regulations. alia, provides (a) the role of the Nomination and
The above manner is based on the Guidance Note on Remuneration Committee (b) policy on remuneration of
Board Evaluation issued by the SEBI Circular no. SEBI/HO/ directors, key managerial personnel and other
CFD/ CMD/CIR/ P/ 2017 /004 dated January 05, 2017. employees. The policy is directed towards a philosophy
and structure that will reward and retain talent; and
The performance evaluation of the Independent provides for a balance between fixed and incentive pay
Directors was carried out by the entire Board excluding reflecting
Directors’ Report
short and long-term performance objectives powers, inter alia, to make donations/contributions to
appropriate to the working of the Company and its any Charitable and/or CSR projects or programs to be
goals. implemented directly or through an executing agency
or other Not for Profit Agency with minimum three
The aforesaid policy is as per as per the provisions of years proven track record or through other reputed
the Act read with applicable Rules and Regulations Non-Governmental Organisation, of at least two
under the Act and SEBI Listing Regulations. percent of the Company's average net profits during
the three immediately preceding Financial Years in
The remuneration paid to the Directors is in conformity pursuance of its CSR Policy for the Company's CSR
with the Remuneration Policy of the Company. initiatives.
Remuneration Policy can be accessed at the website of
the Company https://homefirstindia.com/ Composition:
files/NominationandRemunerationPolicy.pdf
The Corporate Social Responsibility (CSR) Committee
CORPORATE SOCIAL RESPONSIBILITY (CSR) was formed in accordance with Section 135 of the
COMMITTEE: Companies Act, 2013. The Chairperson of the
Committee is an Independent Director.
The Corporate Social Responsibility ('CSR') Committee
has been constituted by the Board of Directors with
The members of the CSR Committee as on March'22 were:

1. Ms. Geeta Dutta Goel Independent Director Chairperson
2. Ms. Sucharita Mukherjee Independent Director Member
3. Mr. Manoj Viswanathan Managing Director & CEO Member
Terms of reference: 4. To perform such other functions or respon-

1. To formulate and recommend to the Board of sibilities and exercise such other powers as may
Directors, the CSR Policy, indicating the CSR be conferred upon the CSR Committee in terms of
activities to be undertaken, as prescribed under the provisions of Section 135 of the Companies
applicable law; Act, 2013 and the rules framed thereunder.
2. To recommend the amount of expenditure to be

CSR Meetings, Attendance and Quorum:
incurred on the CSR activities, which is to be at
least 2% of the average profit of the Company in
the three immediately preceding financial years; During the year under review, the Committee met twice
i.e., July 22, 2021 and February 8, 2022. The required
3. To monitor the CSR Policy and its implementation quorum was present at the meetings. The details of
by the Company from time to time; and participation of members and the sitting fees paid is as
follows:

Names of Directors
during their tenure
Mr. Rajagopalan Santhanam 1 1 100% -
Mr. Manoj Viswanathan 2 2 100% -
Directors’ Report
The composition of the CSR Committee, the CSR Policy of interest of shareholders, debenture holders and
and projects approved by the Board are available on other security holders, in terms of the provisions of
the website of the Company and can be accessed at Section 178 of the Act and Regulation 20 read with Part
D of the Schedule II of SEBI Listing Regulations. At
https://homefirstindia.com/investor-relations/ present the Committee comprises of 3 (three)
Directors. Ms. Sucharita Mukherjee is the Chairperson
STAKEHOLDERS RELATIONSHIP COMMITTEE (SRC): of the Committee. Mr. Shreyans Bachhawat, Company
Secretary of the Company, is the Compliance Officer
The Stakeholders Relationship Committee has been and also acts as Secretary to the Committee.
constituted to specifically look into the various aspects
Composition:
The members of the Stakeholders Relationship Committee as on March'22 were:

1. Ms. Sucharita Mukherjee Independent Director Chairperson
3. Mr. Maninder Singh Juneja Nominee Director Member
Terms of Reference: 8. Allotment and listing of shares;

9. Approval of transfer or transmission of shares,
1. Consider and resolve grievances of security debentures or any other securities;
holders (includes shareholders, debenture 10. To authorize affixation of common seal of the
holders or any other security holder) of the
Company, including complaints related to Company;
transfer of shares, non-receipt of annual report, 11. To issue duplicate share or other security(ies)
non-receipt of declared dividends, issue of certificate(s) in lieu of the original share/
new/duplicate certificates, general meetings, etc.;
security(ies) certificate(s) of the Company;
2. Review of measures taken for effective exercise of
12. To approve the transmission of shares or other
voting rights by shareholders.
securities arising as a result of death of the
3. Review of adherence to the service standards
sole/any joint shareholder;
adopted by the Company in respect of various
13. To dematerialize or rematerialize the issued
services being rendered by the Registrar and
shares;
Share Transfer Agent.
14. Ensure proper and timely attendance and
4. Review of the various measures and initiatives
redressal of investor queries and grievances;
taken by the Company for reducing the quantum
15. Carrying out any other functions contained in the
of unclaimed dividends and ensuring timely
Companies Act, 2013, the SEBI Listing Regulations
receipt of dividend warrants/annual reports/
and/or equity listing agreements (if applicable), as
statutory notices by the shareholders of the
and when amended from time to time; and
Company.
5. Formulation of procedures in line with the To further delegate all or any of the power to any other
statutory guidelines to ensure speedy disposal of employee(s), officer(s), representative(s), consultant(s),
various requests received from shareholders professional(s), or agent(s) .
from time to time;
6. To approve, register, refuse to register transfer or SRC Meeting, Attendance and Quorum:
transmission of shares and other securities; During the year under review, the Committee met once
7. To sub-divide, consolidate and or replace any on March 16, 2022 with all the members in attendance
share or other securities certificate(s) of the to discuss the various aspects of interests of the
Company; stakeholders. The details of participation of members
and the sitting fees paid is as follows:
Directors’ Report

Names of Directors
during their tenure
Mr. Maninder Singh Juneja 1 1 100% -
The primary function of the Stakeholders Relationship are in dematerialized form. Kfin Technologies Limited
Committee is to consider and resolve various aspect of has been appointed by the Company as the Registrar
interest of the security holders of the Company. The and Share Transfer Agent of the Company. The services
equity shares and debentures issued by the Company rendered by the RTA meets the service standards as
adopted by the Company.
During the period under review, no complaints were received by the Registrar and Share Transfer Agent:
Nature of Complaint Complaints received Complaints not solved Pending

Sr . No during the year to the satisfaction of complaints as on
shareholders March’22
Non -receipt of Annual
1. Report 0 0 0
Non -receipt of
2. Dividend warrant 0 0 0
Non -receipt of
3. securities after transfer 0 0 0
Complaint received
4. through SEBI 0 0 0
Total 0 0 0
Asset Liability Management Committee (ALCO): Composition:
The ALCO is constituted in accordance with the ALCO is led by the MD & CEO and senior officials of the
guidelines issued by the Reserve Bank of India. It keeps Company and functions under the supervision of the
close watch on the asset and liability mismatches to Board of Directors. During the year under review, the
ensure that there are no imbalances or disparities on ALCO met 4 times on June 7, 2021, September 29, 2021,
either side of the balance sheet. The Company follows December 22, 2021 and March 15, 2022. The required
a cautious approach for managing liquidity and quorum was present at all the above meetings.
ensures availability of adequate liquidity buffers to
overcome mismatches in case of an agitated business The Composition of the Committee and details of
environment. It also reviews the liquidity position participation of the Members at the Meetings of the
based on future cash flows. ALCO lays down policies Committee as on March'22 was as under:
and quantitative limits relating to assets and liabilities,
liquidity, interest rates and investments.
Directors’ Report

1. Mr. Manoj Viswanathan Managing Director & CEO Chairman
2. Ms. Nutan Gaba Patwari Chief Financial Officer Member
3. Mr. Ajay Khetan Chief Business Officer Member
4. Mr. Gaurav Mohta Chief Marketing Officer Member
5. Ms. Vilasini Subramaniam Head Strategic Alliance Member
The broad terms of reference of the Committee inter- interest rates offered by other peers for the
alia includes: similar services/product, etc. monitoring the risk
levels of the Company;
1. Monitoring the asset liability composition of the
Company's business, 7. Review the results of and progress in implem-
entation of the decisions made in the previous
meetings and articulate the current interest rate
2. Determining actions to mitigate risks associated
view of the NBFC and base its decisions for future
with the asset liability mismatches,
business strategy on this view;
3. Approve proposals and detailed terms and
conditions of borrowings from banks,
8. To decide on source and mix of liabilities or sale of
assets;
4. Reviewing the borrowing program of the
Company,
9. To develop a view on future direction of interest
rate movements and decide on funding mixes
5. Review product pricing and desired maturity
between fixed vs floating rate funds, wholesale vs
profile of assets and liabilities and also the mix of
retail deposits, money market vs capital market
incremental assets & liabilities, etc.
funding, domestic vs foreign currency funding,
etc.
6. Product pricing for both deposits and advances,
desired maturity profile and mix of the
incremental assets and liabilities, prevailing
Risk Management Committee: The Committee's role and responsibility have been
defined by the Board of Directors, and it has been
The Risk Management Committee has been consti- delegated the monitoring and review of the risk
tuted in accordance with Regulation 21 read with Part management plan, as well as other functions, which
D Schedule II of the Listing Regulations and the Master specifically includes cyber security.
Direction- NBFC – HFC (Reserve Bank) Directions, 2021.
Composition:
The members of the Risk Management Committee as on March'22 were:

1. Mr. Maninder Singh Juneja Nominee Director Chairman
2. Ms. Sucharita Mukherjee Independent Director Member
3. Mr. Narendra Ostawal Nominee Director Member
7. Mr. Ashishkumar Darji Chief Risk Officer Member
Directors’ Report
The terms of reference of the Committee inter-alia adequacy of risk management systems.
includes: 4. To periodically review the risk management policy, at
least once in two years, including by considering the
1. To formulate a detailed risk management policy changing industry dynamics and evolving complexity.
which shall include: 5. To keep the board of directors informed about the
a) A framework for identification of internal and nature and content of its discussions, recom-
external risks specifically faced by the listed mendations and actions to be taken.
entity, in particular including financial, 6. The appointment, removal and terms of
operational, sectoral, sustainability (particularly, remuneration of the Chief Risk Officer (if any) shall be
b) ESG related risks), information, cyber security subject to review by the Risk Management
risks or any other risk as may be determined by Committee.
the Committee.
Measures for risk mitigation including systems RMC Meetings, Attendance and Quorum:
and processes for internal control of identified
risks. During the year under review, the Risk Management
c) Business continuity plan. Committee met twice - October 4, 2021 and February 8,
2. To ensure that appropriate methodology, processes 2022. The gap between both the meetings did not exceed
and systems are in place to monitor and evaluate one hundred and eighty days on a continuous basis. The
risks associated with the business of the Company. required quorum was present at all the above meetings.
3. To monitor and oversee implementation of the risk The details of participation of members and the sitting
management policy, including evaluating the fees paid is as follows:
Names of Directors Number of meetings Number of % of total Sitting Fees

held during the year meetings meetings paid (in ₹ )
and during their attended attended
tenure
Mr. Maninder Singh Juneja 2 2 100% -
Ms. Sujatha Venkatramanan 1 1 100% -
Mr. Narendra Ostawal 2 2 100% -
Mr. Ajay Khetan 2 2 100% -
Ms. Nutan Gaba Patwari 2 2 100% -
Mr. Ashishkumar Darji 1 1 100% -
Information Technology Strategy Committee: The Committee shall work in partnership with other
Board committees and Senior Management to provide
The IT Strategy Committee has been constituted in inputs to them. It shall also carry out review and amend
accordance with the Master Direction- Information the IT strategies in line with the corporate strategies,
Technology Framework for the NBFC Sector issued by Board Policy reviews, cyber security arrangements and
the Reserve Bank of India dated June 8, 2017. any other matter related to IT Governance.
Directors’ Report
Composition:
The members of the IT Strategy Committee as on March'22 were:

1. Mr. Anuj Srivastava Independent Director Chairperson
5. Mr. Gaurav Mohta Chief Marketing Officer Member
6. Ms. Vilasini Subramaniam Head- Strategic Alliance Member
7. Mr. Dharmvir Singh Chief Technology Officer Member
8. Mr. Devendra Mani Head-Operations Member
The terms of reference of the Committee are as practices and ensuring that maximum value is
follows: delivered to business.
5. To approve IT strategy and policy documents.
1. To ensure that management has an effective IT 6. To define and ensure effective implementation of
strategic planning process and is aligned with standards of IT Governance, Business Continuity
business strategy. and Data Governance.
2. To ensure that investments in Information 7. To ensure there is appropriate framework of
Technology represent a balance of risks and information security risk assessment within the
benefits for sustaining organization's growth and organization.
within the acceptable budget. 8. To ensure effective due diligence, oversight and
3. To monitor IT resources required to achieve management of outsourcing and accountability
strategic goals and provide high-level direction for for all outsourcing decisions.
sourcing and use of IT resources. 9. To ensure that a comprehensive risk assessment
4. To oversee implementation of processes and of Home First's IT system is carried out on yearly
basis.
Meeting and its Quorum: The meetings were held in a way that not more than six
During the year under review the committee met 2 months elapsed between them. The required quorum
times on September 27, 2021 and on March 23, 2022. was present in all the meetings.
Names of Directors Number of meetings Number of % of total Sitting Fees

held during the year meetings meetings paid (in ₹ )
and during their attended attended
tenure
Ms. Sujatha Venkatramanan 1 1 100% -
Ms. Nutan Gaba Patwari 2 2 100% -
Mr. Ajay Khetan 2 2 100% -
Mr. Gaurav Mohta 2 2 100% -
Ms. Vilasini Subramaniam 2 2 100% -
Mr. Dharmvir Singh 1 1 100% -
Mr. Devendra Mani 1 1 100% -
Directors’ Report
Remuneration of Directors: Directors with the Company, apart from remuneration

paid by way of commission and sitting fees to the
The remuneration paid to the Directors of the Independent Directors.
Company is in accordance with the applicable
provisions of the Companies Act, the SEBI Listing
The remuneration for non-executive directors consists
Regulations and in line with the remuneration policy of
the Company. of sitting fees and commission. The criteria for
payment of the annual commission to non-executive
The remuneration policy is available at the website of directors is based on the performance of the Company
the Company and can be accessed at https://hom as well as that of the individual non-executive director.
efirstindia.com/files/NominationandRemunerationPol
The commission payable to non-executive directors
icy.pdf
was recommended by NRC and approved by the Board
The details of remuneration of Directors are provided and is within the overall limits as approved by the
in Form MGT-7 (annual return) which is hosted on the shareholders of the Company. However, the Nominee
website of the Company and can be accessed at Directors were not paid remuneration in FY22. No
www.homefirstindia.com
shares or convertible instruments are held by the Non-
Executive Directors.
a. Pecuniary relationship and/or transactions of the
Non-Executive Directors with the listed entity:
The details of remuneration paid to Non-Executive
Directors is as hereunder:
During the year under review, there were no pecuniary
relationships or transactions with the Non-Executive
Name of the Director Fee for attending Commission Other Total (in ₹)
Board /Committee (in ₹)
Meetings (in ₹)
Independent Directors
Mr. Deepak Satwalekar 600,000/- 2,200,000/- - 2,800,000/-
Mr. Sakti Prasad Ghosh 1,100,000/- 500,000/- - 1,600,000/-
Ms. Sujatha V enkatramanan 1,000,000/- 500,000/- - 1,500,000/-
Ms. Geeta Dutta Goel * - - - -
Mr. Anuj Srivastava ** 600,000/- 600,000/- - 1,200,000/-
Ms. Sucharita Mukherjee 400,000/- 450,000/- - 850,000/-
Other Non-Executive Directors
Mr. Rajagopalan Santhanam - - - -
Mr. Vishal Vijay Gupta - - - -
Mr. Maninder Singh Juneja - - - -
Mr. Divya Sehgal - - - -
Mr. Narendra Ostawal - - - -
Total 3,700,000/- 4,250,000/- - 7,950,000/-
Ms. Geeta Dutta Goel vide her letter dated January 17, 2022 had expressed her intention to not draw remuneration in any form for FY22.
*
**Mr. Anuj Srivastava has requested the Company to make payment of his remuneration including remuneration by way of commission on yearly basis
which was payable as on March'22.
Directors’ Report
Remuneration of Managing Director & CEO ('MD & by the Nomination and Remuneration Committee and
CEO') approved by the Board and is within the overall limits
The elements of the remuneration package of MD & as approved by the shareholders at the General
CEO comprises salary and performance linked Meeting. Further, Mr. Viswanathan is not eligible for
incentive along with the other benefits and allowances any severance fees.
as per the policy of the Company. The same is decided
Details of remuneration paid to Mr. Manoj Viswanathan, MD & CEO, for FY22:
Sl. No. Particulars of Remuneration Total Amount (in ₹)

1. Gross salary
(a) Salary as per provisions contained in section 17(1) of 10,589,502/-
the Income - tax Act,1961
(b) V alue of perquisites u/s 17(2) Income - tax Act, 1961
(c) Profits in lieu of salary under section 17(3) Income -tax
Act, 1961
2. Stock Option
3. Sweat Equity
4. Commission
- as % of profit
- others, specify
5. Others, please specify
One-time Bonus 2,500,000/-
Performance Linked Incentive 5,750,000/-
Total 18,839,502/-
b. Criteria for making payments to Non-Executive same is available on the website of the Company and
Directors: can be accessed at https://homefirst india.com/files/-
DividendDistributionPolicy.pdf
Non-executive directors of the Company play a crucial
role in the independent functioning of the Board. They Internal Guidelines on Corporate Governance
bring in a wider perspective in the deliberations and
decision-making of the Board which adds value to the Your Company has a duly formulated Internal
Company. They also play a crucial role in the Guidelines on Corporate Governance in accordance
independent functioning of the Board. They also with HFCs – Corporate Governance (NHB) Directions,
oversee the corporate governance framework of the 2016 and RBI Directions for Housing Finance Company,
Company. The criteria of making payments to 2021, which inter-alia, defines the legal, contractual
non–executive directors are placed on the Company's and social responsibilities of the Company towards its
website and can be accessed at https://homefirs- various stakeholders and lays down the Corporate
tindia.com/files/Nomination%20and%20Remuneratio Governance practices of the Company. The said policy
n%20Policy.pdf is available on the website of the Company at
https://www.homefirstindia.com/files/InternalGuideli
Dividend Distribution Policy: nesonCorporateGovernance.pdf
The Company has in place the Dividend Distribution

Policy, duly approved by the Board of Directors. The
Directors’ Report
Code of Conduct for the Board of Directors and the with the provisions of the Listing Regulations and the
Senior Management Personnel RBI master directions for housing finance companies
and can be accessed at the web-link
Pursuant to Regulation 17(5) of the Securities and https://homefirstindia.com/files/RelatedPartyTransact
Exchange Board of India (Listing Obligations and ionsPolicy.pdf
Disclosure Requirements) Regulations, 2015, as
amended (“SEBI Listing Regulations”), the Company Details of establishment of Vigil Mechanism and
has adopted Code of Conduct applicable to the Board Whistle Blower Policy
of Directors and the Senior Management Personnel
('Code'). The Code provides guidance to the Directors The Vigil Mechanism as envisaged in the Companies Act
and Senior Management Personnel to conduct their and the Rules thereunder and the Listing Regulations is
business affairs ethically and in full compliance with implemented through the Whistle Blower Policy. This
applicable laws, rules and regulations. In accordance policy provides for adequate safeguards against
with Schedule V (D) of the SEBI Listing Regulations. The victimization of persons who use such mechanism and
Company has also received declaration from Managing provides direct access to the Chairperson of the Audit
Director & CEO confirming that all the Directors and the Committee in appropriate or exceptional cases.
Senior Management Personnel of the Company have
complied to the Code of Conduct for the financial year It enables reporting illegal or unethical behaviour,
ended March 2021 as attached with this Report. The actual or suspected fraud(s) or violation of the
said code is hosted on the website of the Company at Company's Codes of Conduct or Corporate
https://www.homefirstindia.com/files/CodeofConduct Governance Policies or any improper activity. None of
forBoardofDirectorsandSeniorManagementPersonne the personnel have been denied access to the Audit
l.pdf. Committee.
Related Party Transactions Policy The policy is placed on the website of the Company and
can be accessed at https://homefirstindia.com/
The Company has formulated a policy on materiality of files/VigilMechanismandWhistleBlowerPolicy.pdf
and dealing with Related Party Transactions pursuant
to the provisions of the Companies Act and Regulation Code of Conduct for Prohibition of Insider Trading
23 of the Listing Regulations, which specify the manner and Code of Practices and Procedures for Fair
of entering into Related Party Transactions. Details of Disclosure of Unpublished Price Sensitive
related party transactions entered into by the Information
Company are in the ordinary course of its business and
are included in the notes forming part of the financial In compliance of the SEBI PIT Regulations, as amended
statements. The Company did not enter into any from time to time, the Company has formulated a Code
material related party transaction during the financial of Conduct- Prevention of Insider Trading in the shares
year ended March 31, 2022. During the year under of the Company, which inter alia, prohibits trading in
review, all RPTs were placed before the Audit shares of the Company by insiders while in possession
Committee for its approval (including omnibus of unpublished price sensitive information in relation
approval), as required under Section 177 of the to the Company and in order to ensure uniform
Companies Act, 2013 and Regulation 23 of the Listing dissemination of unpublished price sensitive
Regulations. No materially significant related party information. The Board of Directors had adopted a
transactions were entered into during the FY22 that 'Code of Practices and Procedures for Fair Disclosure of
may have potential conflict with interests of the listed Unpublished Price Sensitive Information' which is
entity at large. available on the website of the Company and can be
accessed at www.homefirstindia.com/files/
The Policy on Related Party Transactions has been CodeofpracticesandproceduresforfairdisclosureofUP
hosted on the website of the Company in accordance SI.pdf
Directors’ Report
Prevention of Sexual Harassment Policy, and

information required to be disclosed under Sexual Pursuant to the said Act, the details of the total
Harassment of Women at Workplace (Prevention, reported and closed cases pertaining to incidents
Prohibition and Redressal) Act, 2013 under the above framework/ law are as follows:-
Your Company has adopted zero tolerance for sexual Number of cases reported during the year: 1
harassment at the workplace and has formulated a Number of cases closed during the year: 1
policy on prevention, prohibition, and redressal of Numbers of cases open as on March 31, 2022: Nil
sexual harassment at the workplace in line with the
Penalties
provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act,
There were no instances of non- compliances, penalty
2013 and the rules framed thereunder. The Company
levied or strictures imposed on the Company by the
has complied with the formation of the Internal Stock Exchanges, or SEBI or any statutory authority, on
Complaints Committee as prescribed under the any matter related to capital markets, during the last
Companies Act, 2013. three years.
Details of Annual General Meetings:
The details of the location and time of the last three Annual General Meetings is given below:
For the financial year Date & Time Venue Details of Special Resolution passed
2020-21 August 5, 2021 Through Video · Ratification of the ESOP 2012 Scheme
at 11:00 A.M. Conferencing pursuant to SEBI (Share Based Employee
(“VC”)/ Other Benefit) Regulations 2014.
Audio-Visual · Ratification of the ESOP II Scheme pursuant to
Means SEBI (Share Based Employee Benefit)
Regulations 2014.
· Consideration and approval of Article 18.1 to
18.12 of the Articles of Association of the
Company.
2019-20 June 20, 2020 511, Acme Plaza, · To authorize Board for issuance of Non-
at 11:00 A.M. Andheri Kurla Convertible Debentures and/or any other
Road, Andheri (E), hybrid instruments of the Company on
Mumbai 400059 private placement basis.
2018-19 June 12, 2019 511, Acme Plaza, · Increase in the borrowing powers under
at 10 A.M. Andheri Kurla section 180(1) (c) of the Act.
Road, Andheri (E), · To authorize board to create charge under
Mumbai 400059 Section 180 (1) (a) of the Act.
· To authorize Board for Issuance of Non-
Convertible Debentures, in one or more
tranches /Issuances.
· Increase in option pool of ESOP II
· Increase in authorized Share capital.
Directors’ Report
Postal Ballot: conducted through Remote E-voting which was duly

During the year under review, the Company sought passed with requisite majority. The businesses along
approval of the Members by means of Postal Ballot with the details of voting pattern is as follows
Sr. No. Type of Subject Matter of the Resolution Total No. of Total No. of % Votes of
polled on total
Resolution Shares Held Votes Polled
No. of Shares held
Postal Ballot Voting Results as on November 26, 2021
1. Ordinary Appointment of Ms. Geeta Dutta 87,536,551 74,863,521 85.523

Goel (DIN: 02277155) as a Non-
Executive Independent Director of
the Company.
2. Ordinary Appointment of Mr. Anuj Srivastava 87,536,551 74,863,380 85.522

(DIN: 09369327) as a Non-Executive
Independent Director of the
Company.
3. Special Approval of Home First Finance 87,536,551 74,863,622 85.523

Company India Limited
Employee Stock Option Scheme,
2021 (“Homefirst ESOP Scheme
2021”) for eligible employees of
Home First Finance Company India
Limited (“Company”)
Postal Ballot Voting Results as on March 9, 2022
1. Special Appointment of Ms. Sucharita 87,594,085 74,492,224 85.0425

Mukherjee (DIN:02569078) as a
Non-Executive Independent
Director of the Company.
Mr. Aashish K Bhatt (ICSI Membership No. ACS 19639), through the e-voting process in a fair and transparent
Designated Partner of Bhatt & Associates Company manner. No Special Resolution is proposed to be
Secretaries LLP, Practicing Company Secretaries, as the conducted through Postal Ballot as on the date of this
Scrutinizer for conducting the postal ballot only Report.
Directors’ Report
Procedure of Postal Ballot:

The Company's website, www.homefirstindia.com ,
The Company provides facility to exercise votes by under the section of 'investor relations', contains all
means of postal ballot through remote electronic important public information including financial
voting system, in addition to physical ballot. Postal results, various policies approved by the Board,
ballot notices and forms are dispatched to the presentations made to the media, analysts and
members with the postage pre-paid business reply institutional investors, schedule and transcripts of
envelope to members/beneficial owners through earnings call with investors, official news releases,
email at their registered email IDs and through physical matters concerning the shareholders and details of the
copy to the members who have not registered their contact persons, etc.
email IDs. For FY22, in view of the COVID-19 pandemic
and the circulars issued by MCA, postal ballot notice During FY22, the Company sent documents, such as
was sent through e-mail only, to all those members notice of the annual general meeting, postal ballot,
who had registered their e-mail ids with the audited and limited reviewed financial statements,
Company/depositories. The Company also publishes Directors' Report, auditors' report, etc. in electronic
notice in the newspapers for the information of the form to the registered email addresses. All financial
members. and other vital official news releases and documents
under the SEBI Listing Regulations are also
A scrutinizer is appointed for conducting the postal communicated to the concerned stock exchanges,
ballot process in a fair and transparent manner. Voting besides being placed on the Company's website
rights are reckoned on the equity shares held by the
members as on the cut-off date. The scrutinizer
submits his report on the postal ballot to the Chairman,
and the voting results are announced by placing the
report on the website of the Company and by
communicating to the Stock Exchanges.
Means of Communication
Pursuant to the applicable regulations of SEBI Listing

Regulations, your Company publishes financial results
on quarterly basis which are duly reviewed by the Audit
Committee before submission to the Board and are
submitted to the Stock Exchanges. The financial results
of the Company are generally published in Financial
Express and Mumbai Lakshdeep. The Managing
Director & CEO, Chief Financial Officer and Investor
Relations Officer at regular intervals conducts
conference call(s) with the analysts/ Shareholders and
responds to the queries from investors on quarterly
basis.
Directors’ Report
General Shareholder Information:
Corporate Information:
Incorporation Date February 3, 2010
Registered Office Address 511, Acme Plaza, Andheri Kurla Road,

Andheri (East), Mumbai 400 059
Corporate Identification Number (CIN) L65990MH2010PLC240703

Date, time and Venue of the Date: June 10, 2022; Time: 02:00 P.M.,
Annual General Meeting Indian Standard Time (“IST”)
Venue: Through Video Conferencing (“VC”) /
Other Audio-Visual Means (“OAVM”) Facility.
Financial year April 1, 2021 to March 31, 2022
Dividend Payment Date No dividend has been proposed
Name and Address of Stock Exchange The equity shares of the Company are listed on
National Stock Exchange of India Ltd. (NSE)
and BSE Limited (BSE).
Non-Convertible Debentures (NCDs) issued by

the Company are listed on the Wholesale Debt
Market (WDM) segment of the BSE.
NSE: Exchange Plaza, C-1, Block G,

Bandra-Kurla Complex, Bandra (East),
Mumbai 400 051.
BSE: Phiroze Jeejeebhoy Towers,

Dalal Street, Mumbai 400 001.
Stock Code NSE: HOMEFIRST

BSE: 543259
Payment of Listing Fees The Company has paid the annual listing fees for the
relevant periods to NSE and BSE where its equity
shares are listed.
ISIN INE481N01025
Registrar & Share Transfer Agent KFin Technologies Limited

(formerly known as KFin Technologies Private Limited)
Selenium Tower-B Plot 31 & 32, Gachibowli, Financial
District, Nanakramguda,
Serilingampally, Hyderabad – 500 032 Telangana, India,
Tel: +91 40 6716 2222
In Case securities are suspended from Trading Not Applicable
Directors’ Report
Share Transfer System The Company's shares are traded under compulsory
dematerialized mode and are freely tradable. The
Board of Directors have delegated the power to attend
all the formalities relating to transfer of securities to the
Registrar and Share Transfer Agent of the Company. An
annual certificate of compliance with the share/debt
transfer formalities as required under Regulation 40(9)
and 61(4) of the SEBI LODR Regulations is obtained
from the Company Secretary in Practice and a copy of
the certificate is filed with the Stock Exchanges within
the prescribed time.
Dematerialization of shares and liquidity As on March’22, 100 % of the total equity capital was
held in dematerialized form with National Securities
Depository Limited and Central Depository Services
(India) Limited. The Company's shares are regularly
traded on BSE and NSE.
Outstanding global depository receipts or American Not applicable since the Company has not issued any
depository receipts or warrants or any convertible Global Depository Receipts or American Depository
instruments, conversion date and likely impact on Receipts or Warrants or Convertible bonds.
liquidity
Plant Locations Not Applicable
Address for correspondence KFin Technologies Limited

(formerly known as KFin Technologies Private Limited)
Selenium Tower-B Plot 31 & 32, Gachibowli, Financial
District, Nanakramguda,
Serilingampally, Hyderabad – 500 032 Telangana, India
Email: einward.ris@kfintech.com
The Company Secretary & Compliance Officer

Mumbai 400-059.
Email- corporate@homefirstindia.com
Commodity price risk or foreign exchange risk and This is not applicable since the Company does not have
commodity hedging activities any derivatives or liabilities denominated in foreign
currency.
Directors’ Report
Stock Price Data:
The reported high and low closing prices of equity shares (in ₹) of the Company traded on NSE and BSE during the
period under review are set out in the following table:
Month BSE NSE
High Low High Low
April 2021 520.00 441.00 520.00 440.00
May 2021 579.00 481.00 579.45 480.20
June 2021 576.50 523.55 577.40 523.15
July 2021 622.75 529.05 623.30 529.00
August 2021 604.85 545.00 604.90 541.00
September 2021 628.00 535.55 628.20 535.30
October 2021 722.30 576.00 723.25 584.55
November 2021 883.90 693.55 884.00 691.55
December 2021 919.95 758.20 921.30 757.50
January 2022 851.25 731.85 851.45 732.15
February 2022 777.80 658.00 778.00 650.00
March 2022 789.25 620.00 789.95 620.00
[Source: This information is compiled from the data available on the websites of NSE and BSE]
Performance in comparison to broad-based indices such as BSE Sensex and NSE Nifty:
Home First Vs Nifty
20,000 1,000
15,000 800
600
10,000
400
5,000 200
- -
Apr'21 May'21 Jun'21 Jul'21 Aug'21 Sep'21 Oct'21 Nov'21 Dec'21 Jan'22 Feb'22 Mar'22
Nifty Home First
Directors’ Report
Home First Vs Sensex

80000 1000
60000 800
600
40000
400
20000 200
0 0
Sensex Home First
Distribution of Shareholding as on March'22:
Sr. No. Category (Shares) No. of Holders % Holders No. of Shares % Equity
1. 1 - 5000 62,033 99.62 4,604,782 5.25
2. 5001 - 10000 84 0.13 584,683 0.67
3. 10001 - 20000 39 0.06 547,128 0.62
4. 20001 - 30000 21 0.03 503,824 0.57
5. 30001 - 40000 17 0.03 572,937 0.65
6. 40001 - 50000 11 0.02 479,120 0.55
7. 50001 - 100000 18 0.03 1,289,154 1.47
8. 100001 and above 45 0.07 79,052,075 90.21
TOTAL 62,268 100.00 8,763,3703 100.00
Shareholding Pattern as on March'22:
Sr. No. Description Holders Total Shares % Equity
1. Foreign Corporate Bodies 2 32,003,115 36.52%
2. Promoters 1 17,705,532 20.20%
3. Foreign Promoters 1 11,742,592 13.40%
4. Foreign Portfolio – Corp 47 9,555,788 10.90%
5. Resident Individuals 58,711 6,007,918 6.86%
6. Mutual Funds 30 3,469,309 3.96%
7. Bodies Corporates 247 2,410,975 2.75%
8. Alternative Investment Fund 7 1,880,172 2.15%
Directors’ Report
Sr. No. Description To Holders Total Shares % Equity
9. Directors 1 803,383 0.92%
10. Qualified Institutional Buyer 16 789,697 0.90%
11. Employees 65 511,292 0.58%
12. Non-Resident Indians 858 394,621 0.45%
13. HUF 1,837 180,056 0.21%
14. Non-Resident Indian Non Repatriable 370 119,416 0.14%
15. Clearing Members 72 46,552 0.05%
16. Trusts 3 13,285 0.02%
Total 62,268 87,633,703 100.00
Credit Ratings:
The Company's financial discipline and prudence is reflected in the strong credit ratings assigned by Credit Rating
Agencies as under:
Instrument Rating Agency Rating Outlook
ICRA A+ Positive
Term Loan India Ratings AA - Stable
CARE A+ Stable
ICRA A1+ -
Commercial Paper India Ratings A1+ -
ICRA A+ Positive
Non - Convertible Debentures
India Ratings AA- Stable
ICRA Limited revised the outlook of the Company's long raised any funds through preferential allotment or
term credit ratings on November 24, 2021 from A+ qualified institutional placement as specified in
'Stable' to A+ 'Positive' while re-affirming the existing Regulation 32 (7A) of the SEBI Listing Regulations.
ratings.
Certification from Practicing Company Secretary
India Ratings & Research had assigned “AA-/Stable” for (PCS)
Bank loans and Non-Convertible Debentures (“NCD”)
and reaffirmed “A1+” for Commercial Paper A certificate issued by Aashish K Bhatt, (ICSI
Programme on March 4, 2022. Membership No. ACS 19639), Designated Partner of
Bhatt & Associates Company Secretaries LLP,
Details of utilization of funds raised through Practicing Company Secretaries, pursuant to
preferential allotment or qualified institutional Regulation 34(3) read with Clause 10 (i) of Paragraph C
placement: of Schedule V of the Securities and Exchange
Board of India (Listing Obligations and Disclosure
During the year under review, your Company has not
Directors’ Report
Requirements) Regulations, 2015, certifying that none Regulation 25(10) of the SEBI LODR Regulations, the
of the Directors on the Board of the Company as on Company has taken a D&O Liability Insurance policy on
March’22, has been debarred or disqualified from behalf of all Directors including Independent Directors
being appointed or continuing as Directors of the and Key Managerial Personnel of the Company for
companies by the Securities and Exchange Board of indemnifying any of them against any liability in respect
India, Ministry of Corporate Affairs, Reserve Bank of of any negligence, default, misfeasance, breach of duty
India, or any such Statutory Authority. or breach of trust for which they may be guilty in
relation to the Company.
The same forms part of this Annual Report as an
annexure to the Directors' Report. Chief Executive Officer and Chief Financial Officer
certification:
Accounting Standards
As required under Regulation 17(8) read with Part B f
The Company has followed Indian Accounting Schedule II of the SEBI Listing Regulations, the
Standards (Ind AS) issued by the Ministry of Corporate Managing Director & CEO and the Chief Financial
Affairs in the preparation of its financial statements. Officer of the Company have made a certification to the
Board of Directors, in the prescribed format for the
Certification on Corporate Governance
year under review. The same has been reviewed and
taken on record by the Board of Directors.
As required under the SEBI Listing Regulations,
certificate issued by Mr. Aashish K Bhatt (Membership
Details of non-acceptance of any recommendation of
No. ACS 19639), Designated Partner of Bhatt &
any committee of the board which is mandatorily
Associates Company Secretaries LLP, certifying that the
required:
Company has complied with the conditions of
Corporate Governance as stipulated by SEBI LODR
During the year under review, there were no such
Regulations. The said certificate forms part of the
recommendations made by any Committee of the
Annual Report as an Annexure to the Directors Report.
Board that were mandatorily required and not
accepted by the Board.
Due dates for transfer of unclaimed dividend to
Investor Education and Protection Fund (IEPF)
Total fees paid to Statutory Auditors and all entities
in the network firm/network entity of which the
In terms of Section 125 of the Act, unclaimed dividends
statutory auditor is a part: -
are required to be transferred to the Investors
Education and Protection Fund. There was no dividend
Total fees for all services paid by Company, on a
declared in the last Seven (7) years and the year under
consolidated basis, to M/s Deloitte Haskins & Sells (Firm
review and hence, there was no requirement of
Registration No.: 117365W), Statutory Auditors of the
transferring the same to the Investors Education and
Company and other firms in the network entity of
Protection Fund.
which the Statutory Auditors are a part, as included in
Directors and Officers (D&O) Liability Insurance the Financial Statements of the Company for the year
ended on March 31, 2022, are as follows:
As per the provisions of the Act and in compliance with
Particulars Amount ( ₹ in million )
Fees for audit and related services paid to M/s. Deloitte Haskins & Sells & Affiliates 3.40
firms and to entities of the network of which the statutory auditor is a part
Other fees paid to M/s Deloitte Haskins & Sells & Affiliates firms and to entities of 1.17
the network of which the statutory auditor is a part
Total 4.57
Directors’ Report
Loans and advances in the nature of loans to The Company has also adopted certain voluntary
firms/companies in which directors are interested by compliance requirements as outlined in the
name and amount: Companies Act, 2013, SEBI Listing Regulations, 2015
and other applicable acts, rules, regulations &
There are no loans and advances in the nature of loans guidelines. As per the discretionary requirements
to firms/companies in which directors are interested. specified in Schedule II, Part E of the Listing
Regulations, the Company has appointed separate
Compliance with mandatory Requirements and persons to the post of Chairperson and Managing
adoption of the non-mandatory Requirements of Director & Chief Executive Officer.
Corporate Governance:
Statutory and Regulatory Compliance:
During the period under review, your Company has
complied with all the mandatory requirements of SEBI The Company has followed all applicable directions,
Listing Regulations. In terms of Corporate Governance, guidelines and circulars issued by Reserve Bank of India
the Company has complied with the applicable from time to time. The Company also has been
requirements stipulated under Regulations 17 to 27 following directions / guidelines / circulars issued by
read with Schedule V and clauses (b) to (i) of sub- Income Tax Act, 1961, Securities and Exchange Board
regulation (2) of Regulation 46 of the Securities and of India and Ministry of Corporate Affairs from time to
Exchange Board of India (Listing Obligations and time, as applicable to the company.
Disclosure Requirements) Regulations, 2015 ("Listing
Regulations").
Deepak Satwalekar Manoj Viswanathan

Chairman & Independent Director Managing Director & CEO
DIN: 00009627 DIN: 01741612
Declaration on Compliance with the Company's Code of Conduct for Board of Directors and Senior Management
Personnel
I, Manoj Viswanathan (Managing Director & CEO), hereby confirm and declare that in terms of Regulation 26 (3) read
with Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, all the Board Members and Senior Managerial Personnel of the Company have affirmed compliance
with the Code of Conduct for Board of Directors and Senior Management Personnel for the FY22.
Manoj Viswanathan
Managing Director & CEO
DIN: 01741612
Date: May 3, 2022

Place: Mumbai
Directors’ Report
CERTIFICATE ON CORPORATE GOVERNANCE
To, ensuring the compliance of the conditions of the

The Members of Corporate Governance. It is neither an audit nor an
Home First Finance Company India Limited, expression of opinion on the financial statements of
the Company.
Andheri (East), Mumbai - 400059. In our opinion and to the best of our information and
according to the explanations given to us, we certify
We have examined the compliance of conditions of
that the Company has complied with the conditions of
Corporate Governance by Home First Finance
Corporate Governance as stipulated in the SEBI Listing
Company India Limited ('the Company') for the year
Regulations, 2015.
ended March 31, 2022, as per the relevant provisions of
the Securities and Exchange Board of India (Listing We further state that such compliance is neither an
Obligations and Disclosure Requirements) assurance as to the future viability of the Company nor
Regulations, 2015 (“the SEBI Listing Regulations, 2015”) the efficiency or effectiveness with which the
as referred to in Regulation 15(2) of the SEBI Listing management has conducted the affairs of the
Regulations, 2015 for the period from April 1, 2021 to Company.
March 31, 2022.
This Certificate is issued solely for the purposes of
The compliance of conditions of Corporate Governance complying with the aforesaid Regulations and may not
is the responsibility of the Company's management be suitable for any other purpose.
and our examination was limited to procedures and
implementations thereof, adopted by the Company for
For Bhatt & Associates Company Secretaries LLP
Place: Mumbai Aashish K. Bhatt

Date: May 3, 2022 Designated Partner
Membership No.: 19639
UDIN: A019639D000258561
Directors’ Report
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(pursuant to Regulation 34(3) and Schedule V Para C Sub clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)
To, Para-C Sub clause 10(i) of the Securities and Exchange

The Members of Board of India (Listing Obligations and Disclosure
Home First Finance Company India Limited, Requirements) Regulations, 2015.
511, Acme Plaza, Andheri Kurla Road, In our opinion and to the best of our information and
Andheri (East), Mumbai - 400059. according to the verifications (including Directors
Identification Number (DIN) status at the portal
We have examined the relevant registers, records, www.mca.gov.in) as considered necessary and
forms, returns and disclosures received from the explanations furnished to us by the Company & its
Directors of Home First Finance Company India Limited officers, we hereby certify that none of the Directors on
having CIN L65990MH2010PLC240703 and having the Board of the Company as stated below for the
registered office 511, Acme Plaza, Andheri Kurla Road, Financial Year ending on March 31, 2022 have been
Andheri (East), Mumbai - 400059 (hereinafter referred debarred or disqualified from being appointed or
to as 'the Company'), produced before us by the continuing as directors of companies by the Securities
Company for the purpose of issuing this Certificate, in and Exchange Board of India, Ministry of Corporate
accordance with Regulation 34(3) read with Schedule V Affairs or any other Statutory Authority.
Sr. Name of Director DIN Date of appointment
1. Mr. Deepak Satwalekar 00009627 23.10.2019

2. Ms. Geeta Dutta Goel 02277155 01.11.2021
3. Mr. Anuj Srivastava 09369327 01.11.2021
4. Ms. Sucharita Mukherjee 02569078 01.02.2022
5. Mr. Maninder Singh Juneja 02680016 26.05.2017
6. Mr. Vishal Gupta 01913013 28.02.2018
7. Mr. Divya Sehgal 01775308 10.06.2017
8. Mr. Narendra Ostawal 06530414 15.10.2020
9. Mr. Manoj Viswanathan 01741612 28.06.2010
Ensuring the eligibility for the appointment / continuity to the future viability of the Company nor of the
of every Director on the Board is the responsibility of efficiency or effectiveness with which the management
the management of the Company. Our responsibility is has conducted the affairs of the Company.
to express an opinion on these based on our
verification. This Certificate is neither an assurance as

UDIN: A019639D000258559
Directors’ Report
Annexure IV
Form No. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2022
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No. 9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014]
To, extent of Foreign Direct Investment. Overseas

The Members, Direct Investment and External Commercial
Home First Finance Company India Limited. Borrowings are not applicable;
We have conducted the secretarial audit of the v. The following regulations and guidelines
compliance of applicable statutory provisions and the prescribed under the Securities and Exchange
adherence to good corporate governance practices by Board of India Act,1992 ('SEBI Act'): -
(hereinafter called “the Company”). Secretarial Audit a) The Securities and Exchange Board of India
was conducted in a manner that provided us a (Substantial Acquisition of Shares and Takeovers)
reasonable basis for evaluating the corporate conducts Regulations, 2011;
/ statutory compliances and expressing our opinion
thereon. b) The Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 2015;
Based on our verification of the Company's books,
papers, minute books, forms and returns filed and c) The Securities and Exchange Board of India (Issue
other records maintained by the Company and also the of Capital and Disclosure Requirements)
information provided by the Company, its officers, Regulations, 2018;
agents and authorized representatives during the
conduct of secretarial audit, We hereby report that in d) Securities and Exchange Board of India (Share
our opinion, the Company has, during the audit period Based Employee Benefits and Sweat Equity)
covering the financial year ended on March 31, 2022, Regulations, 2021 and erstwhile the SEBI (Share
complied with the statutory provisions listed Based Employee Benefits) Regulations 2014 ;
hereunder and also that the Company has proper
Board-processes and compliance-mechanism in place e) The Securities and Exchange Board of India (Issue
to the extent, in the manner and subject to the and Listing of Non-Convertible Securities)
reporting made hereinafter: Regulations, 2021 and erstwhile the SEBI (Issue
and Listing of Debt Securities) Regulations 2008;
We have examined the books, papers, minute books,
forms and returns filed and other records maintained f) The Securities and Exchange Board of India
by the Company for the financial year ended on March (Registrars to an Issue and Share Transfer Agents)
31, 2022, according to the provisions of: Regulations, 1993, regarding the Companies Act
and dealing with client – Not Applicable;
i. The Companies Act, 2013 (the Act) and the rules
made thereunder; g) The Securities and Exchange Board of India
(Delisting of Equity Shares) Regulations, 2021 –
ii. The Securities Contracts (Regulation) Act, 1956 Not Applicable;
('SCRA') and the rules made thereunder;
h) The Securities and Exchange Board of India
iii. The Depositories Act, 1996 and the Regulations (Buyback of Securities) Regulations, 2018 - Not
and Bye-laws framed thereunder – Not Applicable;
Applicable;
Further we report that, based on the compliance
iv. Foreign Exchange Management Act, 1999 and the mechanism established by the Company, which has
rules and regulations made thereunder to the been verified on test check basis, we are of the opinion
Directors’ Report
that the Company has complied with the provisions of least seven days in advance or on a shorter notice and a
the master directions issued by Reserve Bank of India, system exists for seeking and obtaining further
National Housing Bank Act, 1987, Circulars, Master information and clarifications on the agenda items
circulars, Notifications and Guidelines as prescribed for before the meeting and for meaningful participation at
Housing Finance Companies. the meeting.
Further, as a precautionary measure against “COVID The decisions at Board Meetings and Committee
2019”, the audit process has been modified, wherein Meetings are carried out and recorded in the minutes
documents /records etc. were verified in electronic of the Board of Directors and Committee of the Board
mode, and have relied on the representations received accordingly.
from the Company for its accuracy and authenticity.
We have relied on the representation made by the
We have examined compliance with the applicable Company and its Officers for adequate systems and
clauses of the following: processes in the company commensurate with its size
and operations of the Company to monitor and ensure
i. Secretarial Standards issued by The Institute of compliance with applicable laws, rules, regulations and
the Company Secretaries of India guidelines.
ii. The Securities and Exchange Board of India We further report that during the audit period under
(Listing Obligations and Disclosure Requirements) review, the Company has undertaken events/ actions
Regulations, 2015 ('SEBI Listing Regulations'), the having a major bearing on the Company's affairs in
Company has complied with the provisions of the pursuance of the above referred laws, rules,
Regulation except delay in disclosure of extent regulations, guidelines, standards, etc. referred to
and nature of security created and maintained above viz.
with respect to secured listed NCDs in the
Financial Statements for the half year ended (i) Board approval for payment of profit related
30.09.2021 as per required under Regulation 54 commission to Independent Directors for
(2) of the SEBI Listing Regulation for which BSE Financial Year 2021;
Limited had imposed fine pursuant to SEBI (ii) Noting of termination of Part B of Articles of
circular no. SEBI/ HO/ DDHS/ DDHS/ Association;
CIR/P/2020/231 dated November 13, 2020. (iii) Issuance and allotment of Non-Convertible
Further, the Company has made representation debentures on private placement basis;
to BSE Limited with regards to waiver of the same (iv) Allotment of Equity shares pursuant to exercise of
and the matter is still pending. options of ESOP II Scheme and ESOP 2012
Scheme;
During the financial year under review, the Company (v) Approval for increase in remuneration of
has complied with the provisions of the Act, Rules, Managing Director;
Regulations, Guidelines, Standards, etc. mentioned (vi) Appointment and Resignation of Directors;
above. (vii) Approval of the Home First ESOP Scheme 2021;
(viii) Re-constitution of Board and its committees;
We further report that:
The Company has obtained Member's approval for the
The Board of Directors of the Company is duly following special businesses:
constituted with proper balance of Executive Director,
Non-Executive Directors and Independent Directors. (i) Approval for appointment of M/s. Deloitte
The changes in the composition of the Board of Haskins and Sells, Chartered Accountants as the
Directors that took place during the period under Statutory auditors for a period of 3 years;
(ii) Ratification of ESOP 2012 and ESOP II Scheme
review were carried out in compliance with the
pursuant to SEBI (Share Based Employee Benefit)
provisions of the Act.
Regulations, 2014;
Adequate notice, agenda and detailed notes have been (iii) Consideration and Approval of Article 18.1 to
given to all Directors to schedule the Board Meetings at 18.12 of the Articles of Association;
Directors’ Report
(ix) The Company has obtained Member's approval (iii) Approval of Home First Finance Company India
for the following resolution through postal ballot: Limited Employee Stock Option Scheme, 2021 for
(i) Appointment of Ms. Geeta Dutta Goel (DIN: eligible employees of the Company;
02277155) as a Non-Executive Independent (iv) Appointment of Ms. Sucharita Mukherjee
Directors for five consecutive years from (DIN:02569078) as a Non-Executive Independent
November 1, 2021 up to October 31, 2026; Directors for five consecutive years February 1,
(ii) Appointment of Mr. Anuj Srivastava (DIN: 2022 up to January 31, 2027.
09369327) as a Non-Executive Independent
Directors for five consecutive years from
November 1, 2021 up to October 31, 2026;

UDIN: A019639D000258999
This Report is to be read with our letter annexed as Appendix A, which forms integral part of this report.
Directors’ Report
APPENDIX A
To, 3. We have not verified the correctness and

The Members, appropriateness of financial records and books of
Home First Finance Company India Limited. accounts of the Company.
Our report of even date is to be read along with this 4. The management is responsible for compliances
letter. with corporate and other applicable laws, rules,
regulations, standards etc. Our examination was
1. The responsibility of maintaining Secretarial limited to the verification of procedure on test
record is of the management and based on our basis and wherever required, we have obtained
audit, we have expressed our opinion on these the Management representation about the
records. compliance of laws, rules and regulations etc.
2. We are of the opinion that the audit practices and 5. The Secretarial Audit report is neither an
process adopted to obtain assurance about the assurance as to the future viability of the
correctness of the secretarial records were Company nor of the efficacy or effectiveness with
reasonable for verification on test check basis. which the management has conducted the affairs
of the Company.

UDIN: A019639D000258999
Directors’ Report
Annexure V
REPORT ON CORPORATE SOCIAL RESPONSIBILITY FOR FY22
1. A brief outline on CSR policy of the Company: expense of the long-term interests of the community.
Home First Finance Company India Limited CSR Thrust Areas:

(hereinafter referred to as 'Home First') believes in
integrating its business model with the social welfare of Your company has identified CSR thrust areas for
people and society in which it operates. The Company undertaking CSR activities in India. Your Company gives
strives to become an asset in the communities where it preference to the areas around which the Company
operates, through constant and collaborative operates and the areas with identified needs for CSR
interactions with external stakeholders. spending. The brief description of the CSR thrust areas
is as under:
We respect the interests of and are responsive towards
all our stakeholders. Our Corporate Social a. Health: Eradicating hunger, poverty, malnutrition,
Responsibility policy provides for constitution of a CSR promoting health care including preventive healthcare,
Committee, an implementation strategy which include sanitation and availability of safe drinking water.
identification of CSR projects, setting measurable
targets, organizational mechanism and b. Education and livelihood: Promoting education,
responsibilities, time schedule, execution and including special education and employment
monitoring. enhancing vocation skills especially among children,
women, elderly, and the differently abled and
This Policy on Corporate Social Responsibility livelihood enhancement projects.
encompasses our philosophy for giving back to the
society as a corporate citizen and lays down the c. Disaster Management: Disaster management,
guidelines and mechanism for undertaking socially including relief, rehabilitation and reconstruction
useful programmes for the welfare and sustainable activities.
development of the community at large.
d. Environment: Ensuring environmental
CSR Policy relates to the activities to be undertaken by sustainability, ecological balance, protection of flora
the company as specified in Schedule VII of the and fauna, animal welfare, agroforestry, conservation
Companies Act, 2013 and the expenditure thereon, of natural resources.
excluding activities undertaken in pursuance of normal
course of business of the company. e. Others: The Company may identify newer thrust
areas to the above list, in so far as such activities are as
The essence of the CSR policy that companies shall not defined in Schedule VII of the Companies Act, 2013, as
pursue their immediate profit objectives at the amended, from time to time.
2. Composition and Meetings of CSR Committee:

The members of the CSR Committee as at March‘22 were:
Sr. Number of meetings Number of meetings of

Name Nature of Directorship of CSR Committee held CSR Committee attended
No. during the year during the year
1. Ms. Geeta Dutta Goel** Independent Director 2 1
2. Ms. Sucharita Mukherjee** Independent Director 2 1
3. Mr. Manoj Viswanathan Managing Director & CEO 2 2
4. Mr. Sakti Prasad Ghosh* Independent Director 2 1
5. Mr. Rajagopalan Santhanam* Nominee Director 2 1
*Mr. Sakti Prasad Ghosh and Mr. Rajagopalan Santhanam ceased to be members of the Committee with effect from.
October 31,2021 and January 31, 2022 respectively, consequent to their resignation.
Directors’ Report
**Ms. Geeta Dutta Goel was appointed as the Member of the Companies (Corporate Social
and the Chairperson of the Committee with effect from responsibility Policy) Rules, 2014, if applicable
November 1, 2021 and Ms. Sucharita Mukherjee was (attach the report): Not Applicable.
appointed as the member of the Committee with effect 5. Details of the amount available for set off in
from February 1, 2022. pursuance of sub-rule (3) of rule 7 of the
Companies (Corporate Social responsibility
3. Web-link where Composition of CSR committee,
Policy) Rules, 2014 and amount required for set
CSR Policy and CSR projects approved are off for the financial year, if any: Not Applicable.
disclosed on the website of the company:
6. Average net profit of the Company as per Section
The Composition of CSR Committee, CSR Policy and
135(5): ₹1,001,303,000/-
CSR Projects approved are available on the website of
the Company at the following links: 7. (a) Two percent of the average net profit of the
Company as per Section 135 (5) : The Company
is required to spend ₹20,026,060/- towards
1. CSR Committee -
CSR.
https://homefirstindia.com/investor-relations/
(b) Surplus arising out of the CSR projects or
programmes or activities of the previous
2. CSR Policy -
financial years. - NIL
https://homefirstindia.com/files/CSR.pdf
(c) Amount required to be set off for the financial
year, if any- NIL
3. CSR Projects -
(d) Total CSR obligation for the financial year
https://homefirstindia.com/files/CSR
(7a+7b-7c). – ₹20,026,060/-.
Initiatives.pdf
8. (a) CSR amount spent or unspent for the financial
year:
4. The details of Impact assessment of CSR projects
carried out in pursuance of sub-rule (3) of rule 8
Total Amount Spent Amount Unspent (in ₹) : NIL

for the Financial
Y ear. (in ₹ ) Total Amount transferred to Amount transferred to any fund specified under
Unspent CSR Account as per
Schedule VII as per second proviso to section 135(5)
section 135(6)
Amount Date of transfer Name of the Fund Amount Date of transfer
20,486,435 /-
N.A N.A N.A N.A N.A
(b) Details of CSR Amount spent against ongoing projects for the Financial Year: Not Applicable
Directors’ Report
(c ) Details of CSR amount spent against other than ongoing projects for the financial year:
Amount Mod Mode of implementation

SI Name of the Item from the Local area Location of the project. spent for e of Through implementing
No. Project list of (Yes/ No). the project impl agency
activities in (in ₹) eme
schedule VII to ntati Name. CSR
State. District
the Act. on - registration
Direct number
(Yes/
No)
Healthcare :
1. Sponsor Promotion of Yes Gujarat Ahmedabad, 500,000/- No Cure
treatment of healthcare Surat International CSR00001867
50 children India Trust
towards
elimination of
clubfoot
disability
2. Sponsor Promotion of Yes Gujarat Ahmedabad, 1,188,000/- No Smile Train CSR00000842

treatment of healthcare Surat India
44 children
towards
elimination of
Cleft lip
3. Under Promotion of Yes Gujarat Rajkot 1,750,000/- Yes Rajkot Cancer CSR00025201
privileged Healthcare Society
Cancer
patient’s care
Donation of
OT stretcher,
Wheelchair,
fowler beds
and Ligasure
(Covidien) to
Cancer
Hospital
Directors’ Report
4. Underprivileg Promotion of Yes Gujarat Ahmedabad 1,800,000/- Yes Prashanti CSR00007410

ed cardiac Healthcare Medical
patient’s care Services and
(Upto age Research
18years) foundation
5. Construction Preventive Yes Gujarat Surat 1,800,000/- Yes Guru Maa CSR00005145
of OT in Trust Healthcare Mahila Grah
hospital Udyog Samiti
(Seva
Foundation)
6. Eye Cataract Preventive Yes Andhra Vizag, 500,000/- Yes Sankar CSR00006331
Surgery for Healthcare Pradesh Vizianagaram Foundation
underprivileg
ed patients
7. Workplace Preventive Yes Gujarat, Tamil Ahmedabad, 2,861,034/- Yes - -
Safety Healthcare Nadu, Surat,
Maharashtra, Himmatnagar
Chhattisgarh, , Mehsana,
Madhya Bhavnagar,
Pradesh Baroda,
Anand,
Indore, Sangli,
Satara,
Nashik,
Ahmednagar,
Nagpur,
Raipur
Directors’ Report
Education and Livelihood :

8. Project 1. Promotion of Yes Gujarat Narol, 1,523,697/- No Elixir CSR00001799
Sashakt- employment Ahmedabad Foundation
Empowermen enhancement
t of Migrant skills and
Factory livelihood
Labourers enhancement
and their projects.
families. 2. Promoting
health care
3.Promoting,ed
ucation, includi
ng special
education and
employment
enhancing voca
tion skills
especially
among
children,
women, elderly
9. Mahila Shram 1.Promotion of Yes Gujarat Ahmedabad 1,392,868/- No Aajeevika CSR00003350
Shakti gender and Surat Bureau Trust
Kendra- equality,
multipurpose empowering
centers women
exclusively for 2.Promoting
migrant wom health care
en 3.Promoting
construction education, incl
workers uding special
education and
employment
enhancing voca
tion skills
Directors’ Report
Disaster Management :
10. COVID Care- 1. Promotion of Yes Gujarat, Raipur, 4,814,243/- Yes - -
Relief & health care, Maharashtra, Nagpur,
Welfare including Tamil Nadu, Nashik,
preventive Karnataka, Bangalore,
health care and Andhra Hyderabad,
sanitation 2. Pradesh, Chennai,
disaster Uttar Coimbatore,
management Pradesh, Surat,
Chhattisgarh Ahmedabad,
Erode, Delhi,
Ghaziabad
and Mumbai
Environment
11 Distribution Ensuring Yes Maharashtra Thane 100,000/- No Global Vikas CSR00004400
of 4000 fruits environmental Trust
trees to sustainability,
marginal ecological
farmers balance,
protection of
flora and fauna,
animal welfare,
agroforestry,
conservation of
natural
resources
12. Developed Ensuring Yes Maharashtra Palghar 600,000/- No Keshav CSR00002691

Van Aushadhi environmental Shrushti
Garden with sustainability,
1000 herbal ecological
tree balance,
plantation protection of
flora and fauna,
animal welfare,
agroforestry,
conservation of
natural
resources
Directors’ Report
13. Installation of Ensuring Maharashtra Nagpur 826,461/- No Nagpur CSR00024544

solar panels environmental Association
at the sustainability for the
physiotherapy rehabilitation
Centre of children
with
orthopedic
disabilities
Others
14. Army Welfare Measures for Yes Delhi Delhi 500,000/- Yes - CSR00010944
the benefit of
armed forces
veterans, war
widows and
their
dependents
TOTAL 20,156,303/-
(d) Amount spent in Administrative Overheads – ₹330,132

(e) Amount spent on Impact Assessment, if applicable - Not Applicable
(f) Total amount spent for the Financial Year (8b+8c+8d+8e) - ₹20,486,435/-
(g) Excess amount for set off, if any:
Sr. No. Particular Amount (in ₹)
(I) Two percent of average net profit of the company as per section 135(5) 20,026,060/-
(II) Total amount spent for the Financial Year 20,486,435/-
(III) Excess amount spent for the financial year [(ii)-(i)] -
(IV) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any -
(V) Amount available for set off in succeeding financial years [(iii)-(iv)] -
Directors’ Report
9. (a) Details of Unspent CSR amount for the preceding three financial years:
SI Preceding Amount Amount Amount transferred to any fund Amount

No Financial transferred to spent in the specified under Schedule VII as per remaining to
Year. Unspent CSR reporting section 135(6), if any. be spent in
Account under Financial succeeding
section 135 (6) Year (in ₹) Name Amount Date of financial
(in ₹) of the (in ₹) transfer years. (₹)
Fund
1. 2020-21 N.A as the company did not have any unspent amount for 2020-21
2
. 2019-20 N.A as the company did not have any unspent amount for 2019-20
3
. 2018-19 N.A as the company did not have any unspent amount for 2018-19
Total
(b) Details of CSR amount spent in the financial year (b) Amount of CSR spent for creation or acquisition of
for ongoing projects of the preceding financial capital asset - Not Applicable
year(s): Nil (c) Details of the entity or public authority or
10. In case of creation or acquisition of capital asset, beneficiary under whose name such capital asset
furnish the details relating to the asset so created is registered, their address etc. - Not Applicable
or acquired through CSR spent in the financial year (d) Provide details of the capital asset(s) created or
(Asset-wise details) : Not Applicable as the acquired (including complete address and location
Company has not acquired or created any capital of the capital asset) - Not Applicable
assets through CSR spent in the financial year. 11. Specify the reason(s), if the company has failed to
(a) Date of creation or acquisition of the capital spend two per cent of the average net profit as per
asset(s) – Not Applicable section 135(5): Not Applicable as the Company
has duly spent the required amount under CSR
For and behalf of Home First Finance Company India Limited
Manoj Viswanathan Geeta Dutta Goel

Managing Director & CEO Independent Director
DIN: 01741612 Chairperson of CSR Committee
DIN: 02277195
Directors’ Report
Annexure VI
Statement of Disclosure of Remuneration under section 197(12) of the

Companies Act, 2013 read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014
Sr. No. Particulars Details

1. The ratio of the Name Ratio
remuneration of each Mr. Manoj Viswanathan 44 : 1
Director to the median Mr. Deepak Satwalekar 7:1
remuneration of the
Mr. Sakti Prasad Ghosh 4 :1
employees of the
Ms. Sujatha Venkatramanan 3 :1
Company for FY 22.
Ms. Geeta Dutta Goel 0:1
Mr. Anuj Srivastava 3 :1
Ms. Sucharita Mukherjee 2 :1
Mr. Narendra Ostawal 0:1
Mr. Vishal Vijay Gupta 0:1
Mr. Divya Sehgal 0:1
Mr. Maninder Singh Juneja 0:1
Mr. Rajagopalan Santhanam 0:1
The percentage
2. increase / (decrease) in Percentage
remuneration of each Name (Increase/Decrease)
Director, Chief Mr. Manoj Viswanathan 8.5% effective July 21
Financial Officer, Chief Mr. Deepak Satwalekar 10%
Executive Officer, Mr. Sakti Prasad Ghosh 43%
Company Secretary or Ms. Sujatha Venkatramanan 46%
Manager, if any, in
Ms. Geeta Dutta Goel
FY22.
Mr. Anuj Srivastava Appointed in FY22
Ms. Sucharita Mukherjee Appointed in FY22
Mr. Narendra Ostawal -
Mr. Vishal Vijay Gupta -
Mr. Divya Sehgal -
Mr. Maninder Singh Juneja -
Mr. Rajagopalan Santhanam -
Ms. Nutan Gaba Patwari 12% effective July 21
Mr. Shreyans Bachhawat 9 % effective July 21
* (Annualised increment % is given above)
Sitting fees paid to the Independent Directors is considered to be part of
the remuneration.
For Mr. Satwalekar the % increase is basis the pro-rata remuneration paid
to him in FY21.
Directors’ Report
Sr. No. Particulars Details

3. The percentage
increase in the median 8% PA effective July 2021
remuneration of *(Annualised increment % is given above)
employees in the
financial year.
4. The number of 851 as on March 31, 2022
permanent employees
on the rolls of company
5. Average percentile Average percentile increases made in the salaries of employees other than
increases already the managerial personnel in the last financial year = 10.5% PA effective July
made in the salaries of 2021 (Annualised)
employees other than Average percentile increases made in the salaries of managerial personnel
the managerial in the last financial year = 10% PA effective July 2021 (Annualised)
personnel in the last
financial year and its
comparison with the
percentile increase in
the managerial
remuneration and
justification thereof
and point out if there
are any exceptional
circumstances for
increase in the
managerial
remuneration.
6. Affirmation that the The Company affirms that the remuneration paid is as per the remuneration
remuneration is as per policy of the Company.
the remuneration
policy of the Company
i. The expression “median” means the numerical value separating the higher half of a population from the lower
half and the median of a finite list of numbers may be found by arranging all the observations from lowest value to
highest value and picking the middle one;
ii. If there is an even number of observations, the median shall be the average of the two middle values.
Directors’ Report
Annexure VII
BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT
SECTION A: GENERAL DISCLOSURES 11. Paid-up Capital:₹175,267,406

12. Name and contact details (telephone, email
I. Details of the listed entity address) of the person who may be contacted in
case of any queries on the BRSR report: Mr.
1. Corporate Identity Number (CIN) of the Listed Shreyans Bachhawat, Company Secretary and
Entity: L65990MH2010PLC240703 Compliance Officer.
2. Name of the Listed Entity: Home First Finance Email id: corporate@homefirstindia.com
Company India Limited 13. Reporting boundary - Are the disclosures under
3. Year of incorporation: 2010 this report made on a standalone basis (i.e., only
4. Registered office address: 511, Acme Plaza, for the entity) or on a consolidated basis (i.e. for
Andheri Kurla Road, Mumbai - 400059 the entity and all the entities which form a part of
5. Corporate address: same as above its consolidated financial statements, taken
6. E-mail: corporate@homefirstindia.com together): Disclosures made in this report are on
7. Telephone: +91 22 6694 0386 a standalone basis and pertain only to Home
8. Website: www.homefirstindia.com First Finance Company India Limited.
9. Financial year for which reporting is being done: FY
2021-22
10. Name of the Stock Exchange(s) where shares are
listed: Equity shares are listed on BSE Limited
(BSE) and National Stock Exchange of India
Limited (NSE)
II.Products/Services
14. Details of business activities (accounting for 90% of the turnover):
% of
Turnover
S. No Description of Main Activity Description of Business Activity
of the entity
1. Financial Services The Company's business is providing home loans for the 100%
purchase or construction of residential properties and for
the extension and repair of existing housing units. In
addition to home loans, Company also offers customers
other mortgage loans including loans against property.
15. Products/Services sold by the entity (accounting for 90% of the turnover):
% of total
S. No. Product/Service NIC Code Turnover
contributed
1. Home Loans and other Mortgage Loans
: 64910 100%
The Company provides home loans for the purchase or construction of
residential properties and for the extension and repair of existing housing
units. In addition to home loans, the Company also offers customers
loans for purchasing commercial properties and other mortgage loans
including loans against property
Directors’ Report
III. Operations
16. Number of locations where plants and/or operations/offices of the entity are situated:
Location Number of Plants Number of Offices T otal

National Not Applicable* 81** 81**
International - -
*The Company is a Non-Banking Financial Company - ** Head Office location includes the corporate office
Housing Finance Company (NBFC-HFC) and hence does and comprises of 8 different sub-offices in the same
not undertake any manufacturing activity. building. If we count these sub-offices separately then
the total number of offices for HomeFirst is 88.
17. Markets served by the entity
a) Number of locations
Locations Number
National (No. of States) 12 states and 1 union territory

International (No. of Countries) NIL
b) What is the contribution of exports as a account for 27.3% of our Gross Loan Assets, as of
percentage of the total turnover of the entity? Mar’22. Our salaried customers are typically
NIL employed by small firms or work in junior
positions in larger companies, while our self-
c) A brief on types of customers employed customers are generally small
We serve salaried customers in low and middle- business owners. The monthly incomes of our
income groups which account for 72.3% of our customers are below ₹ 50,000 per month.
Gross Loan Assets, and self-employed customers
IV. Employees
18. Details as at the end of Financial Year:
a) Employees and workers (including differently abled):
S. Particulars Total (A) Male Female

No.
No. (B) % (B/A) No. (C) % (C/A)
EMPLOYEES
1. Permanent (D) 851 618 72.62% 233 27.38%
2. Other than Permanent (E) - - - - -
3. Total Employees (D + E) 851 618 72.62% 233 27.38%
WORKERS
4. Permanent (F) - - - - -
5. Other than Permanent (G) - - - - -
6. Total Workers (F + G) - - - - -
Directors’ Report
b) Differently abled Employees and workers:
S. Particulars Total (A) Male Female

No.
No. (B) % (B/A) No. (C) % (C/A)
DIFFERENTLY ABLED EMPLOYEES
1. Permanent (D) - - - - -
2. Other than Permanent (E) - - - - -
3. Total Employees (D + E) - - - - -
DIFFERENTLY ABLED WORKERS
4. Permanent (F) - - - - -
5. Other than Permanent (G) - - - - -
6. Total Workers (F + G) - - - - -
19. Participation/ Inclusion/ Representation of women:

No. and percentage of Females
T otal (A)
No. (B) % (B / A)
Board of Directors 9 2 22.22%
Key Managerial 3 1 33.33%
Personnel
20. Turnover rate for permanent employees and workers (Disclose trends for the past 3 years)
FY 2022 FY 2021 FY 2020

(Turnover rate in current (T urnover rate in current (Turnover rate in current
FY) FY) FY)
Male Female Total Male Female T otal Male Female Total
Permanent 37.83% 33.41% 36.54% 18.51% 15.80% 17.64% 41.90% 23.47% 37.92%
Employees
Permanent - - - - - - - - -
Workers
V. Holding, Subsidiary and Associate Companies (including joint ventures)
21. (a) Names of holding/ Subsidiary/ Associate Companies/ Joint ventures
S. Name of holding/ Indicate whether % of shares Does the entity indicated at

No. Subsidiary/ Associate holding/ Subsidiary/ held by listed Column A, participate in the
Companies/ Joint Associate Companies/ entity Business Responsibility initiatives
ventures (A) Joint venture of the listed entity? (Yes/No)
No Holding, Subsidiary or Associate Companies (including joint ventures)
VI. CSR Details VII. Transparency and Disclosure Compliances
22 (i) Whether CSR is applicable as per Section 135 of 23. Complaints/ Grievances on any of the principles
Companies Act, 2013: (Yes/No): Yes (Principles 1 to 9) under the National Guidelines
(ii) Turnover (in ₹): 595.67 Crs on Responsible Business Conduct:
(iii) Net worth (in ₹): 1,573.69 Crs
Directors’ Report
Stakeholder group Grievance FY 2022 FY 2021

from whom Redressal Current Financial Year Current Financial Year
complaint is Mechanism Number of Number of Remarks Number of Number of Remarks
received in Place complaints complaints complaints complaints
(Yes/No) filed pending filed pending
during the resolution during the resolution
(If yes, then
year at the year at the
provide web -
close of close of
link for
the year the year
grievance
redress policy)
Communities Yes 0 0 0 0
Investors (other than Yes 0 0 0 0
shareholders)
Shareholders Yes 0 0 2 0
Customers Yes 288 0 184 2 The pending 2
complaints
were resolved
before the
Board Meeting
held on May 3,
2021.
Value Chain Partners Yes 0 0 0 0
Others (please
specify)
24. Overview of the entity's material response and social matters that present a risk or an opportunity
business conduct issues to your business, rationale for identifying the same,
approach to adapt or mitigate the risk along-with its
Please indicate material responsible business conduct financial implications, as per the following format:
and sustainability issues pertaining to environmental
S. Material issue Indicate whether Rationale for In case of risk, Financial

No. identified risk or opportunity identifying the risk approach to adapt implications of the
risk or opportunity
(R/O) /opportunity or mitigate (Indicate positive or
negative implications)
1 Funding properties Risk -Inappropriate -As a part of Funding such high-

which are property/ property risk properties may
inappropriate or development assessment lead to financial
are developed at location may either process, Home First losses to HomeFirst.
inappropriate lead to loss of life has clearly called Reason being, such
location may lead and/or out criteria for properties may lead
to severe deterioration in selecting properties to
environmental, quality of life in that can be - loss of life (i.e.,
social, health and nearby habitats. financed. Borrower, other
safety issues. surrounding
habitats) and /or
Directors’ Report
-HomeFirst is -These criteria -environmental

primarily in the cover various issues and/or
business of aspects related to -Regulatory actions
mortgage loans. In environment, (i.e., Legal
the event of default social, health and Proceedings,
by borrower, the safety. Demolitions of
most suitable -This is regularly structure, financial
recovery communicated to penalties on
mechanism is sale Property owners,
of primary Assessment team. confiscation of
collateral -Additionally, we property etc.)
(Property). Any kind receive reports which may
of incorrect from empaneled negatively impact
assessment and valuers to get an borrower's
non-compliance of independent repayment ability
regulatory laws opinion on and intention. This
impacts recovery suitability of may ultimately lead
prospects. location and other to defaults in
regulatory aspects. repayment of the
loan
SECTION B: MANAGEMENT AND PROCESS the structures, policies and processes put in place
DISCLOSURES towards adopting the NGRBC Principles and Core
Elements.
This section is aimed at helping business demonstrate
Disclosure P P P P P P P P P
Questions 1 2 3 4 5 6 7 8 9
Policy and management processes
1. a. Whether your entity's policy/policies cover each Y Y Y Y Y Y N Y Y

principle and its core elements
of the NGRBCs. (Yes/No)
* See the list of policies below which incorporates the principles
b. Has the policy been approved by the Board? Y Y Y Y Y Y - Y Y

(Yes/No)
c. Web Link of the Policies, if available https://homefirstindia.com/investor-relations/
2. Whether the entity has translated the policy into Yes. HomeFirst has translated the policy into
procedures. (Yes / No) procedures across the activities undertaken by the
company.
Directors’ Report
3. Do the enlisted policies extend to your value chain Yes. The Company expects its stakeholders to adhere
partners? (Yes/No) to the same in all their dealings.
4. Name of the national and international codes/ Not Applicable

certifications/labels/ standards (e.g. Forest
Stewardship Council, Fairtrade, Rainforest Alliance,
Trustee) standards (e.g. SA 8000, OHSAS, ISO, BIS)
adopted by your entity and mapped to each
principle.
5. Specific commitments, goals and targets set by the Company is evaluating to start financing of green
entity with defined timelines, if any. homes and make it a meaningful part of overall
portfolio.
Also, we have identified 12 focus areas in our ESG

framework as mentioned below.
1. Operational Eco - Efficiency

2. Climate Resilience
3. Employee Training & Development
4. Employment & Labor Practices
5. Data Protection and Privacy
6. Health & Safety
7. Customer Satisfaction
8. Community Relations
9. Corporate Governance
10. Risk Management
11. Code of Conduct & Business Ethics
12. Sustainable Finance
6. Performance of the entity against the specific Progress on the focus areas
commitments, goals and targets along-with reasons · Digitally agreements signing (16% of total in FY22)
in case the same are not met. · E-Stamping (41% of total in FY22)
· E-NACH mandates (38% in FY22)
· We have Equal Opportunity Policy, Parental Leave
Policy and a formal talent pipeline development
strategy.
· During the period FY22, 5,288 manhours of training
vs 4,770 in FY21 to employees though various
courses.
· On women representation, about ~27% are women,
with 52% women at head office and 20% women in
senior management.
· Overall, 90% loans have woman as borrower.
Primary applicant in 20% of AUM + atleast 1 woman
co-borrower in 70% of AUM.
Directors’ Report
· EWS and LIG customers account for more than

75% of AUM.
· We have prepayment facility provided on the
Customer App to “nudge” customers towards
prudent finance management.
· 80% of active customers are registered on
HomeFirst Customer Portal App. Android Rating is
4.2 (17Apr'22).
· Helped 28,368 customers to claim PMAY subsidy.
Received ₹ 703.8 Crs till date as PMAY subsidy which
was credited to customers accounts as applicable.
· 8 out of 9 Directors are non-executive Directors, 4
out of 9 Directors are Independent Directors, out of
which 2 are Women Directors.
Governance, leadership and oversight
7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges,
targets and achievements (listed entity has flexibility regarding the placement of this disclosure) – Refer to
Overview by MD & CEO in Sustainability Report Chapter on page no.32.
8. Details of the highest authority responsible for Mr. Manoj Viswanathan

implementation and oversight of theBusiness Managing Director & CEO
Responsibility policy (ies).
9. Does the entity have a specified Committee of the Yes.

Board/ Director responsible for decision making on
sustainability related issues? (Yes / No). If yes, The Managing Director & CEO and senior management
of the Company monitor various aspects of social,
provide details. environmental, governance and economic
responsibilities of the Company on a continuous basis.
An execution team headed by MD & CEO also overlooks
the ESG & sustainability related aspects identified by the
company.
CSR committee of the Board also reviews the updates on

regular basis.
The Company's business responsibility performance is

reviewed by the Board of Directors on an annual basis.
Company also reports ESG related updates regularly in
its quarterly investor presentation which is again
reviewed by the Board of Directors.
10. Details of Review of NGRBCs by the Company:
Directors’ Report
Subject for Review Indicate whether review was Frequency

undertaken by Director / Committee (Annually/ Half yearly/ Quarterly/
of the Board/Any other Committee Any other – please specify)
P P P P P P P P P P P P P P P P P P
1 2 3 4 5 6 7 8 9 1 2 3 4 5 6 7 8 9
Performance against The Company periodically reviews all policies and necessary changes are made
above policies and follow up to the policies and processes as per the need.
action
Compliance with statutory The Company is in compliance with the regulations to the extent applicable.
requirements of relevance to
the principles,and, rectification
of any non-compliances
11. Has the entity carried out independent assessment/ P P P P P P P P P

evaluation of the working of its policies by an 1 2 3 4 5 6 7 8 9
external agency? (Yes/No). If yes, provide name of
the agency. Various processes, operations and compliances of the
Company are subjected to Scrutiny by different agencies
like internal auditor, statutory auditor, regulator, as
applicable. The policies are reviewed periodically and
amended as per need.
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
P P P P P P P P P
Questions
1 2 3 4 5 6 7 8 9
The entity does not consider the Principles material Y

to its business (Yes/No)
The entity is not at a stage where it is in a position to

formulate and implement the policies on specified
principles (Yes/No)
The entity does not have the financial or/human and

technical resources available for the task (Yes/No)
It is planned to be done in the next financial year

(Yes/No)
Any other reason (please specify)
* The policies below cover the above principles and core elements of NGRBCs:
Directors’ Report
· KYC and Anti-Money Laundering Measures Policy · Fair Practice Code

· Credit Policy · Fit and Proper Criteria for Directors
· Vigil Mechanism and Whistle blower policy · Code of Practices and Procedures for Fair
· Corporate Social responsibility policy Disclosure of Unpublished Price Sensitive
· Policy on Prevention of Sexual harassment in the Information
workplace
· HR Policy SECTION C: PRINCIPLE WISE PERFORMANCE
· Code of conduct for regulating, monitoring and DISCLOSURE
reporting of trading by insiders
· Code of Conduct for the Board of Directors and the This section is aimed at helping entities demonstrate
Senior Management Personnel their performance in integrating the Principles and
· ESG policy Core Elements with key processes and decisions. The
· Equal Opportunity Policy information sought is categorized as “Essential” and
· Grievance redressal policy “Leadership”. While the essential indicators are
· Learning Policy expected to be disclosed by every entity that is
· Health and Safety Policy mandated to file this report, the leadership indicators
· Diversity and Inclusion Policy may be voluntarily disclosed by entities which aspire to
· Anti-Bribery and Anti-Corruption Policy progress to a higher level in their quest to be socially,
· Technology Equipment Handling And Disposal environmentally and ethically responsible.
Policy
· Fair advertising policy PRINCIPLE 1: Businesses should conduct and govern
· Code of Conduct themselves with integrity, and in a manner that is
Ethical, Transparent and Accountable
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year:
Total number of training Topics/Principles covered %age of persons in

and awareness under the training and its respective category
Segment
programmes held impact covered by the awareness
programmes
Board of Directors During the year, the Board of Directors spent 46.5 hours on
familiarization program where the directors are updated on
the business and regulatory environment and the overall
operations of the Company. In addition, a monthly board 100%
update is sent to the Board to apprise them of the updates in
the business.
Key Managerial All employees undergo various functional, behavioural and

Personnel other types of trainings during the year. Various trainings on
Cyber security, prohibition of insider trading, code of conduct
are also conducted throughout the year. Functional trainings 95.8%
Employees other include induction trainings, role specific trainings, skill
than BoD & KMPs upgradation trainings (like Six Sigma), etc. Behavioural training
includes trainings on grooming, interpersonal skills, etiquette,
etc.
Workers NA NA NA
Directors’ Report
2. Details of fines / penalties /punishment/ award/ disclosures on the basis of materiality as

compounding fees/ settlement amount paid in specified in Regulation 30 of SEBI (Listing
proceedings (by the entity or by directors / KMPs) Obligations and Disclosure Obligations)
with regulators/ law enforcement agencies/ Regulations, 2015 and as disclosed on the entity's
judicial institutions, in the financial year, in the website):
following format (Note: the entity shall make
Monetary
NGRBC Name of the regulatory Amount Brief of the Case Has an appeal
Principle /enforcement agencies (in ₹) been preferred?
/ judicial institutions (Yes/No)
Penalty/Fine 1 BSE Limited 29,500 Delay in disclosure of asset No.^

(inclusive cover in relation to Non-
of taxes) convertible Debentures for
the half year ended Sept-21,
pursuant to regulation 54(2)
of SEBI (Listing Obligations
and Disclosure Requir-
ements) Regulations, 2015.
Settlement
Compounding
fee
Non Monetary
NGRBC Name of the regulatory Amount Brief of the Case Has an appeal
Principle /enforcement agencies (in I) been preferred?
/ judicial institutions (Yes/No)
Imprisonment
NIL
Punishment
^Note: The Company has made representation to BSE 3. Of the instance disclosed in Question 2 above,
Ltd for waiver of the same. However, we are yet to details of the Appeal/ Revision preferred in cases
receive any further communication from them. where monetary or non-monetary action has been
appealed.
Case Details Name of the regulatory/ enforcement agencies /

judicial institutions
NA NA
4. Does the entity have an anti-corruption or anti- - The company has Anti-Bribery and Anti-corruption
bribery policy? If yes, provide details in brief and if policy. The policy is applicable to all directors,
available, provide a web-link to the policy. officers, employees (whether permanent, fixed-
Directors’ Report
term or temporary), agents, representatives and training for code of conduct while getting inducted.
other associated persons of the Company in order
to promote strong and transparent operational 5. Number of Directors/KMPs/employees/workers
system to ensure utmost accountability in all against whom disciplinary action was taken by any
affairs of the Company. Further, we have Anti- law enforcement agency for the charges of
bribery rules in the Employee Code of Conduct and bribery/corruption.
all the employees are required to undergo a
FY 2022 Current Financial Year FY 2021 Previous Financial Year

Directors
KMPs
NIL NIL
Employees
Workers
6. Details of complaints with regard to conflict of interest
FY 2022 Current Financial Year FY 2021 Previous Financial Year

Number Remarks Number Remarks
Number of complaints received in

relation to issues of Conflict of
Interest of the Directors
NIL NIL
Number of complaints received in
relation to issues of Conflict of
Interest of the KMPs
7. Provide details of any corrective action taken or agencies/ judicial institutions, on cases of
underway on issues related to fines / penalties / corruption and conflicts of interest.
action taken by regulators/ law enforcement - Not Applicable
Leadership Indicators
1. Awareness programmes conducted for value chain partners on any of the Principles during the Financial year: None
Total number of Topics / principles %age of value chain partners covered (by value of business done
awareness covered with such partners) under the awareness programmes
programmes held under the training
2. Does the entity have processes in place to avoid/ disclosed in the Annual report. Further the policy is
manage conflict of interests involving members of hosted on the website of the company. Further,
the Board? (Yes/No) If Yes, provide details of the none of the Nominee directors/ Interested
same. directors participate in the discussion involving
transaction with related party nor vote on the
- Yes. The company has a Policy with respect to resolution.
dealing with related parties and the same is
Directors’ Report
PRINCIPLE 2: Businesses should provide goods and services in a manner that is sustainable and safe
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social- impacts of product and processes to total R&D and capex investments made by the
entity, respectively.
Current Financial Previous Financial Details of improvements in

Year (₹ in Crs) Year (₹ in Crs) environmental and social impacts
R&D - -
Capex 0.17 0.11
Technology and Software Fees 10.00 7.62
We are a technologically driven affordable housing (d) other waste.

finance company. Our processes are largely digital. The - The nature of the company is providing housing
expenses incurred on technology and software finance and hence the scope is limited for using
licenses, helps us create a system which is equipped to recycled material as inputs. The Company has an
process a loan with quick turnaround time. e-waste policy and has signed an agreement with
a certified e-waste handler for disposal of e-
2. Does the entity have procedures in place for waste.
sustainable sourcing? (Yes/No) If yes, what
percentage of inputs were sourced sustainably? 4. Whether Extended Producer Responsibility (EPR)
- Not Applicable is applicable to the entity's activities (Yes / No). If
yes, whether the waste collection plan is in line
3. Describe the processes in place to safely reclaim with the Extended Producer Responsibility (EPR)
your products for reusing, recycling and disposing plan submitted to Pollution Control Boards? If
at the end of life, for (a) Plastics (including not, provide steps taken to address the same.
packaging) (b) E-waste (c) Hazardous waste and - Not applicable
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?
NIC Code Name of % of total Boundary for which Whether Results communicated in public
Product / Turnover the Life Cycle conducted by domain (Yes/No) If yes,
Service contributed Perspective/ independent provide the web-link.
Assessment external
was conducted agency (Yes/No)
64910 Housing 100% FY 2021-22 No The entire life cycle assessment of

Finance company's business operations is
Activities presented in the Public Offer
Document of the company.
Web-link
https://www.sebi.gov.in/filings/pu
blic-issues/jan-2021/home-first-
finance-company-india-
limited_48802.html
Directors’ Report
Credit Approval and Disbursement evaluation of the property. Our proprietary machine
learning backed property price predictor coupled with
We have set up a robust credit approval process geo-tagging of properties further assists in reducing
comprising the following stages: our turnaround times for approving loans and
improving accuracy in determining loan to value ratio.
Initial Screening and Pre-Sanction Check
Loan Collection and Monitoring
Customer leads are logged into our system which are
pursued and reviewed completely by our in-house We have set up a robust and tiered, collections
team of well-educated and trained relationship management system with prescribed collection action
managers. Each lead is checked against KYC, credit at each stage of severity of default. All our borrowers
bureau and other third-party databases to establish register for an automated debit facility, which reduces
customer credentials. We have an efficient paperless our cash management risk, and we track the status of
process to onboard and verify customers as well as installments collected on a real time basis through a
determine their eligibility. Our relationship managers collections module. We employ a structured collection
conduct workplace and residence verifications and process wherein we remind our customers of their
submit the loan application on the central platform – payment schedules through text messages and
this is then cross-checked by our underwriting and automated calls to maintain adequate balance in their
operations team for a number of factors including account on the due date. We also use models to predict
completeness of application form, KYC, eligibility, fraud probability of bounce, which helps us in obtaining early
check, credit bureau, income assessment, loan-to- signals of potential bounce and initiate action such as
value, value of collateral, bank statements, debt pre-emptive reminder calls. Our collection process is
burden and third party databases for income and asset completely managed by our branch teams (inhouse)
ownership. and a significant portion of our employee incentives
are dependent on collections.
Customer Credit Underwriting
We initiate recovery action immediately after the
We have a centralized underwriting process, assisted customer defaults in their monthly payment and the
by a data-science backed customer-scoring model to severity of our action increases as the number of days
evaluate a customer's ability to repay the loan and past due increase. At one day past due, our front-end
maintain consistency in underwriting procedures field teams call customers and initiate visits to
across branches and regions. Further, our integrated understand reasons for default and recovery of the
customer relationship management and loan dues. At 30 days past due, while our employees
management system allows our underwriters to continue to engage with the customer, we send a
conduct the credit appraisal process in a quick and default notice or loan recall notice depending upon the
efficient manner. We have also integrated our systems severity of the case. At 60 days past due, we send a pre-
with third-party databases to obtain additional SARFAESI notice and our employees increase the visit
customer data points. This helps us gather data to frequency and reiterate the repercussions of the loan
assess credit worthiness of the customers and conduct default to the customer. Thereafter, at 90 days past
a fraud check in case of any discrepancies. due, we seek to resolve cases by initiating legal action
through SARFAESI.
Property Underwriting and Disbursement Process
2. If there are any significant social or environmental
At the time of sanctioning the loan, we assess the value concerns and/or risks arising from production or
of the collateral. Our teams initiate a legal and technical disposal of your products / services, as identified in
assessment through third party vendors to verify the the Life Cycle Perspective / Assessments (LCA) or
authenticity of the legal documents, the title to the through any other means, briefly describe the
property and its market value. We have set up a legal same along-with action taken to mitigate the same
and technical portal to simplify the process of
Name of the Product/Service Description of the risk/ concern Action Taken
Not Applicable
Directors’ Report
3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing
industry) or providing services (for service industry).
Indicate input material Recycled or re-used input material to total material
FY 2022 Current Financial Year FY 2021 Current Financial Year
Not Applicable
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled,
and safely disposed, as per the following format:
Re-used Recycled Safely Disposed Re-used Recycled Safely Disposed
Plastics (including
packaging)
E-waste * *
Hazardous waste
Other-waste
* We have disposed of 311 units in FY21 and 161 units in FY22.
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category
Indicate product category Reclaimed products and their packaging materials as % of total
products sold in respective category
Not Applicable
PRINCIPLE 3: Businesses should respect and promote the well-being of all employees, including those in their
value chains
1. a. Details of measures for the well-being of employees:
Health Accident Maternity Paternity Day Care
Insurance Insurance benefits benefits facilities
Category
Total Number % Number % Number % Number % Number %
B (B/ C (C/ D (D/ E (E/ F (F/
A) A) A) A) A)
Permanent Employees
Male 618 618 100 618 100 NA NA 618 100 NA NA
Female 233 233 100 233 100 233 100 NA NA NA NA
Total 851 851 100 851 100 233 100 618 100 NA NA
Other than Permanent Employees
Male NA NA NA NA NA NA NA NA NA NA NA
Female NA NA NA NA NA NA NA NA NA NA NA
Total NA NA NA NA NA NA NA NA NA NA NA
Directors’ Report
b. Details of measures for the well-being of workers:

Health Accid ent Maternity Paternity Day Care
Insurance Insurance benefits benefits facilities
Category
Total Number % Number % Number % Number % Number %
B (B/ C (C/ D (D/ E (E/ F (F/
A) A) A) A) A)
Permanent Employees
Other than Permanent Employees
2. Details of retirement benefits, for Current FY and Previous Financial Year.

FY 2022 FY 2021
Current Financial Year Previous Financial Year
No. of No. of Deducted and No. of No. of Deducted and
employees workers deposited employees workers deposited
Benefits covered as a covered as a with the covered as a covered as a with the
% of total % of total authority % of total % of total authority
employees workers (Y/N/N.A.) employees workers (Y/N/N.A.)
PF 851 NA Y 687 NA Y
Gratuity As per Gratuity Act, it is paid post 5 years of service with the company.
ES I NA NA NA NA NA NA
Others –
please specify
3. Accessibility of workplaces 4. Does the entity have an equal opportunity policy

as per the Rights of Persons with Disabilities Act,
Are the premises / offices of the entity accessible 2016? If so, provide a web-link to the policy.
to differently abled employees and workers, as
per the requirements of the Rights of Persons - Yes. The company has equal opportunity policy.
with Disabilities Act, 2016? If not, whether any We are committed to a policy of treating all its
steps are being taken by the entity in this regard. employees and job applicants equally. Our Equal
Opportunity Employer Policy expresses the
- Currently all the offices of the company are either company's commitment to promote equality and
leased or under leave and license agreement. The conduct its business according to principles of
Company does not have any owned premises and social justice, respect and freedom of expression.
there is a common entrance for the building.
Company follows the access provided by the 5. Return to work and Retention rates of permanent
complex where the offices are leased for all its employees and workers that took parental leave
employees including differently abled
employees.
Directors’ Report
Permanent Employees Permanent Workers
Gender Return to work rate Retention rate Return to work rate Retention rate
Male 100% 0% NA NA
Female 100% 75% NA NA
Total 100% 60% NA NA
Retention Rate: Out of 1 male who applied for 6. Is there a mechanism available to receive and
paternity leave in FY21, he resigned in FY22. Out redress grievances for the following categories of
of 4 females who applied for maternity leave, 1 employees and worker? If yes, give details of the
resigned in FY22 and rest have resumed work. mechanism in brief.
Yes/No
(If Yes, then give details of the mechanism in brief)
Permanent Workers Not Applicable
Other than Permanent Workers Not Applicable
Permanent Employees Yes
Other than Permanent Employees Any employee can access the HR team to raise a
complaint and the same is then taken up by the HR
team who travel to the location (in case of conflict) or
reach out on phone to resolve with the complaint /
grievance / issue.
Employees can raise complaint on the LEENA AI portal.

The company follows an open-door policy and is a lean
organization. Employees have access to the
management/ business heads/HR to raise their
concerns.
In addition, we have a whistle-blower policy which

provides a formal platform to share grievances on
various matters.
7. Membership of employees and worker in - The Company does not have any employees/
association(s) or Unions recognised by the listed workers associations.
entity:
Category FY 2022 Current Financial Year FY 2021 Previous Financial Year

Total employees No. of employees / % (B / A) Total employees No. of employees / % (D / C)
/ workers in workers in respective / workers in workers in respective
category, who are part category, who are part
respective respective
of association(s) of association(s)
category (A) or Union (B) category (C) or Union (D)
Total Permanent
NA
Employees
Male NA
Female NA
Directors’ Report
Total Permanent
NA
Workers
Male NA
Female NA
8. Details of training given to employees and workers:

Category FY 2022 FY 2021
Current Financial Y ear Previous Financial Y ear
Total On Health On Skill Total On Health On Skill
(A) and Safety Upgradation (D) and Safety Upgradation
measures measures
No. % No. % No. % No. %
(B) (B/A) (C) (C/A) (E) (E/D) (F) (F/D)
Employees
Male 618 * * 247 40 471 * * 224 48
Female 233 * * 60 26 216 * * 103 48
Total 851 * * 307 36 687 * * 327 48
Workers
Male NA NA NA NA NA NA NA NA NA NA
Female NA NA NA NA NA NA NA NA NA NA
Total NA NA NA NA NA NA NA NA NA NA
*Although we do not have any specific trainings safety at all times. We also have Health and Safety
conducted on health and safety, we undertake steps to Policy in place.
create awareness regarding observing certain rules
while on road and while at office. Further, we also guide 9. Details of performance and career development
the employees at the time of induction to observe reviews of employees and workers:

Current Financial Year Previous Financial Y ear
Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C)
Employees
Male 618 618 100 471 471 100
Female 233 233 100 216 216 100
Total 851 851 100 687 687 100
Workers
Male NA NA NA NA NA NA
Female NA NA NA NA NA NA
Total NA NA NA NA NA NA
Directors’ Report
10. Health and safety management system: - Considering the pandemic year and the risk of
infections, adequate precautions and directives
a. Whether an occupational health and safety were issued to the employees to ensure safety at
management system has been implemented by workplace. Company also adhered to all the
the entity? (Yes/ No). If yes, the coverage such government directives and issued travel and
system? health advisories to its employees and advised all
- The company has Health and Safety Policy which its employees to work from home as required to
ensures that employees are provided a safe, ensure employee safety and business continuity.
hygienic and congenial workplace to all its
employees. c. Whether you have processes for workers to report
- All the employees of the Company are covered the work-related hazards and to remove
under Group Personal Accident Insurance Policy themselves from such risks. (Y/N)
and Group Health Insurance Policy. - The Company is in the business of providing
- HomeFirst is committed to employee safety and housing finance loans. Hence, work-related
wellbeing. During the pandemic, treatment hazards are not envisaged; Considering the
expenses during home quarantine for employees pandemic year and the risk of infections, adequate
and their family members was covered by the precautions and directives were issued to the
company. employees to ensure safety at workplace.
- The company understands the importance of
employee mental health and wellbeing. To Company also adhered to all the government
promote employee wellbeing, we provide 1-to-1 directives and issued travel and health advisories
counselling to employees. Further, during the year, to its employees and advised all its employees to
we also conducted financial wellness programs. work from home as required to ensure employee
We have a tie-up with MyGalf to provide physical safety and business continuity. Company has
wellness sessions to employees. organised vaccination camps for its employees
which was a success.
b. What are the processes used to identify work-
related hazards and assess risks on a routine and d. Do the employees/ worker of the entity have
non-routine basis by the entity? a c c ess to n on - oc c u p a tion a l m ed ic a l a n d
- HomeFirst is a housing finance company and healthcare services? (Yes/ No)
hence primarily in the services industry. Hence, the - Yes. All the employees of the Company are covered
work-related hazards are relatively lower under Group Personal Accident Insurance Policy
compared to other industries. and Group Health Insurance Policy.
11.Details of safety related incidents, in the following format:
Safety Incident/Number Category FY 2022 Current FY 2021 Current

Financial Year Financial Year
Lost Time Injury Frequency Rate (LTIFR) Employee NIL
(per one million-person hours worked) Workers NA
Employee NIL
Total recordable work-related injuries
Workers NA
Employee NIL
No of fatalities
Workers NA
High consequence work-related injury or Employee NIL
ill-health (excluding fatalities) Workers NA
Directors’ Report
12. Describe the measures taken by the entity to emotional wellbeing. In order to promote the
ensure a safe and healthy work place. same, we provide 1-to-1 counselling to employees.
- HomeFirst is committed to employee safety and Further, during the year, we also conducted
wellbeing. During the pandemic, treatment financial wellness programs. We have tie-ups with
expenses during home quarantine for employees different vendors to provide physical wellness
and their family members was covered by the sessions to employees.
company. HomeFirst recognizes the importance of
13. Number of Complaints on the following made by employees and workers:
Filed during Pending resolution Remarks Filed during Pending resolution Remarks
the year at the end of year the year at the end of year
Working Conditions NIL NIL - NIL NIL -
Health & Safety NIL NIL - NIL NIL -
14. Assessments for the year:
% of your plants and offices that were assessed

(by entity or statutory authorities or third parties)
Health & safety practices NIL
Working Conditions NIL
15. Provide details of any corrective action taken or - During the pandemic, treatment expenses during
underway to address safety-related incidents (if home quarantine for employees and their family
any) and on significant risks / concerns arising from members was covered by the company. Further
assessments of health & safety practices and adequate precautions were taken to ensure a safe
working conditions. working environment.
1. Does the entity extend any life insurance or any - Value chains comprise of vendors, banks, NBFC
compensatory package in the event of death of (A) and developers. We ensure that we receive TDS or
Employees (Y/N) (B) Workers (Y/N). GST certificate or that the TDS / GST that is
- Yes. The Company has Group Personal Accident deposited / credited is duly reflected in 26AS / 2A
Insurance Policy and Group Health Insurance respectively.
Policy for the employees. In case of death of an
employee who had ESOPs, the unvested ESOPs; 3. Provide the number of employees / workers
immediately vest with the nominee of such an having suffered high consequence work- related
employee. injury / ill-health / fatalities (as reported in Q11 of
Essential Indicators above), who have been
2. Provide the measures undertaken by the entity to rehabilitated and placed in suitable employment
ensure that statutory dues have been deducted or whose family members have been placed in
and deposited by the value chain partners. suitable employment:
Directors’ Report
Total no. of affected employees/ workers No. of employees/workers that are

rehabilitated and placed in suitable
employment or whose family members
have been placed in suitable employment
FY 2022 FY 2021 FY 2022 FY 2021

Current Financial Year Current Financial Year Current Financial Year Current Financial Year
Employee NIL NIL NIL NIL

Workars NA NA NA NA
4. Does the entity provide transition assistance - Since we have a young and diverse employee base
programs to facilitate continued employability and with median age of 26.5 years and we have just 2
the management of career endings resulting from employees who are aged 50 or more, we currently
retirement or termination of employment? (Yes/ do not have any such transition assistance
No) programs.
5. Details on assessment of value chain partners:
% of value chain partners (by value of business done with

such partners) that were assessed
Health & safety practices NIL
Working Conditions NIL
6. Provide details of any corrective actions taken or practices and working conditions of value chain
underway to address significant risks/concerns partners.
arising from assessments of health and safety - No corrective actions were required to be taken to
address such concerns.
PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders
1. Describe the processes for identifying key prospective investors, customers, channel
stakeholder groups of the entity partners including connectors, regulators,
lenders, research analysts, communities and
- Our company has identified institutions, NGOs, other vendors amongst others.
individuals or a group of individuals furthering the
mission of the company as key stakeholder groups 2. List stakeholder groups identified as key for your
of the entity. We have identified and included but entity and the frequency of engagement with each
not limited to employees, shareholders including stakeholder group
Directors’ Report
Stakeholder Group Whether Channels of communication Frequency of Purpose and scope

identified as (Email, SMS, Newspaper, engagement of engagement key
Vulnerable & Pamphlets, Advertisement, (Annually/Half
topics and concerns
Community Meetings, yearly/ Quarterly/
Marginalised raised during such
others – please
Group (Yes/No) Notice Board, Website,
specify) engagement
Other)
Customers Yes, if they · Customer satisfaction Ongoing Stay in touch with

qualify surveys and feedback the customer
based on · Interaction at Branches throughout the life
specified · Customer Care Phone cycle of the loan and
criteria such as Number address any issues
income, gender · Digital Channels - that the customer
etc. Customer App, SMS, may have - to
WhatsApp, Social media provide quality
platform, chatbot, customer service
Video Call
· Pamphlets
· House Visits/Work Visits
Employees No · Email communications Ongoing · Training and

· Physical/virtual meetings development
· Appraisal Process sessions
· Online Surveys · Wellness and
· Employee Engagement counselling
Initiatives sessions
· CRM/LMS Work flow · Employee
Welfare Schemes
· Conducting
Business
Shareholders / No · Quarterly reports, Ongoing · To stay abreast of

Investors annual reports and press developments in
releases the Company
· Investor meets and · Compliance
Annual General Meetings · E c o n o m i c
(AGMs), including virtual performance
investor meets and · Governance and
virtual AGMs in Ethical practices
the era of COVID-19
pandemic
· Newspaper advertis-
ement, notice board,
website, intimation to
stock exchanges,
quarterly financials and
investor meetings/
conferences.
Directors’ Report
Stakeholder Group Whether Channels of communication Frequency of Purpose and scope

identified as (Email, SMS, Newspaper, engagement of engagement key
Vulnerable & Pamphlets, Advertisement, (Annually/Half
topics and concerns
Community Meetings, yearly/ Quarterly/
Marginalised raised during such
others – please
Group (Yes/No) Notice Board, Website,
specify) engagement
Other)
Regulators, No Email, one-on-one Ongoing Discussions with

lenders and credit meetings, concalls, video- regard to various
rating agencies conference, mandatory regulations and
filings with regulators amendments,
inspections,
approvals
Research Analysts No One-on-one meetings, Ongoing Keep abreast of

concalls, video-conference developments of
the Company
Communities & No · Community welfare Ongoing Implementation of

NGOs programs CSR Initiatives and
· Project Assessment status of the
reviews initiatives
· Joint assessment of undertaken
projects
Channel partners No Regular meetings/ mails/ Ongoing Partnership

& Key Partners phone calls
including vendor
partners
1. Provide the processes for consultation between access by various stakeholders.

stakeholders and the Board on economic,
environmental, and social topics or if consultation 2. Whether stakeholder consultation is used to
is delegated, how is feedback from such support the identification and management of
consultations provided to the Board. environmental, and social topics (Yes / No). If so,
provide details of instances as to how the inputs
- During the year, a comprehensive deck on received from stakeholders on these topics were
Company's action towards ESG initiatives and the incorporated into policies and activities of the
action plan along with the tracker for the same was entity.
presented to the Board by the MD & CEO. The
feedback of the Board on the initiatives proposed - The Company engages with various investors /
is shared with the ESG Execution team. After shareholders/rating agencies/ customers/
processing the Board's feedback, the Company vendors to understand the changing ESG scenario
presents the status update to its stakeholders in its and the expectations from the company and
quarterly results update presentation. The same is benchmark Company's achievements with the
uploaded on the Company's website for wider best practices. The feedback received is then
Directors’ Report
incorporated. Given that the ESG scenario is an weaker sections of the society. Further, the
evolving situation, and this is the first year company provides the facility of pre-payment to
HomeFirst is publishing a BRSR, we are still in the the Customers on the Customer App at no extra
formative phase. cost. The Company has also helped 28,368
customers to claim ₹703.8 Crs subsidy through
3. Provide details of instances of engagement with, PMAY Credit Linked Subsidy Scheme. Additionally,
and actions taken to, address the concerns of several CSR initiatives were undertaken during the
vulnerable/ marginalized stakeholder groups. year to address concerns of the vulnerable/
- The Company in the business of providing housing marginalized stakeholder group. Further details
loans to customers belonging to economically on Corporate Social Responsibility on page no. 62.
PRINCIPLE 5: Businesses should respect and promote human rights
1. Employees and workers who have been provided - No specific trainings have been undertaken on
training on human rights issues and policy(ies) of human rights issue/policies in the years FY21 and
the entity, in the following format: FY22. However, the company is in advanced stages
to develop a module for training the employees on
human rights issues.
Category FY 2022 Current Financial Year FY 2021 Previous Financial Year

Total (A) No. employees % (B / A) Total (C) No. employees % (D / C)
of workers/ of workers/
covered (B) covered (D)
Employees
Permanent - - - - - -
Other than permanent - - - - - -
Total Employees - - - - - -
Workers
Permanent NA NA NA NA NA NA
Other than permanent NA NA NA NA NA NA
Total Employees NA NA NA NA NA NA
Directors’ Report
2. Details of minimum wages paid to employees and workers, in the following format:

Current Financial Year Current Financial Year
Total Equal to More than Total Equal to More than
(A) Minimum Minimum (D) Minimum Minimum
Wage Wage Wage Wage
No. % No. % No. % No. %
(B) (B/A) (C) (C/A) (E ) (E /D) (F ) (F/D)
Employees
Permanent 851 - - 851 100 687 - - 687 100
Male 618 - - 618 100 471 - - 471 100
Female 233 - - 233 100 216 - - 216 100
Other than NA NA NA NA NA NA NA NA NA NA
Permanent
Workers
Permanent NA NA NA NA NA NA NA NA NA NA
Other than NA NA NA NA NA NA NA NA NA NA
Permanent
3. Details of remuneration/salary/wages, in the following format:
Male Female
Number Median remuneration/salary/ Number Median remuneration/salary/

of respective category (₹) of respective category (₹)
Board of Directors (BoD) 3 1,600,000 2 1,175,000
Key Managerial Personnel* 2 10,772,345 1 16,758,753
Employees other than 616 592,881 232 551,104
BoD and KMP
Workers NA NA NA NA
* Manoj Viswanathan (MD & CEO) is categorized as Key Managerial Personnel for the purpose of this table.
4. Do you have a focal point (Individual/ Committee) 5. Describe the internal mechanisms in place to
responsible for addressing human rights impacts redress grievances related to human rights issues.
or issues caused or contributed to by the business?
(Yes/No) - The mechanism adopted for raising employee
complaints can be used for raising human right
- Chief Human Resources Officer overseas the complaints too.
human resource function and is responsible for
addressing the same. 6. Number of complaints on the following made by
employees and workers:
Directors’ Report
Filed during Pending Remarks Filed during Pending Remarks

the year resolution the year resolution
at the end at the end
of year of year
Sexual Harassment 1 NIL There was one NIL NIL No complaints

complaint raised received during
during the year the year
which is duly
resolved.
Discrimination at NIL NIL NIL NIL

Workplace
Child Labour NIL NIL NIL NIL

No complaints No complaints
Forced Labour / NIL NIL received during NIL NIL received during
Involuntary Labour the year the year
Wages NIL NIL NIL NIL
Other than human NIL NIL NIL NIL

rights related issues
7. Mechanisms to prevent adverse consequences to harassment based on gender, race, religion, age.
the complainant in discrimination and harassment Our Equal Opportunity Employer Policy expresses
cases. the company's commitment to promote equality
and conduct its business according to principles of
- The Company has a Policy on Prevention of Sexual social justice, respect and freedom of expression.
Harassment in the Workplace. The enquiry
process ensures that the inquiry will be conducted The Company also has a Vigil Mechanism and
confidentially. Further, the policy recognizes Whistle Blower Policy. The purpose of the Whistle
retribution or retaliation in the context of Blower policy is to report any unethical practice
reporting acts of sexual harassment as a serious observed without the risk of victimization,
violation. The report and investigation of discrimination or disadvantage. No unfair
allegations of retaliation will follow the procedures treatment will be meted out to a Whistle Blower by
set forth in this Policy and will be treated as an virtue of his/her having reported a protected
additional complaint and investigated similarly. disclosure under this Policy. The Company
Any person found to have retaliated against an condemns any kind of discrimination, harassment
individual for reporting harassment, or for victimization or any other unfair employment
participating in an investigation of allegations of practice being adopted against the Whistle Blower.
such conduct, may expect the Company to impose
severe disciplinary action. 8. Do human rights requirements form part of your
business agreements and contracts? (Yes/No)
The Company also has and Equal Opportunity
policy. We are committed to a policy of treating all - Yes, in business agreements and contracts where
its employees and job applicants equally and is relevant.
intolerant towards discrimination and/or
Directors’ Report
9. Assessments for the year:
% of your plants and offices that were assessed

(by entity or statutory authorities or third parties)
Child Labour NIL
Forced/ involuntary labour
Sexual Harassment
Discrimination at workplace
Wages Others - please specify
10. Provide details of any corrective actions taken or underway to address significant risks/ concerns arising from the
assessments at Question 9 above.
- Not applicable
1. Details of a business process being modified / 3. Is the premise/office of the entity accessible to
introduced as a result of addressing human rights differently abled visitors, as per the requirements
grievances/complaints. of the Rights of Persons with Disabilities Act, 2016?
- There has been no case of human rights grievances - Currently all the offices of the company are either
and complaints; hence no changes to business leased or under leave and license agreement. The
process. Company does not have any owned premises and
there is a common entrance for the building.
2. Details of the scope and coverage of any Human Company follows the access provided by the
rights due-diligence conducted. complex where the offices are leased for all its
- No specific human rights due diligence is
employees including differently abled employees.
conducted.
4. Details on assessment of value chain partners:
% of your value chain partners (by value of business done with such
partners) that were assessed (by entity or statutory authorities or third parties)
Child Labour NIL.
Forced/ involuntary labour No specific assessments have been carried out to this effect by the
Sexual Harassment Company.
Discrimination at workplace
Wages Others - please specify
5. Provide details of any corrective actions taken or - No corrective actions pertaining to the above
underway to address significant risks / concerns question were required by the Company during
arising from the assessments at Question 4 above. the current year.
PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment
1. Details of total energy consumption (in Joules or company, our focus on environmental indicators is
multiples) and energy intensity, in the following subdued. Currently, we are not tracking the same,
format: but in future, we intend to track our consumption
- Given that the company is in the business of and usage.
providing housing finance and a service-oriented
Directors’ Report
FY 2022 FY 2021
Parameter
(Current Financial Year) (Current Financial Year)
Total electricity consumption (A)
Total fuel consumption (B)
Energyconsumption through other sources (C)
Total energy consumption (A+B+C)
Energy intensity per rupee of turnover

(Total energy consumption/ turnover in rupees)
Energy intensity (optional) – the relevant metric may be

selected by the entity
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
2. Does the entity have any sites / facilities identified achieved, provide the remedial action taken, if any.
as designated consumers (DCs) under the - Not applicable
Performance, Achieve and Trade (PAT) Scheme of
3. Provide details of the following disclosures related
the Government of India? (Y/N) If yes, disclose
to water, in the following format:
whether targets set under the PAT scheme have - Not applicable
been achieved. In case targets have not been
FY 2022 FY 2021
Parameter
Water withdrawal by source (in kilolitres)
(i) Surface water
(ii) Groundwater
(iii) Third party water
(iv) Seawater/ desalinated water
(v) Others
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v)
Total volume of water consumption (in kilolitres)
Water intensity per rupee of turnover

(Water consumed / turnover)
Water intensity (optional)–the relevant metric may be
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?
(Y/N) If yes, name of the external agency
Directors’ Report
4. Has the entity implemented a mechanism for Zero 5. Please provide details of air emissions (other than
Liquid Discharge? If yes, provide details of its GHG emissions) by the entity, in the following
coverage and implementation. format:
- Not applicable - Not applicable
FY 2022 FY 2021
Parameter Please specify unit
(Current Financial Year) (Previous Financial Year)
Nox
Sox
Particulate matter (PM)
Persistent organic pollutants (POP)
Volatile organic compounds (VOC)
Hazardous air pollutants (HAP)
Others – please specify
Note: Indicate if any independent assessment/ the following format:

evaluation/assurance has been carried out by an - Company is a service-oriented company in the
external agency? (Y/N) If yes, name of the external business of providing housing finance and has a
agency. very limited environmental impact in terms of
greenhouse gas emissions. Our focus on
6. Provide details of greenhouse gas emissions environmental indicators is passive.
(Scope 1 and Scope 2 emissions) & its intensity, in
FY 2022 FY 2021
Parameter Unit
Total Scope 1 emissions (Break-up of the Metric tonnes of
GHG into CO2, CH4, N2O, HFCs, Co2 equivalent
PFCs,SF6, NF3, if available)
Total Scope 2 emissions (Break-up of Metric tonnes of
the GHG into CO2, CH4, N2O, HFCs, Co2 equivalent
PFCs, SF6, NF3, if available)
Total Scope 1 and Scope 2 emissions
per rupee of turnover
Total Scope 1 and Scope 2 emission

intensity (optional)
– the relevant metric may be selected by
the entity
Note: Indicate if any independent assessment/ evaluation/assurance 7. Does the entity have any project related to
has been carried out by an external agency? (Y/N) If yes, name of the
reducing Green House Gas emission? If Yes, then
external agency.
provide details.
- The Company has launched a project for Green
Homes. Through this initiative, we are conducting
Directors’ Report
awareness programs for customers to use eco- available in Intellectual Chapter on page no. 72.
friendly materials for building their homes. 8. Provide details related to waste management by
Further, we are in the process of development of a the entity, in the following format:
green calculator to determine the green
evaluation mechanism for individual housing - Company is in the business of providing housing
units. We have also undertaken a pilot study in finance and is a service-oriented company.
Bangalore with GRIHA agency to determine the - Our focus on waste management is limited in
feasibility of this project and have successfully scope and pertains to office related waste.
completed proof of concept. This measure will in - Our processes are largely digital and paperless.
turn help reduce green-house gas emissions. The - Regarding e-waste, company has an e-waste policy
Company is also tech-driven affordable housing and has signed an agreement with a certified e-
finance company with digital initiatives in place waste handler for disposal of e-waste.
across the business operations. More details
FY 2022 FY 2021
Parameter
Total Waste generated (in metric tonnes)
Total waste (A)

E-waste (B) * *
Bio-medical waste (C)
Construction and demolition waste (D)
Battery waste (E)
Radioactive waste (F)
Other Hazardous waste. Please specify, if any. (G)
Other Non-hazardous waste generated. Please specify,

if any. (H) (Break-up by composition i.e. by materials
relevant to the sector)
Total (A+B + C + D + E + F + G + H)
For each category of waste generated, total waste recovered through recycling,
re-using or other recovery operations (in metric tonnes)
Category of waste
(i) Recycled
(ii) Re-used
(iii) Other recovery operations
Total
Directors’ Report
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste
(i) Incineration
(ii) Landfilling
(iii) Other disposal operations
Total
Note: Indicate if any independent assessment/ providing housing finance.

evaluation/assurance has been carried out by an - Majority of our processes are digital, paper
external agency? (Y/N) If yes, name of the external wastage is minimal.
agency - Company does not have any usage of
hazardous and toxic chemicals.
*We have disposed of 311 units of e-waste in FY21 and - The Company has an e-waste policy and signed
161 units of e-waste in FY22. an agreement with a certified e-waste handler
for disposal of e-waste.
9. Briefly describe the waste management
practices adopted in your establishments. 10 If the entity has operations/offices in/around
Describe the strategy adopted by your ecologically sensitive areas (such as national
company to reduce usage of hazardous and parks, wildlife sanctuaries, biosphere reserves,
toxic chemicals in your products and wetlands, biodiversity hotspots, forests, coastal
processes and the practices adopted to regulation zones etc.) where environmental
manage such wastes. approvals / clearances are required, please
- The Company is involved in the business of specify details in the following format:
- Not applicable
S. No. Location of Type of Whether the conditions of environmental approval /

operations/offices operations clearance are being complied with? (Y/N) If no, the
reasons thereof and corrective action taken, if any.
11. Details of environmental impact assessments of applicable laws, in the current financial year:
projects undertaken by the entity based on - Not applicable
Name and brief EIA Date Whether conducted by Results communicated in

details of project Notification independent external agency public domain (Yes / No)
No. (Yes / No)
12. Is the entity compliant with the applicable - As the company is involved in the business of
environmental law/ regulations/ guidelines in providing housing finance, there is no major
India; such as the Water (Prevention and emission of water and air pollution. As such, the
Control of Pollution) Act, Air (Prevention and company is not directly covered under the
Control of Pollution) Act, Environment purview of the above-mentioned Acts.
protection act and rules thereunder (Y/N). If
not, provide details of all such non-
compliances, in the following format:
Directors’ Report
S. No. Specify the law/ Provide details of Any fines / penalties / action Corrective action
regulation / guidelines thenon- taken by regulatory agencies taken, if any
such as pollution control
which was not complied with ompliance boards or by courts
1. Provide break-up of the total energy consumed Not applicable

(in Joules or multiples) from renewable and non-
renewable sources, in the following format:
FY 2022 FY 2021
Parameter
From renewable sources
Total electricity consumption (A)

Total fuel consumption (B)
Energy consumption through other sources (C)
Total energy consumed from renewable sources (A+B+C)
From non-renewable sources
Total electricity consumption (D)
Total fuel consumption (E)
Energy consumption through other sources (F)
Total energy consumed from non-renewable sources

(D+E+F)
Note: Indicate if any independent assessment/
evaluation/assurance has been carried out by an external 2. Provide the following details related to water
agency? (Y/N) If yes, name of the external agency. discharged:
- Not applicable
FY 2022 FY 2021
Parameter
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water

-No treatment
-With treatment – please specify level of treatment
(ii) To Groundwater
-No treatment
Directors’ Report
FY 2022 FY 2021
Parameter
(iii) To Seawater
-No treatment
(iv) Sent to third-parties
-No treatment
(v) Others
-No treatment
Total water discharged (in kilolitres)
(Y/N) If yes, name of the external agency.
3. Water withdrawal, consumption and discharge in

areas of water stress (in kilolitres): 4. Name of the area
5. Nature of operations
- Not applicable
6. Water withdrawal, consumption and discharge
in the following format:
For each facility / plant located in areas of water stress,
provide the following information: Not applicable
FY 2022 FY 2021
Parameter
Water withdrawal by source (in kilolitres)
(i) Surface water

(ii) Groundwater
(iii) Third party water
(iv) Seawater/ desalinated water
(v) Others
Total volume of water withdrawal (in kilolitres)
(i + ii + iii + iv + v)
Total volume of water consumption (in kilolitres)
Water intensity per rupee of turnover
(Water consumed / turnover)
Water intensity (optional)–the relevant metric may be
Directors’ Report
FY 2022 FY 2021
Parameter
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water

-No treatment
(ii) To Groundwater
-No treatment
(iii) To Seawater
-No treatment
(iv) Sent to third-parties
-No treatment
(v) Others
-No treatment
Total water discharged (in kilolitres)
(Y/N) If yes, name of the external agency.
providing housing finance and is a service-
7. Please provide details of total Scope 3 emissions oriented company, our focus on environmental
& its intensity, in the following format: indicators is passive.
- Given that the company is in the business of
FY 2022 FY 2021
Parameter Unit
Total Scope 3 emissions (Break-up of the Metric tonnes of
GHG into CO2, CH4, N2O, HFCs, PFCs, Co2 equivalent
SF6, NF3, if available)
Total Scope 3 emissions per rupee of

turnover
Total Scope 3 emission intensity

(optional) – the relevant metric may be
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency
Directors’ Report
8. With respect to the ecologically sensitive areas 9. If the entity has undertaken any specific
reported at Question 10 of Essential Indicators initiatives or used innovative technology or
above, provide details of significant direct & solutions to improve resource efficiency, or
indirect impact of the entity on biodiversity in reduce impact due to emissions / effluent
such areas along-with prevention and discharge / waste generated, please provide
remediation activities. details of the same as well as outcome of such
- Not applicable initiatives, as per the following format:
Details of the initiative

Sr.
Initiative undertaken (Web-link, if any, may be Outcome of the initiative
No.
provided along-with summary)
1 Remote payment link The Relationship Manager can Reduced number of cash collections – saving
is sent to customers to collect payments from customers time and efforts of the relationship manager
make payment – thus remotely from anywhere using and providing convenience to the customer
the effort to collect RM Pro App. The RM has to send as well. This also reduces fuel consumption
cash payments is the payment link using the app to and prevents health impact on our
reduced the customer. The payment can employees.
be tracked on the App.
2 Digital loan Our customers can E-sign the This feature provides convenience to the
agreements loan agreements and do not have customer to execute the agreement at
to come to the branch office his/her home. Further, E-signing saves paper
physically to sign the document. and storage space. This also reduces fuel
consumption and prevents health impact on
our employees.
3 Customer App Customer App is a feature rich Customers don't have to visit the branch to
app that can be used for raising avail these services -saving time, fuel and
queries, downloading statement effort.
of account, making part
payments, refer a prospective
customer, locate the nearest
branch, etc.
4 Directive to purchase 3 As an environmentally friendly Energy consumption is reduced due to usage

Star+ electronic and responsible company, we of energy efficient devices.
Appliances strive to use energy efficient
appliances and consequently
have issued the directive to
purchase only such compliant
devices henceforth.
Directors’ Report
10. Does the entity have a business continuity and management programme. These measures
disaster management plan? Give details in 100 propagate effective business continuity
words/ web link. management.
- Yes. 11. Disclose any significant adverse impact to the

environment, arising from the value chain of the
HomeFirst has Board approved policies on entity. What mitigation or adaptation measures
Business Continuity Plan and Disaster Recovery have been taken by the entity in this regard.
Plan. The policy document provides guidance for
ensuring business continuity about people, - Given that the company is in the business of
process and technology. providing housing finance, there has been no
adverse impact to the environment.
Policy covers measures like business impact
analysis, recovery strategies, business continuity 12. Percentage of value chain partners (by value of
/ disaster recovery plans, governance program business done with such partners) that were
covering a testing plan, training and awareness assessed for environmental impacts.
program, communication and crisis - None
PRINCIPLE 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a manner
that is responsible and transparent
1. a. Number of affiliations with trade and industry b. List the top 10 trade and industry chambers/
chambers/ associations. associations (determined based on the total
members of such body) the entity is a member
- We have membership with 2 trade and industry of/ affiliated to
chambers/associations.
Name of the trade and industry chambers / Reach of trade and industry chambers/ associations
S. No
associations (State/National
1 ASSOCHAM (The Associated Chambers of National

Commerce and Industry of India)
2 NAREDCO (National Real Estate Development National
Council)
2. Provide details of corrective action taken or adverse orders from regulatory authorities
underway on any issues related to anti-
competitive conduct by the entity, based on - Not Applicable
Name of Authority Brief of the case Corrective action taken
1. Details of public policy positions advocated by - The company does not take part in lobbying and
the entity: hasn't propagated any public policy positions.
Directors’ Report
Public Policy Method Whether information Frequency of Review by Web Link,

S. No Board (Annually/Half
Advocated resorted for available in public if available
such advocacy domain? (Yes/No) yearly/ Quarterly/ Others
– please specify)
PRINCIPLE 8: Businesses should promote inclusive growth and equitable development

1. Details of Social Impact Assessments (SIA) of applicable laws, in the current financial year.
projects undertaken by the entity based on - Not applicable.
Name and SIA Whether conducted

Date of by independent Results communicated Relevant
brief details Notification
notification external agency in public domain (Yes/No) Web link
of project No. (Yes/No)
2. Provide information on project(s) for which following format:

ongoing Rehabilitation and Resettlement (R&R)
is being undertaken by your entity, in the - Not applicable
No. of Project Amounts paid

Sr. Name of Project for % of PAFs covered
State District Affected Families to PAFs in the
No. which R&R is ongoing by R&R
(PAFs) FY (in ₹ )
3. Describe the mechanisms to receive and redress - The investors/shareholders can mail to following
grievances of the community. address or alternatively call on the given landline
- The company has mechanisms in place to number:
receive and redress grievances of the Home First Finance Company India Limited
community. As a service organization, customer Mr. Shreyans Bachhawat, Company Secretary
service and customer satisfaction are of prime 511, Acme Plaza, Andheri Kurla Road, Andheri
concern to Home First. We have a Customer East, Mumbai 400 059
Grievance Redressal policy. The objective of the Email: corporate@homefirstindia.com
policy is to have a clearly defined and easily Tel No: 022 6694 0386
- Any employee can access the HR team to raise a
accessible mechanism for dealing with and
complaint and the same is then taken up by the
settlement of customer complaints and
HR team who travel to the location (in case of
grievances through proper service delivery and
conflict) or reach out on phone to resolve with
review mechanism and to ensure prompt
the complaint / grievance / issue.
redressal and review of customer grievances.
Directors’ Report
- Alternatively, the employees can raise complaint 4. Percentage of input material (inputs to total
on the LEENA AI portal. The company follows an inputs by value) sourced from suppliers:
open-door policy and is a lean organization. - Not applicable
Employees have access to the management/
business heads/HR to raise their concerns.
FY 2022 FY 2021
Directly sourced from MSMEs/ small producers
Sourced directly from within the district & neighbouring districts
1. Provide details of actions taken to mitigate any Essential Indicators above):

negative social impacts identified in the Social
Impact Assessments (Reference: Question 1 of - Not applicable
Details of negative social impact identified Corrective action taken
2. Provide the following information on CSR aspirational districts as identified by government

projects undertaken by your entity in designated bodies:
Sr. No. State Aspirational District Amount Spent (in ₹)

1 Andhra Pradesh Vizag, Vizianagaram 500,000
Eye Cataract Surgery for
underprivileged patients
3. (a) Do you have a preferential procurement policy of the branches are given an expense card to
where you give preference to purchase from ensure they pay electronically and support the
suppliers comprising marginalized /vulnerable local community with quick payouts. Further,
groups? (Yes/No) through our connector channel, the company
(b) From which marginalized /vulnerable groups has tie-ups with small, local players in the
do you procure? construction eco-system for generating leads.
(c) What percentage of total procurement (by
value) does it constitute? 4. Details of the benefits derived and shared from
- Although the Company does not have a specific the intellectual properties owned or acquired by
procurement policy, all of our branches are your entity (in the current financial year), based
encouraged to procure locally their stationary, on traditional knowledge:
supplies and housekeeping requirements. Each - Not available
Directors’ Report
Intellectual Property based on Owned/ Acquired Benefit shared (Yes/No) Basis of calculating
S. No
traditional knowledge (Yes/No) benefit share
5. Details of corrective actions taken or underway, traditional knowledge is involved.

based on any adverse order in intellectual - Not applicable
property related disputes wherein usage of
Name of Authority Brief of the case Corrective action taken
6. Details of beneficiaries of CSR Projects:
Sr. No. CSR Project No. of persons % of beneficiaries

benefitted from from vulnerable
CSR Projects and marginalized
groups
1 Project Sashakt- Empowerment of Migrant Factory Labourers 880 100%

and their families
Skilling and Employement 120 100%
Healthcare 630 100%
Child Education 50 100%
Financial Literacy and awareness 80 100%
2 Mahila Shram Shakti Kendra- multipurpose centers 4,475 100%

exclusively for migrant women construction workers
Social Security 828 100%
Health and Nutrition 3,248 100%
Legal Aid and Education 228 100%
Skill Training 114 100%
Gender Sensitization 57 100%
3 COVID Care- Relief & Welfare 1,133 -
Oxygen Concentrators 173 NA
Livelihood Kits 960 100%
4 Army Welfare NA NA
5 Distribution of 4000 fruits trees to marginal farmers 4 100%
6 Developed Van Aushadhi Garden with 1000 herbal tree plantation. NA NA
7 Workplace Safety 5,720 100%
8 Sponsor treatment of 50 children towards elimination 50 100%
of clubfoot disability
Directors’ Report
9 Sponsor treatment of 44 children towards elimination of Cleft lip 44 100%

Under privileged Cancer patient's care Donation of OT stretcher,
10 NA NA
Wheelchair, fowler beds & Ligasure (Covidean) to Cancer Hospital
11 Underprivileged cardiac patient's care (Upto age 18years) NA NA
12 Construction of OT in Trust hospital NA NA
13 Eye Cataract Surgery for underprivileged patients 100 100%
14 Installation of solar panels at the physiotherapy Centre NA NA
PRINCIPLE 9: Businesses should engage with and provide value to their consumers in a responsible manner
1. Describe the mechanisms in place to receive and Department at Corporate office on

respond to consumer complaints and feedback. loanfirst@homefirstindia.com.
- As a service organization, customer service and
customer satisfaction are of prime concern to b. Level-2
HomeFirst. We have a Customer Grievance
If the aggrieved customer is not satisfied with the
Redressal policy. The objective of the policy is to
reply provided by the Branch Manager or in case
have a clearly defined and easily accessible
no reply is received within the stipulated period
mechanism for dealing with and settlement of
or the complaint is against the Branch Manager,
customer complaints and grievances through
the customer can escalate it to the Central
proper service delivery and review mechanism
Customer Service Team at the following email
and to ensure prompt redressal and review of
address query@homefirstindia.com.
customer grievances.
The Central Customer Service Team is required
All queries and complaints received at branches
to dispose of the Complaint within 15 working
and through other communication channels are
days from receipt of the Complaint.
recorded in our CRM and the details of redressal
of the same including turnaround times are c. Level 3
placed before the Audit Committee every
quarter for its review. If the aggrieved customer is not satisfied with the
reply provided by the Central Customer Service
Escalation matrix: Team or in case no reply is received within the
stipulated period, the Customer shall escalate its
The company has a three-level escalation matrix
complaint with the Grievance Redressal Officer at
for handling customer grievances:
the following address:
a. Level-1
Grievance Redressal Officer
Any aggrieved Customer of Home First can take 511, Acme Plaza, Andheri Kurla Road, Andheri
up the grievance with the concerned Branch (East) Mumbai-400 059
Phone: 022-28241485
Manager of the Company or alternatively can call Email: complaints@homefirstindia.com
at 1800 3000 8425 or write it to us at
loanfirst@homefirstindia.com. The Branch The Grievance Redressal Officer is required to
Manager is required to reply to the Customer dispose of the complaint within 30 working days
within 7 working days from the date of receipt of of receipt of the complaint in the Corporate
the complaint in the office with a copy to the Office.
Regional Manager & Customer Service
Directors’ Report
Alternative Remedy: Customer grievance resolution record:
If the aggrieved customer is not satisfied with the P We have resolved more than 80% of the queries
reply provided by the Grievance Redressal and complaints within our internal turnaround
Officer also or in case no reply is received within time (TAT) standards.
the stipulated period, the customer can P Adoption of online channels for placing service
approach the National Housing Bank via the queries / requests by customers have increased.
following modes: During FY22, we have recorded 40,074 online
queries / requests, a growth of 82% compared to
Online mode: https:/grids.nhbonline.org.in FY21.
Offline mode: The customer can alternatively
write it to National Housing Bank and can post 2. Turnover of products and/ services as a
the same to: percentage of turnover from all products/service
Complaint Redressal Cell that carry information about:
National Housing Bank
Department of Regulation and Supervision 4th
Floor, Core 5A, India Habitat Centre, Lodhi
Road New Delhi 110 003
As a percentage to total turnover

Environmental and social parameters relevant to the product - All our loan products and Most Important
Terms and Conditions (MITCs) are
Safe and responsible usage
completely transparent and disclose all
Recycling and/or safe disposal product related details.
3. Number of consumer complaints in respect of the following:
FY 2022 Remarks FY 2021 Remarks

Received Pending Received Pending
during the resolution at during the resolution at
year the end of year year the end of year
Data Privacy
Advertising
Cyber-security
Delivery of
essential services NIL NIL NIL NIL
Restrictive
trade practices
Unfair Trade
Practices
Other
Directors’ Report
4. Details of instances of product recalls on account of safety issues:

-Not applicable
Number Reasons for recall

Voluntary recalls
Forced recalls
5. Does the entity have a framework/ policy on Management of IT Team, Monitoring of Value
cyber security and risks related to data privacy? delivery of IT resources, Project management of
(Yes/No) If available, provide a web-link of the various ongoing projects, overall performance
policy. management of applications and utilization of IT
Assets, IT Risk management on an ongoing basis.
- Yes. The company has board approved A formal review of IT Strategy Committee takes
Information Technology Policy, Information place atleast once in six months.
Security Policy, Cyber Security Policy- these are
available to internal stakeholders. These policy 6. Provide details of any corrective actions taken or
covers cyber security and risks related to data underway on issues relating to advertising, and
privacy. The Company also has Privacy Policy delivery of essential services; cyber security and
hosted on the website. Link : https://home data privacy of customers; re-occurrence of
firstindia.com/privacy/. instances of product recalls; penalty / action
taken by regulatory authorities on safety of
The Company also has an IT Strategy Committee products / services.
headed by an Independent Director and
coordinated by a senior officer for reviewing and - No penalties have been levied nor any regulatory
management of the IT Strategic plans, Role actions have been taken for above related
matter.
1. Channels / platforms where information on to educate customers on the key terms of their
products and services of the entity can be loan agreements and to familiarize them with the
accessed (provide web link, if available). entire loan disbursement and repayment
- We have all product details on our website as well process. The counselling happens during all
as on our Customer Portal App. Website link: interactions with customers.
https://homefirstindia.com/.
Further, we have marketing collaterals for Considering the kind of customers we have; we
communication, social media handles. We also prefer educating them during telephonic/in-
had come up with Homefirst gyaan series for person interaction in their preferred language
product knowledge. and we reiterate the same using push
notifications / SMS's etc. The Most Important
2. Steps taken to inform and educate consumers Terms and Conditions (MITCs) form part of the
about safe and responsible usage of products loan agreement and it provides extensive
and/or services. information to the customers about our
- We maintain high levels of transparency in our products.
interactions with customers and this has helped
us increase customer satisfaction and loyalty as We have created video tutorials in regional
reflected in our net promoter scores. We conduct languages to help customers use online payment
mandatory counselling sessions at our branches methods. Following links can be referred.
Directors’ Report
English: https://bit.ly/3qrTSD3 Our loan agreement has Most Important Terms

Tamil: https://youtu.be/tYqKuITyr3s and Conditions (MITC), they are also displayed in
Telugu: https://youtu.be/kWiG16ZAjfw branches as well as hosted on our website. All
Kannada: https://youtu.be/dm3Et25RYCU customers have to read and sign the loan
Marathi: https://youtu.be/zNSn0GEcFyY agreement at the time of loan sanction. We also
Gujarati: https://youtu.be/lokY2eAGPnI display the processing fees and other charges in
our branches as well as on our website. Further,
3. Mechanisms in place to inform consumers of any we provide the easy pre-payment facilities for
risk of disruption/discontinuation of essential our customers through their mobile app.
services.
- SMS Intimation is sent to the customers to inform We are a customer centric organization and
them about any disruption/discontinuation of believe in taking customer feedback for
essential services. Our Customer App and continuous improvement in our services. We
Website also ensured that the customer service also disclose the net promoter scores in our
continues without any hiccup. quarterly investor presentation.
4. Does the entity display product information on 5. Provide the following information relating to data
the product over and above what is mandated as breaches:
per local laws? (Yes/No/Not Applicable) If yes, a. Number of instances of data breaches along-with
provide details in brief. Did your entity carry out impact.
any survey with regard to consumer satisfaction b. Percentage of data breaches involving personally
relating to the major products / services of the identifiable information of customers.
entity, significant locations of operation of the
entity or the entity as a whole? (Yes/No) - There were no instances of data breach during
- Yes. HomeFirst is customer focused and believes the year.
in being transparent in all our transactions.
Waste
Management
With 60+ million tonnes of waste generated by
our country every year, the mantra is - Reduce.
Reuse. Recycle. While organic waste can be
recycled by installing small compost pits, usage
of inorganic materials like plastic must be
reduced and replaced with eco-friendly material
like jute bags.
At HomeFirst, adopting more technology not

only makes processes more unbiased and
swifter but also helps prevent wastage of
natural resources. From e-KYC to e-verification,
technology helps us save both paper and fuel.
Financial Statements
and Assurance
Report
Auditors’ Report
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF HOME FIRST FINANCE Basis for Opinion

COMPANY INDIA LIMITED We conducted our audit of the financial statements in
Report on the Audit of the Financial Statements accordance with the Standards on Auditing specified
under section 143(10) of the Act (SAs). Our
Opinion responsibilities under those Standards are further
We have audited the accompanying financial described in the Auditor's Responsibility for the Audit
statements of Home First Finance Company India of the Financial Statements section of our report. We
Limited (the “Company”), which comprise the Balance are independent of the Company in accordance with
Sheet as at March 31, 2022, and the Statement of Profit the Code of Ethics issued by the Institute of
and Loss including Other Comprehensive Income, the Chartered Accountants of India (ICAI) together with the
Statement of Cash Flows and the Statement of Changes ethical requirements that are relevant to our audit of
in Equity for the year then ended, and a summary of the financial statements under the provisions of the
significant accounting policies and other explanatory Act and the Rules made thereunder, and we have
information. fulfilled our other ethical responsibilities in accordance
with these requirements and the ICAI's Code of Ethics.
In our opinion and to the best of our information and We believe that the audit evidence obtained by us is
according to the explanations given to us, the aforesaid sufficient and appropriate to provide a basis for our
financial statements give the information required by audit opinion on the financial statements.
the Companies Act, 2013 (the “Act”) in the manner so
required and give a true and fair view in conformity Key Audit Matter
with the Indian Accounting Standards prescribed Key audit matter is the matter that, in our professional
under section 133 of the Act read with the Companies judgment, was of most significance in our audit of the
(Indian Accounting Standards) Rules, 2015, as financial statements of the current period. The matter
amended, (“Ind AS”) and other accounting principles was addressed in the context of our audit of the
generally accepted in India, of the state of affairs of the financial statements as a whole, and in forming our
Company as at March 31, 2022, and its profit, total opinion thereon, and we do not provide a separate
comprehensive income, its cash flows and the changes opinion on the matter. We have determined the matter
in equity for the year ended on that date. described below to be the key audit matter to be
communicated in our report.
Key Audit Matter Auditor's Response
Impairment of loans Principal audit procedures performed
Management estimates impairment provision We examined Board Policy approving methodologies for
using Expected Credit loss model for the loan computation of ECL that address policies, procedures and
exposure as per the Board approved policy which is controls for assessing and measuring credit risk on all
in line with Ind AS and the Regulations. lending exposures, commensurate with the size, complexity
Measurement of loan impairment involves and risk profile specific to the borrowers.
application of significant judgement by the
management. The most significant judgements
are:
Auditors’ Report
Key Audit Matter Auditor's Response
Impairment of loans Principal audit procedures performed
Timely identification and classification of the We evaluated the design and operating
impaired loans, including classification of assets to effectiveness of controls across the processes
stage 1, 2, or 3 using criteria in accordance with Ind AS relevant to ECL, including the judgements and
109 which also include considering the impact of RBI's estimates.
regulatory circulars,
The segmentation of financial assets when their ECL is We tested the completeness of loans and advances
assessed on a collective basis, included in the Expected Credit Loss calculations as
Determination of probability of defaults (PD) and loss of March 31, 2022 by reconciling it with the
given defaults (LGD) based on the default history of balances as per loan balance register and loan
loans, subsequent recoveries made and other commitment report as on that date.
relevant factors and
Assessment of qualitative factors having an impact on We tested assets in stage 1, 2 and 3 on sample basis
the credit risk. to verify that they were allocated to the appropriate
stage.
The are disclosures made in financial statements for ECL
especially in relation to judgements and estimates by the Tested samples to ascertain the completeness and
Management in determination of the ECL. Refer note 1.3 accuracy of the input data used for determining the
and note 4.1 to the financial statements. PD and LGD rates and agreed the data with
underlying books of accounts and records.
For samples of exposure, we tested the

appropriateness of determining EAD, PD and LGD.
For exposure determined to be individually

impaired, we tested samples of loans and advances
and examined management's estimate of future
cash flows, assessed their reasonableness and
checked the resultant provision calculations.
We performed an overall assessment of the ECL

provision levels at each stage including
management's assessment and provision on
account of Company's portfolio, risk profile, credit
risk management practices.
We assessed the adequacy and appropriateness of

disclosures in compliance with the Ind AS 107 in
relation to ECL especially in relation to judgements
used in estimation of ECL provision.
Auditors’ Report
Information Other than the Financial Statements and presentation of the financial statement that give a
and Auditors' Report Thereon true and fair view and are free from material
misstatement, whether due to fraud or error.
· The Company's Board of Directors is responsible
for the other information. The other information In preparing the financial statements, management is
comprises the information included in the responsible for assessing the Company's ability to
Management Discussion and Analysis and continue as a going concern, disclosing, as applicable,
Directors' Report (the ”Reports”) but does not matters related to going concern and using the going
include financial statements and our auditors' concern basis of accounting unless management
report thereon. The reports are expected to be either intends to liquidate the Company or to cease
made available to us after the date of this auditors' operations, or has no realistic alternative but to do so.
report.
Those Board of Directors are also responsible for
· Our opinion on the financial statements does not overseeing the Company's financial reporting process.
cover the other information and we do not
Auditors' Responsibility for the Audit of the Financial
express any form of assurance conclusion
Statements
thereon.
Our objectives are to obtain reasonable assurance
· In connection with our audit of the financial
about whether the financial statements as a whole are
statements, our responsibility is to read the other
free from material misstatement, whether due to fraud
information and, in doing so, consider whether
or error, and to issue an auditor's report that includes
the other information is materially inconsistent
our opinion. Reasonable assurance is a high level of
with the financial statements or our knowledge
assurance, but is not a guarantee that an audit
obtained during the course of our audit or
conducted in accordance with SAs will always detect a
otherwise appears to be materially misstated.
material misstatement when it exists. Misstatements
When we read the Other Information, if we can arise from fraud or error and are considered
conclude that there is a material misstatement material if, individually or in the aggregate, they could
therein, we are required to communicate the reasonably be expected to influence the economic
matter to those charged with governance as decisions of users taken on the basis of these financial
required under SA 720 (Revised) 'The Auditor's statements.
responsibilities Relating to Other Information'.
As part of an audit in accordance with SAs, we exercise
Management's Responsibility for the Financial professional judgment and maintain professional
Statements skepticism throughout the audit. We also:
The Company's Board of Directors is responsible for • Identify and assess the risks of material
the matters stated in section 134(5) of the Act with misstatement of the financial statements,
respect to the preparation of these financial whether due to fraud or error, design and perform
statements that give a true and fair view of the financial audit procedures responsive to those risks, and
position, financial performance including other obtain audit evidence that is sufficient and
comprehensive income, cash flows and changes in appropriate to provide a basis for our opinion. The
equity of the Company in accordance with the Ind AS risk of not detecting a material misstatement
and other accounting principles generally accepted in resulting from fraud is higher than for one
India. This responsibility also includes maintenance of resulting from error, as fraud may involve
adequate accounting records in accordance with the collusion, forgery, intentional omissions,
provisions of the Act for safeguarding the assets of the misrepresentations, or the override of internal
Company and for preventing and detecting frauds and control.
other irregularities; selection and application of
• Obtain an understanding of internal financial
appropriate accounting policies; making judgments
control relevant to the audit in order to design
and estimates that are reasonable and prudent; and
audit procedures that are appropriate in the
design, implementation and maintenance of adequate
circumstances. Under section 143(3)(i) of the Act,
internal financial controls, that were operating
we are also responsible for expressing our
effectively for ensuring the accuracy and completeness
opinion on whether the Company has adequate
of the accounting records, relevant to the preparation
Auditors’ Report
internal financial controls system in place and the communicate with them all relationships and other
operating effectiveness of such controls. matters that may reasonably be thought to bear on our
independence, and where applicable, related
• Evaluate the appropriateness of accounting safeguards.
policies used and the reasonableness of
From the matters communicated with those charged
accounting estimates and related disclosures
with governance, we determine those matters that
made by the management.
were of most significance in the audit of the financial
• Conclude on the appropriateness of statements of the current period and are therefore the
management's use of the going concern basis of key audit matters. We describe these matters in our
accounting and, based on the audit evidence auditor's report unless law or regulation precludes
obtained, whether a material uncertainty exists public disclosure about the matter or when, in
related to events or conditions that may cast extremely rare circumstances, we determine that a
significant doubt on the Company's ability to matter should not be communicated in our report
continue as a going concern. If we conclude that a because the adverse consequences of doing so would
material uncertainty exists, we are required to reasonably be expected to outweigh the public interest
draw attention in our auditor's report to the benefits of such communication.
related disclosures in the financial statements or,
Other Matter
if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit The financial statements as at and for the year ended
evidence obtained up to the date of our auditor's March 31, 2021, have been audited by the predecessor
report. However, future events or conditions may auditor. The report of the predecessor auditor on the
cause the Company to cease to continue as a comparative financial statements dated May 03, 2021
going concern. expressed an unmodified opinion.
• Evaluate the overall presentation, structure and Our opinion on the financial statements and our report
content of the financial statements, including the on Other Legal and Regulatory Requirements below is
disclosures, and whether the financial statements not modified in respect of this matter.
represent the underlying transactions and events
in a manner that achieves fair presentation. Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on
Materiality is the magnitude of misstatements in the our audit we report that :
financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a a) We have sought and obtained all the information
reasonably knowledgeable user of the financial and explanations which to the best of our
statements may be influenced. We consider knowledge and belief were necessary for the
quantitative materiality and qualitative factors in (i) purposes of our audit.
planning the scope of our audit work and in evaluating b) In our opinion, proper books of account as
the results of our work; and (ii) to evaluate the effect of required by law have been kept by the Company
any identified misstatements in the financial so far as it appears from our examination of those
statements. books.
We communicate with those charged with governance c) The Balance Sheet, the Statement of Profit and
regarding, among other matters, the planned scope Loss including Other Comprehensive Income, the
and timing of the audit and significant audit findings, Statement of Cash Flows and Statement of
including any significant deficiencies in internal control Changes in Equity dealt with by this Report are in
that we identify during our audit. agreement with the relevant books of account.
d) In our opinion, the aforesaid financial statements
We also provide those charged with governance with a comply with the Ind AS specified under Section
statement that we have complied with relevant ethical 133 of the Act.
requirements regarding independence, and to
Auditors’ Report
e) On the basis of the written representations including foreign entities (“Intermediaries”),

received from the directors as and taken on with the understanding, whether recorded
record by the Board of Directors, none of the in writing or otherwise, that the
directors is disqualified as on March 31, 2022 from Intermediary shall, directly or indirectly lend
being appointed as a director in terms of Section or invest in other persons or entities
164(2) of the Act. identified in any manner whatsoever by or
f) With respect to the adequacy of the internal on behalf of the Company (“Ultimate
financial controls over financial reporting of the Beneficiaries”) or provide any guarantee,
Company and the operating effectiveness of such security or the like on behalf of the Ultimate
controls, refer to our separate Report in Beneficiaries. Refer note 53 to the financial
“Annexure A”. Our report expresses an statements.
unmodified opinion on the adequacy and (b) The Management has represented, that,
operating effectiveness of the Company's internal to the best of it's knowledge and belief, as
financial controls over financial reporting. disclosed in the notes to accounts, no funds
g) With respect to the other matters to be included (which are material either individually or in
in the Auditor's Report in accordance with the the aggregate) have been received by the
requirements of section 197(16) of the Act, as Company from any person(s) or entity(ies),
amended, in our opinion and to the best of our including foreign entities (“Funding Parties”),
information and according to the explanations with the understanding, whether recorded
given to us, the remuneration has been paid by in writing or otherwise, that the Company
the Company to its directors during the year is in shall, directly or indirectly, lend or invest in
accordance with the provisions of section 197 of other persons or entities identified in any
the Act. manner whatsoever by or on behalf of the
h) With respect to the other matters to be included Funding Party (“Ultimate Beneficiaries”) or
in the Auditor's Report in accordance with Rule 11 provide any guarantee, security or the like
of the Companies (Audit and Auditors) Rules, on behalf of the Ultimate Beneficiaries.
2014, as amended in our opinion and to the best Refer note 53 to the financial statements.
of our information and according to the (c) Based on the audit procedures that has
explanations given to us: been considered reasonable and
The Company does not have any pending appropriate in the circumstances, nothing
litigations as at year-end which would has come to our notice that has caused us to
impact its financial position. believe that the representations under sub-
clause (i) and (ii) of Rule 11(e), as provided
ii. The Company did not have any long-term
under (a) and (b) above, contain any material
contracts including derivative contracts as
mis-statement
at the year-end for which there were any
material foreseeable losses. v. The company has not declared or paid any
dividend during the year and has not
iii. There were no amounts which were
proposed final dividend for the year.
required to be transferred to the Investor
Education and Protection Fund by the 2. As required by the Companies (Auditors' Report)
Company. Order, 2020 (the “Order”) issued by the Central
Government in terms of Section 143(11) of the
iv. (a) The Management has represented that,
Act, we give in “Annexure B” a statement on the
to the best of it's knowledge and belief, as
matters specified in paragraphs 3 and 4 of the
disclosed in the notes to the accounts, no
Order.
funds (which are material either individually For Deloitte Haskins & Sells
or in the aggregate) have been advanced or Chartered Accountants
loaned or invested (either from borrowed
(Firm's Registration No. 117365W)
funds or share premium or any other
sources or kind of funds) by the Company to G. K. Subramaniam
or in any other person(s) or entity(ies),
(Partner)
(Membership No. 109839)
Place: Mumbai
(UDIN: 22109839AIIAML9409)
Date: May 3, 2022
Auditors’ Report
Report on Internal Financial Controls Over Financial Reporting
ANNEXURE “A” TO THE INDEPENDENT AUDITORS' reasonable assurance about whether adequate
REPORT internal financial controls over financial reporting was
established and maintained and if such controls
(Referred to in paragraph 1(f) under 'Report on Other operated effectively in all material respects.
Legal and Regulatory Requirements' section of our Our audit involves performing procedures to obtain
report of even date) audit evidence about the adequacy of the internal
financial controls system over financial reporting and
Report on the Internal Financial Controls Over their operating effectiveness. Our audit of internal
Financial Reporting under Clause (i) of Sub-section 3 financial controls over financial reporting included
of Section 143 of the Companies Act, 2013 (the “Act”) obtaining an understanding of internal financial
controls over financial reporting, assessing the risk that
We have audited the internal financial controls over a material weakness exists, and testing and evaluating
financial reporting of HOME FIRST FINANCE COMPANY the design and operating effectiveness of internal
INDIA LIMITED (the “Company”) as of March 31, 2022 in control based on the assessed risk. The procedures
conjunction with our audit of the financial statements selected depend on the auditor's judgement, including
of the Company for the year ended on that date. the assessment of the risks of material misstatement of
the financial statements, whether due to fraud or error.
Management's Responsibility for Internal Financial
Controls We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our
The Company's management is responsible for
audit opinion on the Company's internal financial
establishing and maintaining internal financial controls
controls system over financial reporting.
based on the internal control over financial reporting
criteria established by the Company considering the Meaning of Internal Financial Controls Over Financial
essential components of internal control stated in the Reporting
Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting issued by the Institute of A Company's internal financial control over financial
Chartered Accountants of India (the “Guidance Note”). reporting is a process designed to provide reasonable
These responsibilities include the design, assurance regarding the reliability of financial
implementation and maintenance of adequate reporting and the preparation of financial statements
internal financial controls that were operating for external purposes in accordance with generally
effectively for ensuring the orderly and efficient accepted accounting principles. A Company's internal
conduct of its business, including adherence to the financial control over financial reporting includes those
company's policies, the safeguarding of its assets, the policies and procedures that (1) pertain to the
prevention and detection of frauds and errors, the maintenance of records that, in reasonable detail,
accuracy and completeness of the accounting records, accurately and fairly reflect the transactions and
and the timely preparation of reliable financial dispositions of the assets of the company; (2) provide
information, as required under the Act. reasonable assurance that transactions are recorded
as necessary to permit preparation of financial
Auditor's Responsibility statements in accordance with generally accepted
accounting principles, and that receipts and
Our responsibility is to express an opinion on the
expenditures of the company are being made only in
Company's internal financial controls over financial
accordance with authorisations of management and
reporting based on our audit. We conducted our audit
directors of the company; and (3) provide reasonable
in accordance with the Guidance Note and the
assurance regarding prevention or timely detection of
Standards on Auditing prescribed under Section
unauthorised acquisition, use, or disposition of the
143(10) of the Act, to the extent applicable to an audit of
company's assets that could have a material effect on
internal financial controls. Those Standards and the
the financial statements.
Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain
Auditors’ Report
Inherent Limitations of Internal Financial Controls Opinion

Over Financial Reporting
In our opinion, to the best of our information and
Because of the inherent limitations of internal financial according to the explanations given to us, the Company
controls over financial reporting, including the has, in all material respects, an adequate internal
possibility of collusion or improper management financial controls system over financial reporting and
override of controls, material misstatements due to such internal financial controls over financial reporting
error or fraud may occur and not be detected. Also, were operating effectively as at March 31, 2022, based
projections of any evaluation of the internal financial on the criteria for internal financial control over
controls over financial reporting to future periods are financial reporting established by the Company
subject to the risk that the internal financial control considering the essential components of internal
over financial reporting may become inadequate control stated in the Guidance Note.
because of changes in conditions, or that the degree of
compliance with the policies or procedures may
deteriorate.
For Deloitte Haskins & Sells

Chartered Accountants
G. K. Subramaniam
(Partner)
Place: Mumbai (Membership No. 109839)
Date: May 3, 2022 (UDIN: 22109839AIIAML9409)
Auditors’ Report
ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in paragraph 2 under 'Report on Other (ii) a) The Company does not have any inventory
Legal and Regulatory Requirements' section of our and hence, reporting under clause 3 (ii)(a) of
report of even date) the Order is not applicable.
() According to the information and explanations b) According to the information and

given to us, in respect of Property, Plant and explanations given to us, the Company has
Equipment & Intangible Assets. been sanctioned working capital limits in
excess of ` 5 crores, in aggregate, at points
a) The Company has maintained proper
of time during the year, from banks on the
records showing full particulars, including
basis of security of current assets. In our
quantitative details and situation of
opinion and according to the information
Property, Plant and Equipment. The
and explanations given to us, the quarterly
Company has maintained proper records
returns or statements comprising book
showing full particulars of intangible assets.
debts statement filed by the Company with
b) The Company has a program of verification such banks are in agreement with the
of Property, Plant and Equipment, so to unaudited books of account of the Company
cover all the items once every three years of the respective quarters and no material
which, in our opinion, is reasonable having discrepancies have been observed.
regard to the size of the Company and the
(iii) During the year, the Company has made
nature of its assets. Pursuant to the
investments in and granted loans or advances in
program, certain Property, Plant and
the nature of loans, secured or unsecured, to
Equipment were due for verification during
companies, firms, limited liability partnerships or
the year and were physically verified by the
any other parties. The Company has not provided
Management during the year. According to
any guarantee or security to any other entity
the information and explanations given to
during the year. With respect to such investments
us, no material discrepancies were noticed
and loans and advances:
on such verification.
a) The Company's principal business is to give
c) The Company does not have any immovable
loans, and hence reporting under clause
properties and hence reporting under
3(iii)(a) of the Order is not applicable.
clause 3(i)(c) of the Order is not applicable.
b) The investments made and the terms and
d) The Company has not revalued any of its
conditions of the grant of all the loans and
Property, Plant and Equipment including
advances in the nature of loans, during the
Right of Use Assets and intangible assets
year are, in our opinion, prima facie, not
during the year.
prejudicial to the Company's interest.
e) No proceedings have been initiated during
c) In respect of loans and advances in the
the year or are pending against the
nature of loans (together referred to as “loan
Company as at March 31, 2022 for holding
assets”), the schedule of repayment of
any benami property under the Benami
principal and payment of interest has been
Transactions (Prohibition) Act, 1988 (as
stipulated. Note 1.3 to the Financial
amended in 2016) and rules made
Statements explains the Company's
thereunder.
accounting policy relating to impairment of
Auditors’ Report
financial assets which include loans assets. (iv) According to information and explanation given
In accordance with that policy, loan assets to us, the Company has not advanced loans or
with balances as at March 31, 2022, made investments in or provided guarantees or
aggregating `1,026.13 million were security to parties covered by section 185 and 186
categorised as credit impaired (“Stage 3”) of the Act. Hence reporting under paragraph 3(iv)
and `718.44 million were categorised as of the Order is not applicable.
those where the credit risk has increased
significantly since initial recognition (“Stage (v) According to the information and explanations
2”). Disclosures in respect of such loans have given to us, the Company has not accepted any
been provided in Note 4.1 to the Financial deposits or amounts which are deemed to be
Statements. Additionally, out of loans and deposits during the year and no order in this
advances in the nature of loans with respect has been passed by the Company Law
balances as at the year-end aggregating Board or National Company Law Tribunal or the
`42,321.03 million, where credit risk has not Reserve Bank of India or any Court or any other
significantly increased since initial Tribunals in regard to the Company. Hence,
recognition (categorised as “Stage 1”), reporting under clause 3(v) of the Order is not
overdues in the repayment interest and/or applicable.
principal aggregating `779.61 million were
(vi) According to the information and explanations
also identified. In all other cases, the
given to us, the Central Government has not
repayment of principal and interest is
prescribed the maintenance of cost records
regular. Having regard to the nature of the
under section 148(1) of the Act, in respect of the
Company's business and the volume of
services rendered by the Company. Hence,
information involved, it is not practicable to
reporting under clause 3(vi) of the Order is not
provide an itemised list of loan assets where
applicable.
delinquencies in the repayment of principal
and interest have been identified. (vii) According to the information and explanations
given to us, in respect of statutory dues:
d) The total amount overdue for more than
ninety days, in respect of loans and advances a) Undisputed statutory dues, including Goods
in the nature of loans, as at the year-end is and Service tax (GST), Provident Fund,
`577.25 million. Reasonable steps are been Employees' State Insurance, Income-tax,
taken by the Company for recovery of the cess and other material statutory dues
principal and interest as stated in the applicable to the Company have generally
applicable Regulations and Loan been regularly deposited by it with the
agreements. appropriate authorities.
e) The Company's principal business is to give b) There were no undisputed amounts payable
loans, and hence reporting under in respect of GST, Provident Fund,
clause 3(iii)(e) of the Order is not applicable. Employees' State Insurance, Income-tax,
cess and other material statutory dues in
f) According to information and explanations
arrears as at March 31, 2022 for a period of
given to us and based on the audit
more than six months from the date they
procedures performed, the Company has
became payable.
not granted any loans or advances in the
nature of loans either repayable on demand c) There were no dues referred in sub clause (a)
or without specifying any terms or period of above which have not been deposited on
repayment during the year. Hence, account of disputes as at March 31, 2022.
reporting under clause 3(iii)(f) is not
applicable.
Auditors’ Report
(viii) According to the information and explanations b) According to the information and
given to us, no transactions relating to previously explanations given to us, the Company has
unrecorded income were surrendered or not made any preferential allotment or
disclosed as income in the tax assessments under private placement of shares or convertible
the Income Tax Act, 1961 during the year. debentures (fully or partly or optionally)
during the year and hence reporting under
(ix) According to the information and explanations
clause 3(x)(b) of the Order is not applicable.
given to us, in respect of borrowings:
(xi) a) According to the information and
a) The Company has not defaulted in the
explanations given to us, no fraud by the
repayment of loans or other borrowings or
Company and no material fraud on the
in the payment of interest thereon to any
Company has been noticed or reported
lender during the year.
during the year.
b) The Company has not been declared wilful
b) No report under section 143(12) of the Act
defaulter by any bank or financial institution
has been filed in Form ADT-4 as prescribed
or government or any government
under rule 13 of Companies (Audit and
authority.
Auditors) Rules, 2014 with the Central
c) In our opinion, term loans availed by the Government during the year and upto the
Company were, applied by the Company date of this report.
during the year for the purposes for which
c) As represented to us by the Management,
the loans were obtained, other than
there were no whistle blower complaints
temporary deployment pending application
received by the Company during the year.
in respect of term loans raised towards the
end of the year. (xii) The Company is not a Nidhi Company and hence,
reporting under clause 3(xii) of the Order is not
d) On an overall examination of the financial
applicable.
statements of the Company, funds raised on
short term basis have, prima facie, not been (xiii) According to the information and explanations
used during the year for long-term purposes given to us, the Company is in compliance with
by the Company. Section 188 and 177 of the Act, where applicable,
for all transactions with the related parties and
e) The Company did not have any subsidiary or
the details of related party transactions have
associate or joint venture during the year
been disclosed in the financial statements, etc. as
and hence, reporting under clause 3(ix)(e) of
required by the applicable accounting standards.
the Order is not applicable.
(xiv) a) In our opinion, the Company has an
f) The Company does not have any subsidiary
adequate internal audit system
or associate or joint venture and hence
commensurate with the size and the nature
reporting on clause 3(ix)(f) of the Order is not
of its business.
applicable.
b) We have considered, the internal audit
(x) a) The Company has not raised moneys by way
reports issued to the Company during the
of initial public offer or further public offer
year and covering the period upto March 31,
(including debt instruments) during the year
2022.
and hence reporting under clause 3(x)(a) of
the Order is not applicable. (xv) According to the information and explanations
given to us, during the year, the Company has not
entered into any non-cash transactions with its
Auditors’ Report
directors or persons connected with him and uncertainty exists as on the date of the audit
hence, provisions of section 192 of the Act are not report indicating that the Company is not capable
applicable. of meeting its liabilities existing at the date of
balance sheet as and when they fall due within a
(xvi) The Company is not required to be registered
period of one year from the balance sheet date.
under section 45-IA of the Reserve Bank of India
We, however, state that this is not an assurance
Act, 1934. Hence, reporting under clauses 3(xvi) a,
as to the future viability of the Company. We
b and c of the Order is not applicable.
further state that our reporting is based on the
The Group does not have any CIC as part of the facts up to the date of the audit report and we
group and accordingly reporting under clause neither give any guarantee nor any assurance
(xvi) (d) of the Order is not applicable. that all liabilities falling due within a period of one
year from the balance sheet date, will get
(xvii) The Company has not incurred cash losses during
discharged by the Company as and when they fall
the financial year covered by our audit and the
due.
immediately preceding financial year.
(xx) The Company has fully spent the required
(xviii) There has been no resignation of the statutory
amount towards Corporate Social Responsibility
auditors of the Company. Hence, reporting under
(CSR) and there is no unspent CSR amount for the
clause 3(xviii) of the Order is not applicable.
year requiring a transfer to a Fund specified in
(xix) On the basis of the financial ratios, ageing and Schedule VII to the Act or special account in
expected dates of realization of financial assets compliance with the provision of section 135(6) of
and payment of financial liabilities, Asset Liability the said Act. Accordingly, reporting under clause
Maturity (ALM) pattern, other information 3(xx) of the Order is not applicable.
accompanying the financial statements and our
(xxi) According to the information and explanations
knowledge of the Board of Directors and
given to us, the Company does not have
Management plans and based on our
subsidiary, associate and joint venture.
examination of the evidence supporting the
Accordingly, reporting under clause 3(xxi) of the
assumptions, nothing has come to our attention,
Order is not applicable.
which causes us to believe that any material
For Deloitte Haskins & Sells

G. K. Subramaniam
(Partner)
Place: Mumbai (Membership No. 109839)
Date: May 3, 2022 (UDIN: 22109839AIIAML9409)
Annual Accounts
Balance Sheet as at 31 March 2022 in million

As at As at
Particulars Notes
31 March 2022 31 March 2021
ASSETS
Financial assets
Cash and cash equivalents 2 6,177.60 2,094.17
Bank balance other than cash and cash equivalents 3 500.89 4,704.51
Loans 4 43,048.66 33,265.00
Investments 5 - 3,750.15
Other financial assets 6 1,150.00 1,011.65
Total financial assets 50,877.15 44,825.48
Non-financial assets
Current tax assets (net) 7 0.69 26.97
Property, plant and equipment 8 90.97 90.91
Right of use assets 8 109.00 73.10
Other intangible assets 8 2.35 2.68
Other non-financial assets 9 88.49 82.41
Total non-financial assets 291.50 276.07
Total Assets 51,168.65 45,101.55
LIABILITIES AND EQUITY

Liabilities
Financial liabilities
Trade payables 10
- Total outstanding dues of micro enterprises and small enterprises - 0.48
- Total outstanding dues of creditors other than micro enterprises
and small enterprises 62.05 47.99
Debt securities 11 1,687.82 2,395.86
Borrowings (other than debt securities) 12 32,979.85 28,141.03
Other financial liabilities 13 569.10 534.78
Total financial liabilities 35,298.82 31,120.14
Non-financial liabilities
Provisions 14 45.36 32.36
Deferred tax liabilities (net) 26.2 17.39 79.58
Other non-financial liabilities 15 70.23 64.04
Total non-financial liabilities 132.98 175.98
Total liabilities 35,431.80 31,296.12
Equity
Equity share capital 16 175.27 174.80
Other equity 17 15,561.58 13,630.63
Total equity 15,736.85 13,805.43
51,168.65 45,101.55
Total Liabilities and Equity
The notes referred to above form an integral part of these financial statements
As per our report of even date
For Deloitte Haskins & Sells For and on behalf of the Board of Directors
Firm registration No.: 117365W
Manoj Viswanathan Maninder Singh Juneja Nutan Gaba Patwari Shreyans Bachhawat
G. K. Subramaniam Managing Director & Director Chief Financial Officer Company Secretary
Partner Chief Executive Officer DIN No. : 02680016 Place: Mumbai Place: Mumbai
Membership No.: 109839 DIN No. : 01741612 Place: Mumbai Date: 03 May 2022 Date: 03 May 2022
Place: Mumbai Place: Mumbai Date: 03 May 2022
Date: 03 May 2022 Date: 03 May 2022
Annual Accounts
Statement of profit and loss for the year ended 31 March 2022 (` in million, except per share data)
Year ended Year ended

Particulars Notes
31 March 2022 31 March 2021
Revenue from operations

Interest income 18 5,116.95 4,301.18
Fees and commission income 13.18 16.74
Net gain on fair value changes 19 136.72 120.00
Net gain on derecognition of financial 678.34 439.35
instruments under amortised cost category
Other operating income 20 11.51 13.91
Total revenue from operations 5,956.70 4,891.18
Other income 21 0.31 0.43
Total income 5,957.01 4,891.61
Expenses
Finance costs 22 2,156.67 2,173.99
Impairment on financial instruments 23 250.22 321.53
Employee benefits expense 24 807.70 661.26
Depreciation and amortisation 8 75.21 76.24
Other expenses 25 404.26 318.16
Total expenses 3,694.06 3,551.18
Profit before tax 2,262.95 1,340.43
Tax expense:
- Current tax 26 446.83 289.48
- Deferred tax 26 75.27 49.53
- Tax pertaining to earlier years 26 (120.13) -
Total tax expense 401.97 339.01
Profit after tax 1,860.98 1,001.42
Other comprehensive income

Items that will not be reclassified to profit or loss
- Remeasurements of the defined benefit plans (4.27) (4.38)
- Income tax relating to items that will not be reclassified to profit or loss 1.07 1.10
Other comprehensive income, net of income tax (3.20) (3.28)
Total comprehensive income 1,857.78 998.14
Earnings per equity share 27

Basic earnings per share (`) 21.26 12.37
Diluted earnings per share (`) 20.85 12.18
Face value of equity shares (`) 2.00 2.00
Annual Accounts
Statement of changes in equity for the year ended 31 March 2022

Equity share capital (Refer note 16) in million
No. of Amount
Particulars
shares
Balance as at 1 April 2020 78,297,715 156.60
Changes in equity share capital due to prior period errors - -
Restated Balance as at 1 April 2020 78,297,715 156.60
Changes in equity share capital during the year 9,102,012 18.20
Balance as at 1 April 2021 87,399,727 174.80
Changes in equity share capital due to prior period errors - -
Restated Balance as at 1 April 2021 87,399,727 174.80
Changes in equity share capital during the year 233,976 0.47
Balance as at 31 March 2022 87,633,703 175.27
Other equity (Refer note 17) in million

Other
Share
Reserves and surplus Comprehensive Total
application
Particulars money Statutory Securi es Stock
options Retained
Income
Remeasurements
Other
pending
allotment reserve premium outstanding
earnings
of defined benefit Equity
account plans
Balance as at 1 April 2020 - 341.54 7,539.75 74.37 1,224.57 (2.57) 9,177.66

Changes in accounting policy/prior period errors - - - - - - -
Restated Balance as at 1 April 2020 - 341.54 7,539.75 74.37 1,224.57 (2.57) 9,177.66
Profit for the year - - - - 1,001.42 - 1,001.42
Share application money received during the year 0.11 - - - - - 0.11
Other comprehensive income / (loss) for the year - - - - - (3.28) (3.28)
Expenses on employee stock options scheme for the year - - - 31.72 - - 31.72
Transfer to statutory reserves from retained earnings - 200.40 - - (200.40) - -
Premium on issue of share capital - - 3,529.10 - - - 3,529.10
Exercise of stock options outstanding - - 8.92 (8.92) - - -
Share issue expenses - - (106.10) - - - (106.10)
Stock options lapsed - - - (1.01) 1.01 - -
Balance as at 31 March 2021 0.11 541.94 10,971.67 96.16 2,026.60 (5.85) 13,630.63
Balance as at 1 April 2021 0.11 541.94 10,971.67 96.16 2,026.60 (5.85) 13,630.63
Changes in accounting policy/prior period errors - - - - - - -
Restated Balance as at 1 April 2021 0.11 541.94 10,971.67 96.16 2,026.60 (5.85) 13,630.63
Profit for the year - - - - 1,860.98 - 1,860.98
Share application money adjusted against shares issued
during the year (0.11) - - - - - (0.11)
Other comprehensive income / (loss) for the year - - - - - (3.20) (3.20)
Expenses on employee stock options scheme for the year - - - 46.74 - - 46.74
Transfer to statutory reserves from retained earnings - 375.00 - - (375.00) - -
Premium on issue of share capital - - 27.65 - - - 27.65
Exercise of stock options outstanding - - 5.36 (5.36) - - -
Share issue expenses - - (1.11) - - - (1.11)
Balance as at 31 March 2022 - 916.94 11,003.57 137.54 3,512.58 (9.05) 15,561.58
Annual Accounts
Statement of cash flows for the year ended 31 March 2022 in million
Particulars
31 March 2022 31 March 2021
Cash flow from operating activities

Profit before tax 2,262.95 1,340.43
Adjusted for:
Interest income measured at amortised cost (4,770.44) (4,061.31)
Interest expense measured at amortised cost 2,148.15 2,165.84
Income on derecognised (assigned) loans (373.10) (253.87)
Depreciation and amortisation 75.21 76.24
Interest income on bank deposits (127.78) (124.47)
Loss on sale of property, plant and equipment (net) 1.22 3.59
Financial lease liability 8.31 7.82
Unrealised gain on investments 7.33 (6.75)
Impairment on financial instruments 250.22 321.53
Fair valuation of ESOPs 46.74 31.72
Operating profit before working capital changes and
adjustment for interest received and paid (471.19) (499.23)
Adjustment for working capital:
- (Increase) in loans given (10,022.23) (3,460.95)
- Decrease/ (Increase) in other financial assets 224.38 (101.40)
- (Increase)/ Decrease in other non financial assets (17.62) 25.52
- Increase in trade payables 13.58 44.15
- Increase in other financial liabilities 85.54 59.60
- Increase/ (Decrease) in other non financial liabilities 9.69 (2.18)
- Increase/ (Decrease) in provisions 6.93 (38.78)
Cash used in operating activities before adjustment for interest received and paid (10,170.92) (3,973.27)
- Interest income received 4,765.63 4,075.28
- Interest expense paid (2,228.16) (2,033.16)
Cash used in operating activities (7,633.45) (1,931.15)
Income tax paid (net) (436.81) (298.19)
Net cash used in operating activities [A] (8,070.26) (2,229.34)
Cash flows from investing activities:
Purchase of property, plant and equipment and other intangible assets (35.24) (26.47)
Proceeds from sale of property, plant and equipment and other intangible assets 0.65 1.30
Purchase of investments (31,684.10) (24,371.90)
Proceeds from redemption of investments 35,426.92 22,084.08
Net proceeds from bank deposits 4,186.65 (3,958.18)
Interest received on bank deposits 144.75 121.46
Net cash generated from / (used in) investing activities [B] 8,039.63 (6,149.71)
Cash flows from financing activities:
Proceeds from issuance of share capital (including share premium) 28.12 3,547.30
Share application money (adjusted)/ received (0.11) 0.11
Share issue expenses (1.11) (106.10)
Proceeds from borrowings from banks and financial institutions 13,070.00 10,111.00
Repayment of borrowings from banks and financial institutions (8,251.53) (6,911.69)
Repayment of lease liability (46.11) (44.57)
Proceeds from issue of non-convertible debentures 990.00 2,400.00
Repayment of debt securities (1,700.00) -
Proceeds from/ (Repayment of) demand loans 24.80 (0.06)
Net cash generated from financing activities [C] 4,114.06 8,995.99
Annual Accounts
Statement of cash flows for the year ended 31 March 2022 in million
Particulars
31 March 2022 31 March 2021
Net increase in cash and cash equivalents [A+B+C] 4,083.43 616.94

Cash and cash equivalents at the beginning of the year 2,094.17 1,477.23
Cash and cash equivalents at the end of the year (Refer note 2) 6,177.60 2,094.17
Components of cash and cash equivalents:

Cash on hand 0.37 0.36
Balances with banks
- with banks in current accounts 2,569.07 1,684.00
- held as wallet money 0.79 0.74
- deposits with original maturity of 3 months or less 3,607.37 409.07
Cash and cash equivalents 6,177.60 2,094.17
Changes in liabilities arising from financing activities in million

As at As at
Particulars
31 March 2022 31 March 2021
Opening balance (Borrowings and debt securities) as at 1 April 2021 30,536.89 24,938.05
Proceeds from borrowings 13,070.00 10,111.00
Proceeds from issue of non-convertible debentures 990.00 2,400.00
Repayments of borrowings (8,251.53) (6,911.69)
Repayments of debt securities (1,700.00) -
Proceeds/ (Repayment) of demand loans 24.80 (0.06)
Others (2.49) (0.41)
Closing balance (Borrowings and debt securities) 34,667.67 30,536.89
Cash flow statement has been prepared under indirect method as set out in the Ind AS 7 - Statement of Cash Flows.
Annual Accounts
Company information balance sheet in the order of liquidity.
Significant accounting policies and other explanatory Functional and presentation currency
information. Home First Finance Company India
Limited (the 'Company') is a Housing Finance Company The financial statements are prepared in Indian
founded on 03 February 2010 with offices across Rupees (₹) rounded off to the nearest million unless
various cities in India. It's registered office is located at otherwise indicated.
511, Acme Plaza, Andheri Kurla Road, Andheri East,
Mumbai – 400 059. The Company obtained its license to Basis of Measurement
carry on the business of a housing finance institution
The financial statements have been prepared on
from National Housing Bank ('NHB') on 11 August 2010.
historical cost basis except for certain financial
The Company was converted to a public limited
instruments that are measured at fair values.
Company with effect from 14 March 2018. The
Company's equity shares were listed on National Stock A historical cost is a measure of value used for
Exchange of India Limited (NSE) and on BSE Limited accounting in which the price of an asset on the balance
(BSE) on 03 February 2021. sheet is based on its historical cost, it is generally fair
value of consideration given in exchange for goods and
The Company is primarily engaged in the business of
services at the time of transaction or original cost when
lending of housing loans, loans for the purpose of
acquired by the Company.
purchasing a commercial property, loan against
property and construction finance. Fair value is the price that is likely to be received on sale
of an asset or paid to transfer a liability in an orderly
1. Significant accounting policies
transaction between market participants on the
1.1 Basis of preparation of financial statements measurement date, regardless of whether that price is
directly observable or estimated using another
Statement of Compliance valuation technique. In estimating the fair value of an
asset or a liability, the Company takes into account the
The Balance Sheet, the Statement of Profit and Loss, characteristics of the asset or liability that market
the Statement of Changes in Equity and the Statement participants would take into account when pricing the
of Cash Flows (the “financial statements") have been asset or liability at the measurement date. Fair value for
prepared under historical cost convention on an measurement and/or disclosure purposes in the
accrual basis in accordance with the Indian Accounting financial statements is determined on such a basis,
Standards (“Ind AS”) and the relevant provisions of the except for share based payment transactions that are
Companies Act, 2013 (the “Act”) (to the extent notified) within the scope of Ind AS 102 share based payment,
and the guidelines issued by the National Housing Bank leasing transactions that are within the scope of Ind AS
(“NHB”) and Reserve Bank of India (“RBI”) to the extent 116 Leases.
applicable. The Ind AS are prescribed under Section
133 of the Act read with Rule 3 of the Companies (Indian Fair value measurements under Ind AS are categorised
Accounting Standards) Rules, 2015 and relevant into fair value hierarchy based on the degree to which
amendment II rules issued thereafter. Details of the the inputs to the fair value measurements are
Company's accounting policies are disclosed below. observable and the significance of the inputs to the fair
value measurement in its entirety, which are described
Presentation of Financial Statements as follows:
The Balance Sheet, the Statement of Profit and Loss • Level 1 quoted prices (unadjusted) in active
and the Statement of Changes in Equity are prepared markets for identical assets or liabilities that the
and presented in the format prescribed in Division III of Company can access on measurement date.
Schedule III to the Act. The Statement of Cash Flows has • Level 2 inputs, other than quoted prices included
been prepared and presented as per the requirements within level 1, that are observable for the asset or
of Ind AS 7 “Statement of Cash Flows”. As required by liability, either directly or indirectly; and
Division III issued under Schedule III of the Act, the • Level 3 where unobservable inputs are used for
Company has presented the assets and liabilities in the the valuation of assets or liabilities.
Annual Accounts
1.2 Use of estimates and judgments achieved and how cash flows are realised. Therefore,
the Company considers information about past sale of
The preparation of financial statements requires the portfolios in the context of the reasons for those sale of
management to make judgements, estimates and portfolios and the conditions that existed at that time
assumptions that affect the reported amounts of as compared to current conditions.
revenues, expenses, assets and liabilities and the
disclosure of contingent liabilities, at the end of the Based on this assessment of current conditions and
reporting period. Although these estimates are based future business plans of the Company, the
on the management's best knowledge of current management has measured its financial assets at
events and actions, uncertainty about these amortised cost as the asset is held within a business
assumptions and estimates could result in the model whose objective is to collect contractual cash
outcomes requiring a material adjustment to the flows, and the contractual terms of the financial asset
carrying amounts of assets or liabilities in future give rise to cash flows that are solely payments of
periods. Examples of these estimates include useful principal and interest (the 'SPPI criterion').
lives of property, plant and equipment, expected credit
loss allowance, future obligations under employee The Company monitors financial assets measured at
retirement benefit plans, income taxes, business amortised cost that are derecognised prior to their
model assessment, share-based payments expenses, maturity to understand the reason for their disposal
determination of prepayment rate, discounting rates, and whether the reasons are consistent with the
determining lease parameters, etc. Actual results could objective of the business for which the asset was held.
differ from these estimates. Any revisions to Monitoring is part of the Company's continuous
accounting estimates are recognised in the period in assessment of whether the business model for which
which such revisions are made. the remaining financial assets are held continues to be
appropriate and if it is not appropriate whether there
The management believes that these estimates are has been a change in business model and so a
prudent and reasonable and are based upon the prospective change to the classification of those assets.
management's best knowledge of current events and
actions. Actual results could differ from these ii) Impairment of financial assets
estimates and differences between actual results and
The measurement of impairment losses on across all
estimates are recognised in the periods in which the
categories of financial assets requires judgement, in
results are known or materialised.
estimating the amount and timing of future cash flows
This note provides an overview of the areas that and recoverability of collateral values while
involved a higher degree of judgement or complexity, determining the impairment losses and assessing a
and of items which are more likely to be materially significant increase in credit risk. The Company's
adjusted due to estimates and assumptions turning Expected Credit Loss (ECL) calculation is the output of a
out to be different than those originally assessed. complex model with a number of underlying
assumptions regarding the choice of variable inputs
i) Business model assessment and their interdependencies. Elements of the ECL
model that are considered accounting judgements and
The Company determines its business model at the estimates include:
level that best reflects how it manages group of
financial assets to achieve its business objective. · The Company's criteria for assessing if there has
been a significant increase in credit risk
The Company considers the frequency, volume and · The segmentation of financial assets when their
timing of sale of portfolios in prior period, the reason ECL is assessed on a collective basis
for such sale of portfolios, and its expectations about · Development of ECL model, including the
future sales activity. However, information about sale calculation of Probability of Defaults (PDs), Loss
of portfolios activity is not considered in isolation, but Given Default (LGD)
as part of a holistic assessment of how Company's · Assessment of qualitative factors having an impact
stated objective for managing the financial assets is on the credit risk
Annual Accounts
The measurement of all expected credit losses for becomes a party to the contractual provisions of the
financial assets held at the reporting date is based on financial instrument and are measured initially at fair
historical experience, current conditions and value adjusted for transaction costs, except for those
reasonable and supportable forecasts. The financial assets classified as at fair value through profit
measurement of ECL involves increased complexity and loss (FVTPL). Transaction costs directly attributable
and judgement, including estimation of Probability of to the acquisition of financial assets classified as FVTPL
Defaults (PDs), Loss Given Default (LGD), a range of are recognised immediately in the statement of profit
unbiased future economic scenarios, estimation of and loss.
expected lives and estimation of EAD and assessing
significant increases in credit risk. Classification
It has been the Company's policy to regularly review its The Company classifies its financial assets in the
model in the context of actual loss experience and following measurement categories:
adjust when necessary (Refer note 4 and 32).
· those to be measured subsequently at fair value
iii) Income taxes (either through other comprehensive income
(OCI), or through the statement of profit and loss),
The Company's tax jurisdiction is in India. Significant and
judgements are involved in determining the provision · those measured at amortised cost.
for income taxes, including amount expected to be
paid/recovered for certain tax positions. Subsequent measurement
iv) Share-based payments Financial instruments at amortised cost – the

financial instrument is measured at the amortised cost
Estimating fair value for share-based payment if both the following conditions are met:
transaction requires determination of the most
appropriate valuation model, which is dependent on · The asset is held within a business model whose
the terms and conditions of the grant. This estimate objective is to hold assets for collecting
also requires determination of the most appropriate contractual cash flows, and
inputs to the valuation model including the expected · Contractual terms of the asset give rise on
life of the share option, volatility and dividend yield and specified dates to cash flows that are solely
making assumptions about them. payments of principal and interest (SPPI) on the
principal amount outstanding.
v) Defined employee benefit assets and liabilities
After initial measurement, such financial assets are
The cost of the defined benefit gratuity plan and other subsequently measured at amortised cost using the
post-employment benefits and the present value of the effective interest rate (EIR) method. All the debt
gratuity obligation are determined using actuarial instruments of the Company are measured at
valuations. An actuarial valuation involves making amortised cost.
various assumptions that may differ from actual
developments in the future. These include the Financial instruments at FVTPL/FVOCI - For assets
determination of the discount rate, future salary measured at fair value, gains and losses will either be
increases and mortality rates. Due to the complexities recorded in Statement of Profit and Loss or Other
involved in the valuation and its long-term nature, a comprehensive income. Investments in equity
defined benefit obligation is highly sensitive to changes instruments are classified as FVTPL unless the
in these assumptions. All assumptions are reviewed at Company irrevocably elects at initial recognition to
each reporting date. present subsequent changes in fair value through
other comprehensive income (FVOCI) for Investments
1.3 Financial instruments in equity instruments which are not held for trading.
) Financial assets Reclassifications within classes of financial assets
Initial recognition and measurement A change in the business model would lead to a
prospective re-classification of the financial asset and
Financial assets are recognised when the Company accordingly, the measurement principles applicable to
the new classification will be applied. During the
Annual Accounts
current financial year ended 31 March 2022 and expected balance at default, taking into account the
previous accounting year, there was no change in the repayment of principal and interest from the balance
business model under which the Company holds sheet date to the default event together with any
financial assets and therefore no reclassifications were expected drawdowns of committed facilities. The LGD
made. represents expected losses on the EAD given the event
of default, taking into account, among other attributes,
Impairment of financial assets the mitigating effect of collateral value at the time it is
expected to be realised and the time value of money.
The measurement of impairment losses across all
categories of financial assets requires judgement, in The Company applies a three-stage approach to
particular, the estimation of the amount and timing of measure ECL on financial assets accounted for at
future cash flows and collateral values when amortised cost and FVOCI. Assets migrate through the
determining impairment losses and the assessment of following three stages based on the change in credit
a significant increase in credit risk. These estimates are quality since initial recognition.
driven by a number of factors, changes in which can
result in different levels of allowances. Stage 1: 12-months ECL
The Company's ECL calculations are outputs of For exposures where there has not been a significant
complex models with a number of underlying increase in credit risk since initial recognition and that
assumptions regarding the choice of variable inputs are not credit impaired upon origination, the portion of
and their interdependencies. the lifetime ECL associated with the probability of
default events occurring within the next 12 months is
The measurement of ECL is calculated using three main recognised. Exposures with days past due (DPD) less
components: than or equal to 29 days are classified as Stage 1. The
( ) probability of default (PD); Company has provided ECL on the undisbursed loan
(ii) loss given default (LGD); and commitments classified under Stage 1.
(iii) the exposure at default (EAD).
Stage 2: Lifetime ECL – not credit impaired
Probability of Default (PD) is the probability of whether
borrowers will default on their obligations which are For credit exposures where there has been a significant
calculated based on historical default rate summary of increase in credit risk since initial recognition but that
past years using vintage analysis. are not credit impaired, a lifetime ECL is recognised.
Exposures with DPD equal to 30 days but less than or
Loss Given Default (LGD) is an estimate of the loss from equal to 89 days are classified as Stage 2. At each
a financial asset given that a default occurs. The LGD is reporting date, the Company assesses whether there
computed using the Company's own loss and recovery has been a significant increase in credit risk for the
experience. It is usually expressed as a percentage of financial asset since initial recognition by comparing
the EAD. the risk of a default occurring over the expected life
between the reporting date and the date of initial
Exposure at Default (EAD) is an estimate of the
recognition. The Company has identified cases with
exposure at a future default date, taking into account
DPD equal to or more than 30 days and less than or
expected changes in the exposure after the reporting
equal to 59 days and cases with DPD equal to or more
date, including repayments of principal and interest,
than 60 days and less than or equal to 89 days as two
whether scheduled by contract or otherwise, expected
separate buckets.
drawdowns on committed facilities, and accrued
interest from missed payments. Stage 3: Lifetime ECL – credit impaired
The 12-month ECL is calculated by multiplying the 12- A financial asset is assessed as credit-impaired when
month PD, LGD and the EAD. The 12 months and one or more events that have a detrimental impact on
lifetime PDs represent the PD occurring over the next the estimated future cash flows of that asset have
12 months and the remaining maturity of the occurred. For a financial asset that has become credit-
instruments respectively. The EAD represents the impaired, a lifetime ECL is recognised on principal
Annual Accounts
outstanding as at the year end. Exposures with DPD purpose, a retained servicing asset shall be treated as a
equal to or more than 90 days are classified as Stage 3. part that continues to be recognised. The difference
between the carrying amount (measured at the date of
Exposures are considered to have resulted in a derecognition) allocated to the part derecognised and
significant increase in credit risk and are moved to the consideration received for the part derecognised
Stage 2 when the accounts are overdue for more than (including any new asset obtained less any new liability
30 days. Accounts that are overdue for 90 days or more assumed) shall be recognised in the statement of profit
are moved to Stage 3. and loss.
Inputs, assumptions and estimation techniques used Also, the Company recognises servicing income as a
for estimating ECL: Refer note 4 percentage of interest spread over tenure of loan in
cases where it retains the obligation to service the
De-recognition of financial assets transferred financial asset.
A financial asset is derecognised only when Definition of default
• the Company has transferred the rights to receive The definition of default is used in measuring the
cash flows from the financial asset or amount of ECL and in the determination of whether the
• retains the contractual rights to receive the cash loss allowance is based on 12-months or lifetime ECL.
flows of the financial asset but assumes a The Company considers the following as constituting
contractual obligation to pay the cash flows to one an event of default:
or more recipients.
• the borrower is past due more than 90 days +
Where the Company has transferred an asset, the cases identified by the Company as NPA as per
Company evaluates whether it has transferred regulatory guidelines + Objective Evidence for
substantially all risks and rewards of ownership of the impairment (Qualitative Overlay); or
financial asset. In such cases, the financial asset is • the borrower is unlikely to pay its credit
derecognised. Where the entity has not transferred obligations to the Company.
substantially all risks and rewards of ownership of the
financial asset, the financial asset is not derecognised. When assessing if the borrower is unlikely to pay its
credit obligation, the Company takes into account both
Where the Company has neither transferred a financial qualitative and quantitative indicators.
asset nor retained substantially all risks and rewards of
ownership of the financial asset, the financial asset is Write-offs
derecognised if the Company has not retained control
of the financial asset. Where the Company retains Impaired loans and receivables are written off, against
control of the financial asset, the asset is continued to the related allowance for loan impairment on
be recognised to the extent of continuing involvement completion of the Company's internal processes and
in the financial asset. when the Company concludes that there is no longer
any realistic prospect of recovery of part or all of the
On derecognition of a financial asset in its entirety, the loan. For loans that are individually assessed for
difference between the carrying amount (measured at impairment, the timing of write off is determined on a
the date of derecognition) and the consideration case-by-case basis. A write-off constitutes a de-
received (including any new asset obtained less any recognition event. The Company has a right to apply
new liability assumed) shall be recognised in the enforcement activities to recover such written off
statement of profit and loss. financial assets. Subsequent recoveries of amounts
previously written off are credited to the statement of
On derecognition of a part of financial asset in its profit and loss.
entirety, the previous carrying amount of the larger
financial asset shall be allocated between the part that Collateral Valuation and Repossession
continues to be recognised and the part that is
derecognised, on the basis of the relative fair values of The Company provides fully secured loans to
those parts on the date of the transfer. For this individuals and Corporates to mitigate the credit risk
on financial assets, the Company seeks to use
Annual Accounts
collateral, where possible as per the powers conferred remaining contractual cash flows under the original
on the Housing Finance Companies under the terms with the contractual cash flows under the revised
Securitisation and Reconstruction of Financial Assets terms, both amounts discounted at the original EIR. If
and Enforcement of Securities Interest Act, 2002 there is a significant difference in present value, the
(“SARFAESI”). In its normal course of business, the Company deems the arrangement substantially
Company does not physically repossess properties or different, leading to derecognition.
other assets in its retail portfolio, but engages external
agents to recover funds, generally at auction, to settle When the contractual terms of a financial asset are
outstanding debt. Any surplus funds are returned to modified and the modification does not result in
the customers/ obligors. As a result of this practice, the derecognition, the Company determines if the financial
properties under legal repossession processes are not asset's credit risk has increased significantly since
recorded on the balance sheet and not treated as initial recognition by comparing:
non–current assets held for sale.
— The remaining lifetime PD estimated based on data
Modification of financial assets at initial recognition and the original contractual
terms;
A modification of a financial asset occurs when the
contractual terms governing the cash flows of a — The remaining lifetime PD at the reporting date
financial asset are renegotiated or otherwise modified based on the modified terms.
between the initial recognition and maturity of the
financial asset. A modification affects the amount For financial assets modified, where modification does
and/or timing of the contractual cash flows either not result in derecognition, the estimate of PD reflects
immediately or at a future date. the Company's ability to collect the modified cash flows
taking into account the Company's previous
The Company renegotiates loans to customers in experience of similar forbearance action, as well as
financial difficulty to maximise collection and minimise various behavioural indicators, including the
the risk of default. Loan forbearance is granted in cases borrower's payment performance against the
where although the borrower made all reasonable modified contractual terms. If the credit risk remains
efforts to pay under the original contractual terms, significantly higher than what was expected at initial
there is a high risk of default or default has already recognition, the loss allowance is continued to be
happened and the borrower is expected to be able to measured at an amount equal to lifetime ECL. The loss
meet the revised terms. The revised terms in most of allowance on forborne loans is generally measured
the cases include an extension of the maturity of the based on 12-month ECL when there is evidence of the
loan, changes to the timing of the cash flows of the loan borrower's improved repayment behaviour following
(principal and interest repayment), reduction in the modification leading to a reversal of the previous
amount of cash flows due (principal and interest significant increase in credit risk.
forgiveness).
Where a modification does not lead to derecognition,
When a financial asset is modified the Company the Company calculates the modification gain/loss
assesses whether this modification results in comparing the gross carrying amount before and after
derecognition. In accordance with the Company's the modification (excluding the ECL allowance). Then
policy, a modification results in derecognition when it the Company measures ECL for the modified asset,
gives rise to substantially different terms. To determine where the expected cash flows arising from the
if the modified terms are substantially different from modified financial asset are included in calculating the
the original contractual terms the Company considers expected cash shortfalls from the original asset.
the following:
ii) Financial liability
Qualitative factors, such as contractual cash flows after
modification, are no longer SPPI, change of A financial liability is a contractual obligation to deliver
counterparty, the extent of change in interest rates, cash or another financial asset or to exchange financial
maturity, if these do not clearly indicate a substantial assets or financial liabilities with another entity under
modification, then; a quantitative assessment is conditions that are potentially unfavourable to the
performed to compare the present value of the Company or a contract that will or may be settled in the
Annual Accounts
Company's equity instruments and is a non-derivative simultaneously. The legally enforceable right must not
contract for which the Company is or may be obliged to be contingent on future events and must be
deliver a variable number of its equity instruments, or a enforceable in the normal course of business and in the
derivative contract over own equity that will or may be event of default, insolvency or bankruptcy of the
settled other than by the exchange of a fixed amount of Company or the counterparty.
cash (or another financial asset) for a fixed number of
the Company's equity instruments. 1.4 Property, plant and equipment, other intangible
assets
Classification
Property, plant and equipment and other intangible
The Company classifies its financial liability as assets are stated at cost less accumulated
"Financial liability measured at amortised cost" except depreciation, amortisation and impairment losses.
for those classified as financial liabilities measured at Cost includes purchase price, inward freight, taxes and
FVTPL. Financial liabilities are never reclassified. expenses incidental to acquisition and installation, up
to the point the asset is ready for its intended use.
Initial recognition and measurement
Cost of property, plant and equipment and other
A financial liability is recognised initially at cost of intangible assets not ready for their intended use
acquisition net of transaction costs and incomes that before such date is disclosed under Capital work-in-
are attributable to the acquisition of the financial progress.
liability. Cost equates the fair value on the acquisition.
If significant parts of an item of property, plant and
De-recognition of financial liabilities equipment have different useful lives, then they are
accounted for as separate items (major components)
The Company derecognises financial liabilities when, of property, plant and equipment.
and only when, the Company's obligations are
discharged, cancelled or have expired. The difference Any gain or loss on disposal of an item of property,
between the carrying amount of the financial liability plant and equipment is recognized in the statement of
derecognised and the consideration paid and payable profit and loss.
is recognised in the statement of profit and loss.
Depreciation and Amortisation
Offsetting financial instruments
Depreciation in respect of assets is provided on the
Financial assets and liabilities are offset and the net Straight-Line Method as per Schedule II of the Act.
amount is reported in the balance sheet where there is Intangible assets are amortized on a straight-line basis
a legally enforceable right to offset the recognised over the estimated useful economic life. The Company
amounts and there is an intention to settle on a net follows estimated useful lives which are given under
basis or realise the asset and settle the liability Part C of Schedule II of the Act.
The estimated useful lives of items of property, plant and equipment for the current period is as follows:
Property, plant and equipment Estimated useful life (In years)
Furniture and fixtures 10

Office equipment 5
Computers 3
Leasehold improvements Over the lease period
Other intangible assets
Computer software 3
Property, plant and equipment purchased/ sold during the year are depreciated on a pro-rata basis.
Annual Accounts
1.5 Revenue Recognition amount and the consideration received are recognised
in the statement of profit and loss.
) Interest income
The Company recognises either a servicing asset or a
Interest income on financial instruments is recognised servicing liability for servicing contract. If the fee to be
on a time proportion basis taking into account the received is not expected to compensate the Company
amount outstanding and the effective interest rate adequately for performing the servicing activities, a
(“EIR”) applicable. servicing liability for the servicing obligation is
recognised at its fair value. If the fee to be received is
Effective Interest Rate (“EIR”) expected to be more than adequate compensation for
the servicing activities, a servicing asset is recognised.
EIR is the rate that exactly discounts the estimated Corresponding amount is recognised in statement of
future cash flows over the expected life of the financial profit and loss.
instrument or a shorter period, where appropriate, to
the gross carrying amount of the financial asset. The v) Other Income
calculation takes into account all contractual terms of
the financial instrument (for example, prepayment Other Income represents income earned from the
options) and includes any fees or incremental costs activities incidental to the business and is recognised
that are directly attributable and are an integral part of when the right to receive the income is established as
the EIR, but not future credit losses. The Company per the terms of the contract.
calculates interest income by applying the EIR to the
gross carrying amount of financial assets other than 1.6 Taxes on income
credit-impaired assets. When a financial asset
becomes credit-impaired, the Company calculates Income tax expense comprises current tax expenses
interest income by applying the effective interest rate and net change in the deferred tax assets or liabilities
to the net amortised cost of the financial asset (Gross during the year. Current and deferred taxes are
Value less ECL provision). If the financial assets cures recognised in the statement of profit and loss, except
and are no longer credit-impaired, the Company when they relate to an item that is recognised in other
reverts to calculating interest income on a gross basis. comprehensive income or directly in equity, in which
case, the current and deferred tax are also recognised
ii) Fees and other revenue in other comprehensive income or directly in equity
respectively.
Fees income includes fees other than those that are an
integral part of EIR. The Company recognises such fees The income tax expense or credit for the year is the tax
income in accordance with the terms of relevant payable on the current year's taxable income based on
contracts/ agreements with the customers. the applicable income tax rate adjusted by changes in
deferred tax assets and liabilities attributable to
iii) Investment income temporary differences and to unused tax losses.
Income from investments made in units of mutual The current income tax charge is calculated on the
funds is measured at FVTPL and presented under net basis of the tax laws enacted or substantively enacted
gain on fair value changes. at the end of the reporting period.
iv) Income from transfer and servicing of assets Deferred income tax is recognised using the balance
sheet approach. Deferred income tax assets and
The Company transfers loans through direct liabilities are recognised for the deductible and taxable
assignment transactions. The transferred loans are de- temporary differences arising between the tax base of
recognised and gains/losses are accounted for, only if an assets and liabilities and their carrying amount in
the Company transfers substantially all risks and the financial statements, except when the deferred
rewards specified in the underlying assigned loan income tax arises from the initial recognition of an
contract. In accordance with the Ind AS 109, on de- asset or liability in a transaction that is not a business
recognition of a financial asset under assigned combination and affects neither accounting nor
transactions, the difference between the carrying taxable profit or loss at the time of recognition.
Annual Accounts
Deferred tax asset is recognised to the extent that Company recognises a right-of-use asset (ROU) and a
sufficient taxable profit will be available against which corresponding lease liability for all lease arrangements
the deductible temporary differences and the carry in which it is a lessee, except for leases with a lease term
forward of unused tax credits and unused tax losses of twelve months or less (short-term leases) and low-
can be utilised. Deferred income tax is determined value assets.
using tax rates (and laws) that have been enacted or
substantially enacted by the end of the reporting For these short-term and low-value assets, the
period and are expected to apply when the related Company recognises the lease payments as an
deferred income tax asset is realised or the deferred operating expense on a straight-line basis over the
income tax liability is settled. The carrying amount of term of the lease.
deferred tax assets are reviewed at each reporting date
and reduced to the extent that it is no longer probable The ROU assets are initially recognised at cost, which
sufficient taxable profit will be available to allow or part comprises the initial amount of the lease liability
of deferred income tax assets to be utilised. At each adjusted for any lease payments made at or prior to the
reporting date, the Company re-assesses un- commencement date of the lease plus any initial direct
recognised deferred tax assets. It recognises un- costs less any lease incentives. They are subsequently
recognised deferred tax asset to the extent that it has measured at cost less accumulated depreciation and
become reasonably certain, as the case may be, that impairment losses.
sufficient future taxable income will be available
ROU assets are depreciated from the commencement
against which such deferred tax assets can be realised.
date on a straight-line basis over the shorter of the
Deferred tax assets and liabilities are offset when there lease term and useful life of the underlying asset.
is a legally enforceable right to offset current tax assets
ROU assets are evaluated for recoverability whenever
and liabilities and when the deferred tax balances
events or changes in circumstances indicate that their
relate to the same taxation authority. Current tax
carrying amounts may not be recoverable. For the
assets and tax liabilities are offset where the entity has
purpose of impairment testing, the recoverable
a legally enforceable right to offset and intends either
amount (i.e. the higher of the fair value less cost to sell
to settle on a net basis or to realise the asset and settle
and the value-in-use) is determined on an individual
the liability simultaneously.
asset basis unless the asset does not generate cash
1.7 Leases: flows that are largely independent of those from other
assets.
The Company's leased assets primarily consist of
leases for buildings. The Company assesses whether a The lease liability is initially measured at the present
contract contains a lease as defined under Ind AS 116 – value of the fixed lease payments including variable
Leases, at the inception of a contract. A contract is, or lease payments that depend on an index or a rate. The
contains, a lease if the contract conveys the right to lease payments are discounted using the interest rate
control the use of an identified asset for a period of implicit in the lease or, if not readily determinable,
time in exchange for consideration. To assess whether using the incremental borrowing rate of the Company.
a contract conveys the right to control the use of an
The Company recognizes the amount of the re-
identified asset, the Company assesses whether:
measurement of lease liability as an adjustment to the
. the contract involves the use of an identified right-of-use assets. Where the carrying amount of the
asset; ROU assets is reduced to zero and there is a further
ii. the Company has substantially all of the economic reduction in the measurement of the lease liability, the
benefits from the use of the asset through the Company recognizes any remaining amount of the re-
period of the lease; and measurement in the statement of profit and loss.
iii. the Company has the right to direct the use of the
asset. For short-term and low value leases, the Company
recognizes the lease payments as an operating
At the date of commencement of the lease, the expense on a straight-line basis over the lease term.
Annual Accounts
Lease liability and ROU asset have been separately investments with original maturities of three months or
presented in the balance sheet. less that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of
1.8 Foreign currency transactions changes in value.
Transactions in foreign currencies are translated into 1.11 Provisions, contingent liabilities and contingent
the functional currency of the Company, at the assets
exchange rates at the dates of the transactions or an
average rate if the average rate approximates the A provision is recognised when the Company has a
actual rate at the date of the transaction. present obligation as a result of past events and it is
probable that an outflow of resources will be required
Monetary assets and liabilities denominated in foreign to settle the obligation, in respect of which a reliable
currencies are translated into the functional currency estimate can be made. Provisions are measured at the
at the exchange rate at the reporting date. Non- present value of management's best estimate of the
monetary assets and liabilities that are measured at expenditure required to settle the present obligation at
fair value in a foreign currency are translated into the the end of the reporting period. The discount rate used
functional currency at the exchange rate when the fair to determine the present value is a pre-tax rate that
value was determined. Non-monetary assets and reflects the current market assessments of the time
liabilities that are measured based on historical cost in value of money and the risks specific to the liability. The
a foreign currency are translated at the exchange rate increase in the provision due to passage of time is
at the date of the transaction. Exchange differences are recognised as interest expense. Contingent liabilities
recognized in profit and loss. are disclosed in respect of possible obligations that
arise from past events, whose existence would be
1.9 Impairment of non-financial assets confirmed by the occurrence or non-occurrence of one
or more uncertain future events not wholly within the
The carrying amount of the non-financial assets are control of the Company or; present obligation that
reviewed at each balance sheet date if there is any arises from past events where it is not probable that an
indication of impairment based on internal /external outflow of resources embodying economic benefits will
factors. An impairment loss is recognised whenever the be required to settle the obligation; or the amount of
carrying amount of an asset or a cash-generating unit the obligation cannot be measured with sufficient
exceeds its recoverable amount. The recoverable reliability are disclosed as contingent liability and not
amount of the assets (or where applicable, that of the provided for.
cash-generating unit to which the asset belongs) is
estimated as the higher of its net selling price and its Contingent assets are not recognised in the financial
value in use. The impairment loss is recognised in the statements. However, it is disclosed only when an
statement of profit and loss. After impairment, inflow of economic benefits is probable.
depreciation/amortisation is provided on the revised
carrying amount of the asset over its remaining useful Provisions, contingent liabilities and contingent assets
life. are reviewed at each Balance Sheet date.
A previously recognised impairment loss is increased 1.12 Commitments

or reversed depending on changes in circumstances.
However, the carrying value after reversal is not Commitments are future contractual liabilities,
increased beyond the carrying value that would have classified and disclosed as follows:
prevailed by charging usual depreciation/amortisation
if there were no impairment. a. The estimated amount of contracts remaining to
be executed on capital account and not provided
1.10 Cash and cash equivalents for;
b. Uncalled liability on shares;
For the purpose of presentation in the statement of c. Undisbursed commitment relating to loans; and
cash flows, cash and cash equivalents include cash in d. Other non-cancellable commitments, if any, to the
hand, demand deposits with banks and financial extent they are considered material and relevant
institutions, other short-term, highly liquid in the opinion of management.
Annual Accounts
1.13 Employee benefits during the period as a result of contributions and

benefit payments. Net interest expense and other
Post-employment benefits expenses related to defined benefit plans are
recognised in profit and loss.
Defined contribution plan
When the benefits of a plan are changed or when a plan
The Company's contribution to provident fund are is curtailed, the resulting change in benefit that relates
considered as defined contribution plan and are to past service ('past service cost' or 'past service gain')
charged as an expense as they fall due based on the or the gain or loss on curtailment is recognised
amount of contribution required to be made and when immediately in profit or loss. The Company recognises
the services are rendered by the employees. gains and losses on the settlement of a defined benefit
plan when the settlement occurs.
The Company contributes 10% of the basic salary for
certain employees to National Pension Scheme (NPS), a ii. Other long-term employee benefits
defined contribution plan, which is managed and
administered by pension management companies. Compensated absences
The Company also gives an option to its employees to
receive the amount in lieu of such contribution along The employees can carry forward a portion of the
with the monthly salary during their employment. unutilised accrued compensated absences and utilise
it in future service periods or receive cash
Defined benefit plans compensation on termination of employment. Since
the compensated absences do not fall due wholly
Gratuity within twelve months after the end of such period, the
benefit is classified as a long-term employee benefit.
A defined benefit plan is a post-employment benefit
The Company records an obligation for such
plan other than a defined contribution plan. The
compensated absences in the period in which the
Company's net obligation in respect of defined benefit
employee renders the services that increase this
plans is calculated separately for each plan by
entitlement. The obligation is measured on the basis of
estimating the amount of future benefit that
independent actuarial valuation using the projected
employees have earned in the current and prior
unit credit method.
periods, discounting that amount and deducting the
fair value of any plan assets. iii. Short-term employee benefits
The calculation of defined benefit obligation is The undiscounted amount of short-term employee
performed annually by a qualified actuary using the benefits expected to be paid in exchange for the
projected unit credit method. When the calculation services rendered by employees are recognized during
results in a potential asset for the Company, the the year when the employees render the service. These
recognised asset is limited to the present value of benefits include salaries, wages, performance
economic benefits available in the form of any future incentive, short term compensated absences and
refunds from the plan or reductions in future expected cost of bonus which are expected to occur
contributions to the plan ('the asset ceiling'). In order to within twelve months after the end of the year in which
calculate the present value of economic benefits, the employee renders the related service. The cost of
consideration is given to any minimum funding such compensated absences is accounted as under:
requirements.
(a) in case of accumulated compensated absences,
Remeasurements of the net defined benefit liability, when employees render the services that
which comprise actuarial gains and losses and the increase their entitlement of future compensated
effect of the asset ceiling (if any, excluding interest), are absences; and
recognised in OCI. The Company determines the net (b) in case of non-accumulating compensated
interest expense (income) on the net defined benefit absences, when the absences occur.
liability (asset) for the period by applying the discount
rate used to measure the defined benefit obligation at 1.14 Share-based payments
the beginning of the annual period to the then-net
defined benefit liability (asset), taking into account any Estimating fair value for share-based payment
changes in the net defined benefit liability (asset) transactions requires use of an appropriate valuation
model. The Company measures the cost of equity-
Annual Accounts
settled transactions with Option holders using Black- 1.17 Borrowing Costs
Scholes Model to determine the fair value of the
options on the grant date. Inputs into the valuation Borrowing costs are interest and other costs incurred
model, includes assumption such as the expected life in connection with the borrowings of funds. Borrowing
of the share option, volatility and dividend yield. The costs primarily include interest on amounts borrowed
stock options granted to employees pursuant to the for the revenue operations of the Company. These are
Company's Stock Options Schemes, are measured at expensed to the statement of profit and loss using the
the fair value of the options at the grant date using EIR. All other Borrowing costs are recognised in the
Black Scholes Model. Details regarding the statement of profit and loss in the period in which they
determination of the fair value of equity-settled share- are incurred.
based payments transactions are set out in Note 35.
1.18 Securities premium
The fair value of the options determined at grant date is
accounted as employee compensation cost over the Securities premium is credited when shares are issued
vesting period on a straight-line basis over the period of at premium. It can be used to issue bonus shares, to
option, based on the number of grants expected to provide for premium on redemption of shares and
vest, with corresponding increase in equity. On issue expenses of securities which qualify as equity
cancellation or lapse of option granted to employees, instruments.
the compensation cost charged to statement of profit &
1.19 Goods and Services Tax Input Credit
loss is credited with corresponding decrease in equity.
Goods and Services tax input credit is recognised in the
The dilutive effect of outstanding options is reflected as
books in the period in which the supply of goods or
additional share dilution in the computation of diluted
service received is recognised and when there is no
earnings per share.
uncertainty in availing/utilising the credits.
1.15 Earnings per share
1.20 Statement of Cash flows
The Company reports basic and diluted earnings per
Cash flows are reported using the indirect method,
equity share in accordance with Ind AS 33, Earnings Per
whereby profit before tax is adjusted for the effects of
Share.
transactions of a non–cash nature and any deferrals or
Basic earnings per share are calculated by dividing the accruals of past or future cash receipts or payments.
net profit or loss (excluding other comprehensive The cash flows from regular revenue generating,
income) attributable to equity shareholders by the financing and investing activities of the Company are
weighted average number of equity shares segregated. Cash and cash equivalents (including bank
outstanding. The weighted average number of equity balances) shown in the Statement of Cash Flows
shares outstanding is adjusted for events such as exclude items which are not available for general use as
bonus issue, bonus element in a right issue, shares split on the date of Balance Sheet.
and reserve share splits (consolidation of shares) that
1.21 Segments
have changed the number of equity shares
outstanding, without a corresponding change in The Company's main business is financing by way of
resources. loans for the purchase or construction of residential
houses, commercial real estate or certain other
For the purpose of calculating diluted earnings per
purposes, in India. All other activities of the Company
share, the net profit or loss (excluding other
revolve around the main business. This in the context
comprehensive income) attributable to equity
of Ind AS 108 – Operating Segments reporting is
shareholders and the weighted average number of
considered to constitute one reportable segment.
shares outstanding are adjusted for the effects of all
dilutive potential equity shares, except where the STANDARD ISSUED BUT NOT YET EFFECTIVE
results are anti-dilutive.
No new standards as notified by Ministry of Corporate
1.16 Share issue expense Affairs ("MCA"), through Companies (Indian Accounting
Standards) Amendment Rules, 2019 and Companies
Share issue expenses are adjusted from the share
(Indian Accounting Standards) Second Amendment
premium account in terms of section 52 of the Act.
Rules are effective for the current year.
Annual Accounts
2 Cash and cash equivalents in million

As at As at
31 March 2022 31 March 2021
Cash on hand 0.37 0.36

Balances with banks in current accounts 2,569.07 1,684.00
Balances with the banks held as wallet money 0.79 0.74
Deposits with original maturity of 3 months or less 3,607.37 409.07
6,177.60 2,094.17
Note: Refer note 11 and 12(i) below
3 Bank balance other than cash and cash equivalents in million

As at As at
31 March 2022 31 March 2021
Deposits with original maturity of more than 3 months but less than 12 months* 360.89 3,777.38
Deposits with original maturity of more than 12 months* 140.00 927.13
500.89 4,704.51
*Bank deposits include deposits of ` 362.00 million (31 March 2021: ` 438.37 million) held as security against the bank
guarantee. Also, bank deposits of ` 50.00 million (31 March 2021: ` 50.00 million) is held as security against the bank
overdraft.
Note: Refer note 11 and 12(I) below

4 Loans in million
As at As at
31 March 2022 31 March 2021
Secured
Loans carried at amortised cost
Term loans (gross)* 43,515.16 33,717.98
Total gross 43,515.16 33,717.98
Less - Impairment loss allowance (Refer note 4.1 (a)) (466.50) (452.98)
Total term loans (net) 43,048.66 33,265.00
* The term loans are secured by tangible assets. Further, all the term loans are disbursed in India to parties other than
public sector.
Annual Accounts
4. Impairment allowance
4.1(a) An analysis of changes in the gross carrying amount and the corresponding ECL allowances is as follows: in million
31 March 2022 31 March 2021

Home loan
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
Gross carrying amount - opening balance 29,289.80 700.46 587.34 30,577.60 26,914.67 251.60 298.54 27,464.81
New assets originated/significant increase in credit risk 17,237.27 49.77 50.70 17,337.74 10,084.25 51.67 40.00 10,175.92
Assets derecognised or repaid (8,758.93) (155.87) (190.92) (9,105.72) (6,772.73) (88.69) (78.43) (6,939.85)
Amounts written off (Refer note 23) (15.98) (22.97) (174.60) (213.55) (6.21) (9.32) (107.75) (123.28)
Transfers from Stage 1 (858.99) 409.93 449.06 - (982.72) 638.12 344.60 -
Transfers from Stage 2 148.51 (396.30) 247.79 - 50.35 (145.42) 95.07 -
Transfers from Stage 3 28.92 4.22 (33.14) - 2.19 2.50 (4.69) -
Gross carrying amount - closing balance 37,070.60 589.24 936.23 38,596.07 29,289.80 700.46 587.34 30,577.60
in million
31 March 2022 31 March 2021
Home loan
ECL allowance - opening balance 91.83 100.41 210.05 402.29 115.71 31.89 77.33 224.93
New assets originated/significant increase in credit risk 63.40 57.09 158.11 278.60 36.59 88.57 165.96 291.12
Assets derecognised or repaid (71.40) (18.75) (34.54) (124.69) (59.52) (5.84) (4.63) (69.99)
Amounts written off (0.23) (6.69) (124.46) (131.38) (0.08) (1.43) (42.26) (43.77)
Transfers from Stage 3 7.50 1.10 (8.60) - 0.50 0.69 (1.19) -
ECL allowance - closing balance 106.87 78.97 238.98 424.82 91.83 100.41 210.05 402.29
in million
31 March 2022 31 March 2021

Loan against property
New assets originated / significant increase in credit risk 2,295.37 3.32 1.83 2,300.52 714.13 4.36 1.99 720.48
Amounts written off (Refer note 23) (0.12) (0.02) (0.88) (1.02) (1.16) - (1.76) (2.92)
Transfers from Stage 3 0.51 - (0.51) - - 0.59 (0.59) -
Annual Accounts
in million
31 March 2022 31 March 2021

Loan against property
Amounts written off (0.04) - (0.01) (0.05) (0.07) - (0.78) (0.85)
Transfers from Stage 3 0.14 - (0.14) - - 0.13 (0.13) -
in million
31 March 2022 31 March 2021

Commercial loan
Gross carrying amount - opening balance 362.24 9.68 3.19 375.11 340.46 2.71 1.43 344.60
New assets originated/ significant increase in credit risk 196.57 0.28 0.32 197.17 72.08 0.68 0.40 73.16
Amounts written off (Refer note 23) - - (0.33) (0.33) (1.12) - (1.46) (2.58)
Transfers from Stage 3 - - - - - - - -
Gross carrying amount - closing balance 478.79 10.28 10.27 499.34 362.24 9.68 3.19 375.11
in million
31 March 2022 31 March 2021
Commercial loan
Assets derecognised or repaid (0.59) (0.44) (0.17) (1.20) (1.10) - - (1.10)
Amounts written off (0.42) - (0.42) (0.84) (0.01) - (0.34) (0.35)
Annual Accounts
4.1(a) An analysis of changes in the gross carrying amount and the corresponding ECL allowances is as follows (cont…): in million
31 March 2022 31 March 2021

Construction finance
Gross carrying amount - opening balance 466.52 0.00 11.51 478.03 745.89 5.85 10.74 762.48
New assets originated/ significant increase in credit risk 0.22 - - 0.22 23.65 - 0.77 24.42
Assets derecognised or repaid (236.26) (1.95) (1.12) (239.33) (308.87) - - (308.87)
Amounts written off (Refer note 23) - - (10.38) (10.38) - - - -
Transfers from Stage 1 (51.55) 51.55 - - - - - -
Transfers from Stage 2 - - - - 5.85 (5.85) - -
Gross carrying amount - closing balance 178.93 49.60 0.01 228.54 466.52 0.00 11.51 478.03
in million
31 March 2022 31 March 2021
Construction finance
New assets originated/significant increase in credit risk - 3.99 - 3.99 0.22 - 5.61 5.83
Assets derecognised or repaid (2.22) - (7.79) (10.01) (9.46) - - (9.46)
Amounts written off - - - - - - - -
Transfers from Stage 1 (0.49) 0.49 - - - - - -
Transfers from Stage 2 - - - - 0.28 (0.28) - 0.00
4.1(b) An analysis of changes in the gross carrying amount and the corresponding ECL allowances in rela on to loan commitments is as follows: in million
31 March 2022 31 March 2021

Loan commitments
New assets originated/significant increase in credit risk 6,103.22 6.04 1.39 6,110.65 4,548.94 0.42 - 4,549.36
Assets derecognised or repaid (4,460.09) (10.75) (28.09) (4,498.93) (4,544.72) (6.55) (38.75) (4,590.02)
Transfers from Stage 3 0.89 - (0.89) - 0.46 1.11 (1.57) -
Annual Accounts
in million
31 March 2022 31 March 2021

Loan commitments
ECL allowance - opening balance 9.48 - - 9.48 9.11 - - 9.11

New assets originated/significant increase in credit risk 9.58 - - 9.58 7.65 - - 7.65
Assets derecognised or repaid (7.78) - - (7.78) (7.28) - - (7.28)
ECL allowance - closing balance 11.28 - - 11.28 9.48 - - 9.48
4.2 Impairment assessment Probability of default

The references below show where the Company’s impairment Probability of default (PD) represents the likelihood of default
assessment and measurement approach is set out in these notes. over a defined time horizon.
Definition of default Loss given default

The Company considers a financial instrument as defaulted and LGD has been calculated by taking into account the recovery
considers it as Stage 3 (credit-impaired) for expected credit loss experience across the Company's loan accounts post default.
(ECL) calculations, when the assets become equal to or more than The recoveries are tracked and discounted to the date of
90 days past due on its contractual payments. These assets default using the interest rate.
continue to be classifed as Stage 3 till the entire overdues are
received, in accordance with RBI guidelines and the ECL Policy. The Significant increase in credit risk
probability of default is an estimate of the likelihood of default The Company continuously monitors all assets subject to ECL.
over a given time horizon. A default may only happen at a certain In order to determine whether an instrument or a portfolio of
time over the assessed period, if the facility has not been instruments is subject to 12 months ECL or Lifetime ECL, the
previously derecognised and is still in the portfolio. Company assesses whether there has been a significant
increase in credit risk since initial recognition. The Company
Exposure at default considers an exposure to have significantly increased in credit
The exposure at default (EAD) represents the gross carrying risk when contractual payments are more than 30 days past
amount of the financial instruments subject to the impairment due and when the accounts have been restructured under the
calculation, addressing both the client’s ability to increase its RBI 'Resolution Framework - 2.0: Resolution of COVID-19
exposure while approaching default and potential early related stress of Individuals and Small Businesses' Guidelines.
repayments too.
When estimating ECLs on a collective basis for a group of
To calculate the EAD for a Stage 1 loan, the Company assesses the similar assets, the Company applies the same principles for
possible default events within 12 months for the calculation of the assessing whether there has been a significant increase in
12 months ECL. For Stage 2 and Stage 3 financial assets, the credit risk since initial recognition.
exposure at default is considered for events over the lifetime of
the instruments.
Annual Accounts
Grouping financial assets measured on a The Company holds collateral to mitigate credit risk
collective basis associated with financial assets. The main types of
collateral include residential and commercial
As explained above, the Company calculates ECL properties. The collateral presented relates to
on a collective basis on the following asset classes: instruments that are measured at amortised cost.
- Home loans
- Loan against property Assets possessed under Securitisation and
- Commercial loan Reconstruction of Financial Assets and Enforcement
- Construction finance of Security Interest Act, 2002
Risk assessment model Loan Portfolio includes gross loans amounting to `

The Company has designed and operates its risk 160.27 million (31 March 2021: `2.57 million) against
assessment model that factors in both which the Company has taken possession of the
quantitative as well as qualitative information on
the loans and the borrowers. The model uses properties under Securitisation and Reconstruction of
historical empirical data to arrive at factors that Financial Assets and Enforcement of Security Interest
are indicative of future credit risk and segments Act, 2002 and held such properties for disposal. The
the portfolio on the basis of combinations of value of assets possessed against these loans is `
these parameters into smaller homogenous 172.51 million (31 March 2021: ` 2.43 million). Value of
portfolios from the perspective of credit
behaviour. repossessed assets for loans written off is ` 25.06
million (31 March 2021: ` 10.14 million).
Collateral
5 Investments
Number of units in million
As at As at As at As at
31 March 2022 31 March 2021 31 March 2022 31 March 2021
At fair value through profit and loss

Unquoted: Mutual funds
Sundaram money fund - 6,474,421 - 280.95
Kotak liquid fund - 33,115 - 137.73
SBI liquid fund - 67,277 - 216.74
INVESCO India liquid fund - 46,801 - 132.26
IDFC cash fund - 52,847 - 131.38
Nippon India mutual fund - 46,997 - 236.52
Tata liquid fund - 54,397 - 176.66
UTI liquid plan - 61,801 - 208.30
Axis liquid fund - 93,377 - 213.35
HSBC liquid fund - 75,731 - 155.16
L&T liquid fund - 46,776 - 131.86
Mirae cash management fund - 157,291 - 341.55
Baroda liquid fund - 136,201 - 322.70
LIC liquid fund - 89,782 - 335.50
Aditya Birla Sunlife liquid fund - 639,195 - 211.91
HDFC liquid fund - 37,752 - 152.73
ICICI prudential liquid fund - 601,367 - 183.26
DSP liquidity fund - 61,739 - 181.59
- 8,776,867 - 3,750.15
Investment in India - 3,750.15
Investment outside India - -
- 3,750.15
Refer Note 31 B (iii) for price risk sensitivity
Annual Accounts
6 Other financial assets in million

As at As at
31 Mar 2022 31 Mar 2021
Receivables from assigned portfolio* 1,121.12 748.02
Less: provision for expected credit loss (18.74) (9.17)
Security deposits 20.73 18.90
Salary advance to employees 19.62 12.28
0.09 30.18
Other deposits
7.18 211.44
Other receivables ** 1,150.00 1,011.65
*With respect to assignment deals, Company has created an interest receivable strip, with corresponding credit to
statement of profit and loss for the year, which has been computed by discounting excess interest spread to present
value.
** Other receivables as at 31 March 2021 included ` 144.85 million (including unutilised IPO proceeds) pertaining to
expenses incurred towards securities offering which was receivable from the public offer account (escrow account) on
settlement of all the expenses incurred towards the initial public offer, which has been utilised and settled during the
year ended 31 March 2022.
7 Current tax assets (net) in million

As at As at
31 March 2022 31 March 2021
Advance tax (net of provisions)* 0.69 26.97

0.69 26.97
*Net of provision for tax ` 443.06 million (31 March 2021: ` 292.28 million)
Annual Accounts
8. Property, plant and equipment and other intangible assets in million
Property, plant and equipment Other intangible assets

Furniture Office Leasehold
Right of Total Computer Total other
and Computers improve- tangible intangible
fixtures equipment ments use assets assets software assets
Gross carrying value
As at 1 April 2020 62.68 16.89 45.94 46.56 164.05 336.12 18.24 18.24
Additions for the year ended 31 March 2021 0.76 4.88 7.28 13.35 74.57 100.84 1.08 1.08
Sale / deletion for the year ended 31 March 2021 (2.97) (1.45) (18.64) (1.36) (123.25) (147.67) - -
As at 31 March 2021 60.47 20.32 34.58 58.55 115.37 289.29 19.32 19.32
Additions for the year ended 31 March 2022 4.74 3.67 15.36 11.69 78.45 113.91 1.74 1.74
Sale / deletion for the year ended 31 March 2022 (2.43) (0.21) (4.19) - (27.64) (34.47) - -
As at 31 March 2022 62.78 23.78 45.75 70.24 166.18 368.74 21.06 21.06
Accumulated depreciation / amortisation

As at 1 April 2020 16.62 7.56 25.00 18.87 63.23 131.28 13.07 13.07
Charge for the year ended 31 March 2021 5.91 2.90 10.43 15.25 38.18 72.67 3.57 3.57
Sale / deletion for the year ended 31 March 2021 (1.19) (1.21) (15.77) (1.36) (59.14) (78.67) - -
As at 31 March 2021 21.34 9.25 19.66 32.76 42.27 125.28 16.64 16.64
Charge for the year ended 31 March 2022 5.81 3.60 9.35 14.78 39.61 73.14 2.07 2.07
Sale / deletion for the year ended 31 March 2022 (1.11) (0.18) (3.68) (24.70) (29.66) - -
As at 31 March 2022 26.04 12.67 25.33 47.54 57.18 168.76 18.71 18.71
Net carrying value

As at 31 March 2021 39.13 11.07 14.92 25.79 73.10 164.01 2.68 2.68
As at 31 March 2022 36.74 11.11 20.42 22.70 109.00 199.97 2.35 2.35
Note: There have been no acquisitions through business combinations and no change of amount due to revaluation of Property, plant
and equipment and other intangible assets during the year ended 31 March 2022 and 31 March 2021.
Annual Accounts
9 Other non-financial assets in million

As at As at
31 March 2022 31 March 2021
Prepaid expenses 60.38 59.08

Advance to creditors 18.79 10.12
Capital advances 2.28 4.24
Balance receivable from Government authorities 7.04 8.97
88.49 82.41
10 Trade payables in million

As at As at
31 March 2022 31 March 2021
Total outstanding dues of micro enterprises and small enterprises - 0.48

Total outstanding dues of creditors other than micro enterprises and small enterprises 62.05 47.99
62.05 48.47
The management has identified enterprises which qualify under the definition of micro enterprises and small
enterprises, as defined under Micro, Small and Medium Enterprises Development (MSMED) Act, 2006.
in million
As at As at
31 March 2022 31 March 2021
Principal amount remaining unpaid - 0.48

Interest due thereon
Interest paid by the Company in terms of Section 16 of MSMED Act, 2006,
along with the amount of the payment made to the suppliers and service
providers beyond the appointed day during the year - -
Interest due and payable for the period of delay in making payment (which has been
paid but beyond the appointed day during the period) but without adding the interest
specified under MSMED Act, 2006 - -
Amount of interest accrued and remaining unpaid at the end of the year - -
Further interest remaining due and payable even in the succeeding years,
until such date when the interest dues as above are actually paid to the small
enterprise for the purpose of disallowance as a deductible expenditure under
section 23 of the MSMED Act, 2006 - -
Annual Accounts
Trade Payables ageing schedule in million

Outstanding for following periods from due date of payment
Particulars Total
Less than 1 year 1 to 2 years 2 to 3 years More than 3 years
As at 31 March 2022
(i) MSME - - - - -
(ii) Others 1.07 - - - 1.07
(iii) Disputed dues - MSME - - - - -
(iv) Disputed dues - Others - - - - -
1.07 - - - 1.07
Unbilled dues 60.98
Total 62.05
As at 31 March 2021
(i) MSME 0.48 - - - 0.48
(ii) Others 3.65 - - - 3.65
(iii) Disputed dues - MSME - - - - -
(iv) Disputed dues - Others - - - - -
4.13 - - - 4.13
Unbilled dues 44.34
Total 48.47
11 Debt securities in million

As at As at
31 March 2022 31 March 2021
At amortised cost
Debentures (Secured) 1,687.82 2,395.86
1,687.82 2,395.86
Debt securities in India

1,687.82 2,395.86
Debt securities outside India
- -
1,687.82 2,395.86
Details of redeemable non convertible debentures in million

Rate of Original As at As at
Redemption date interest 31 March 2022 31 March 2021
(p.a.) Maturity Secured Secured
Series 3 23 December 2021 8.50% 1 to 5 years - 1,200.00

Series 4 21 January 2022 8.50% 1 to 5 years - 500.00
Series 1 9 June 2023 9.50% 1 to 5 years 450.00 450.00
Series 2 16 June 2023 9.50% 1 to 5 years 250.00 250.00
Series 5 29 November 2023 7.50% 1 to 5 years 990.00 -
Total debt securities 1,690.00 2,400.00
Adjustment of unamortised processing fee (EIR) (2.18) (4.14)
Total adjusted debt securities 1,687.82 2,395.86
The Company has issued 1,690 debentures (31 March 2021: 2,400 debentures) at a face value of `1.00 million which
are listed on wholesale debt segment of BSE; and secured against the first pari-passu charge (along with banks,
financial institutions and other lenders which provide credit facilities to the Issuer) by way of hypothecation on
Company’s present and future receivables and book debts, cash and cash equivalents and liquid investments, as may
be identified by the Company.
Annual Accounts
12 Borrowings (other than debt securities) in million

As at As at
31 March 2022 31 March 2021
Secured
At amortised cost
Term loans
- from banks 20,223.92 16,746.37
- from National Housing Bank (NHB) 11,942.85 10,966.87
- from other parties 788.26 427.77
Loans repayable on demand - from banks 24.82 0.02
32,979.85 28,141.03
Borrowings in India 32,979.85 28,141.03
Borrowings outside India - -
32,979.85 28,141.03
Terms of repayment of term loans in million

As at As at
Rate of interest (p.a.) Maturity 31 March 2022 31 March 2021
Secured Secured
2%-3% 2,113.16 -
3%-4% 2,639.10 2,639.10
4%-5% 1,060.82 1,275.04
5%-6% 1-5 years - 2,425.41
6%-7% 3,929.08 1,681.18
7%-8% 13,300.61 9,398.57
8%-9% 6,790.22 7,079.65
9%-10% - 488.89
2%-3% 886.83 -
3%-4% 280.82 1,064.60
4%-5% 5-7 years 25.17 150.25
5%-6% - 719.28
6%-7% - 52.11
7%-8% 1,702.10 289.11
8%-9% - 385.09
5%-6% - 441.60
6%-7% 7-10 years 282.43 -
8%-9% - 102.00
Total borrowings (excluding loans repayable on demand) 33,010.34 28,191.88
Adjustment of unamortised processing fee (EIR) (55.31) (50.87)
Total adjusted borrowings (excluding loans repayable on demand) 32,955.03 28,141.01
Annual Accounts
13 Other financial liabilities in million

As at As at
31 March 2022 31 March 2021
Interest accrued but not due on borrowings 62.58 66.62

Interest accrued but not due on debt securities 77.74 160.80
Lease liability (Refer note 37) 118.08 82.20
Amounts payable under assignment of receivables
(collections made on behalf of assignee) 210.54 136.40
Payable to NHB against credit linked subsidy scheme (CLSS) 8.43 0.93
Employee benefits payable 64.72 57.91
Other financial liabilities 27.01 29.92
569.10 534.78
14 Provisions in million
As at As at
31 March 2022 31 March 2021
Provision for employee benefits - gratuity (Refer note 34.2) 29.71 20.51
Provision for employee benefits - compensated absences (Refer note 34 C) 4.37 2.37
Provision for expected credit loss on undisbursed loan commitment (Refer note 4.1(b)) 11.28 9.48
45.36 32.36
15 Other non-financial liabilities in million

As at As at
31 March 2022 31 March 2021
Deferred income 48.52 52.02

Statutory remittances 21.71 12.02
70.23 64.04
16 Share capital
Details of authorised, issued, subscribed and paid-up share capital
As at 31 March 2022 As at 31 March 2021
No. of shares Amount (ìn million) No. of shares Amount ( ìn million)
Authorised share capital
Equity shares of ` 2 each* 125,000,000 250.00 125,000,000 250.00
125,000,000 250.00 125,000,000 250.00
Issued, subscribed and paid-up
Equity shares of ` 2 each 87,633,703 175.27 87,399,727 174.80
87,633,703 175.27 87,399,727 174.80
. The reconciliation of the number of shares outstanding and the amount of share capital as at 31 March 2022
and 31 March 2021 is set out below:
As at 31 Mar 2022 As at 31 Mar 2021
Equity shares Amount Amount
No. of shares
No. of shares (` in million) (` in million)
Shares outstanding at the beginning of the year 87,399,727 174.80 78,297,715 156.60
Add: Shares issued during the year
(Refer note vii and viii below) 233,976 0.47 9,102,012 18.20
Shares outstanding at the end of the year 87,633,703 175.27 87,399,727 174.80
Annual Accounts
ii. Shareholders holding more than 5% of the shares in the Company

Equity shares No. of shares % of Holding No. of shares % of Holding
Orange clove investments B.V. 25,191,802 28.75% 25,191,802 28.82%

True North Fund V LLP
(Formerly known as India Value Fund V LLP) 17,705,532 20.20% 17,705,532 20.26%
Aether (Mauritius) Limited 11,742,592 13.40% 11,742,592 13.44%
Bessemer India Capital Holdings II Limited 6,811,313 7.77% 6,811,313 7.79%
iii. Terms, rights, preferences and restrictions remaining assets of the Company.
attached to shares
iv. Issue of bonus shares or buyback of shares
Equity shares: The Company has not issued / allotted any shares
pursuant to contracts without payment being
The Company has only one class of equity share received in cash, nor issued any bonus shares nor
having face value of ` 2 per share. Each holder of there has been any buyback of shares during five
equity share is entitled to one vote per share. The years immediately preceding 31 March 2022.
dividend proposed, if any, by the board of directors
is subject to the approval of shareholders in the v. For details of shares reserved for issue under the
ensuing general meeting. In the event of employee stock option plan (ESOP) of the
liquidation of the Company, the holder of equity Company and shares exercised under ESOP, refer
shares will be entitled to receive any of the note 35.
vi. Shareholding of Promoters in the Company

Equity shares % of total % of total % change
No. of shares shares No. of shares shares during the year
True North Fund V LLP (Formerly

known as India Value Fund V LLP) 17,705,532 20.20% 17,705,532 20.26% 0.00%
Aether (Mauritius) Limited 11,742,592 13.40% 11,742,592 13.44% 0.00%
vii. The Company has done a private placement

/preferential allotment of 2,240,639 equity shares viii. Initial public Offer
to Orange Clove Investments B.V (Orange Clove) The Company has completed its Initial Public
(an affiliate of Warburg Pincus) on 15 October Offer (IPO) of 22,272,556 equity shares of face
2020, for a consideration of ` 334.726 per share value of ` 2 each at an issue price of ` 518.00 per
(i.e. having face value of ` 2 and premium of ` share, consisting of fresh issue of 5,115,830
332.726) aggregating to approximately ` 750.00 equity shares and an offer for sale of 17,156,726
million. Pursuant to the Share Subscription and equity shares by the selling shareholder. The
Purchase Agreement (SSPA), Orange Clove equity shares of the Company were listed on BSE
purchased 18,810,719 equity shares from the limited ("BSE") and National Stock Exchange of
existing shareholders in the month of October India Limited ("NSE") on 03 February 2021.
2020 and further, on receipt of RBI approval,
Out of the fresh issue of ` 2,650.00 million, the net
additionally purchased 4,140,444 equity shares
proceeds of `2,540.38 million (post estimated
from the existing shareholders in the month of
offer expenses amounting to ` 97.18 million) had
January 2021. As at 31 March 2022, Orange Clove
been utilised towards augmenting the capital
holds 28.75% (31 March 2021: 28.82%) of the paid
up equity share capital of the Company.
Annual Accounts
base to meet the capital requirements during the During the year ended 31 March 2022, the net
year ended 31 March 2021 and a balance of ` proceeds of `14.42 million (post actual offer
12.44 million remained unutilised, which was expenses amounting to ` 95.20 million out of the
maintained in IPO-Public Offer Account (escrow total IPO proceeds) has been utilised towards
account) as at 31 March 2021. augmenting the capital base to meet the capital
requirements.
17. Other equity in million

As at As at
Notes 31 March 2022 31 March 2021
Share application money pending allotment* - - 0.11
Statutory reserve 17.2 916.94 541.94
Securities premium 17.3 11,003.57 10,971.67
Stock option outstanding account 17.4 137.54 96.16
Retained earnings 17.5 3,512.58 2,026.60
Other Comprehensive income 17.6 (9.05) (5.85)
15,561.58 13,630.63
* Share application money pending allotment as of 31 March 2021 represents amount received in March 2021 on
account of exercise of ESOP options.
in million
As at As at
17.1 Particulars 31 March 2022 31 March 2021
Statutory reserve
Opening balance 541.94 341.54
Add: Current year transfer 375.00 200.40
916.94 541.94
Securities premium
Opening balance 10,971.67 7,539.75
Add: Premium on issue of share capital* 27.65 3,529.10
Add: Transferred from employee stock option reserve pursuant to stock options exercised 5.36 8.92
Less: Share issue expenses adjusted in accordance with Section 52 of Companies Act, 2013* (1.11) (106.10)
11,003.57 10,971.67
Stock options outstanding account
Opening balance 96.16 74.37
Add: Charge for the year 46.74 31.72
Less: Transferred to securities premium pursuant to stock options exercised (5.36) (8.92)
Less: Transferred to retained earnings pursuant to stock options lapsed - (1.01)
Retained earnings 137.54 96.16
Opening balance 2,026.60 1,224.57
Add: Profit for the year 1,860.58 1,001.42
Less: Transfer to statutory reserve (375.00) (200.40)
Add: Transferred from stock option outstanding account pursuant to stock options lapsed - 1.01
3,512.58 2,026.60
Other Comprehensive Income
Remeasurements of defined benefit plans
Opening balance (5.85) (2.57)
Add: Other Comprehensive income for the year (3.20) (3.28)
(9.05) (5.85)
15,561.58 13,630.52
Annual Accounts
* During the year ended 31 March 2021, addition in securities premium includes the premium received from IPO of `
2,639.77 million reduced by the Company’s share of IPO related expenses of ` 90.07 million (net of GST of ` 7.11
million).
17.2 Statutory reserve shares or debentures, share issue related

As per Section 29C of National Housing Bank Act expenses like underwriting costs etc. in
(NHB), 1987, the Company is required to transfer accordance with Section 52 of the Companies Act
at least 20% of its net profits every year to a 2013.
reserve before any dividend is declared. For this
purpose, any Special Reserve created by the 17.4 Stock options outstanding account
Company under Section 36(1)(viii) of the Income The stock option outstanding account is used to
Tax Act, 1961 is considered to be an eligible recognise grant date fair value of options issued
transfer. Thus, during the year ended 31 March to employees under the Company's stock option
2022 and 31 March 2021, the Company has schemes.
transferred to Statutory Reserve, an amount
17.5 Retained earnings
arrived in accordance with Section 29C of the NHB
Retained earnings represents the amount of
Act, 1987.
accumulated earnings of the Company.
17.3 Securities premium
17.6 Other Comprehensive Income
Securities premium is credited when shares are
Remeasurement of the net defined benefit
issued at premium. It can be used to issue bonus
liabilities comprise actuarial gain/ loss.
shares, to provide for premium on redemption of
18. Interest income in million

31 March 2022 31 March 2021
On financial assets measured at amortised cost
Interest on term loans 4,770.44 4,061.31
Interest on bank deposits 127.78 124.47
Other interest income* 218.73 115.40
5,116.95 4,301.18
* This includes interest income on unwinding of interest strip receivable and gain on modification of financial asset.
19. Net gain on fair value changes in million

31 March 2022 31 March 2021
Total net gain on fair value changes on financial instruments measured at fair
value through profit and loss
- On trading portfolio - investment in units of mutual funds 136.72 120.00
136.72 120.00
Total net gain on fair value changes on financial instruments measured at fair
value through profit and loss
Fair value changes:
-Realised 136.72 112.67
-Unrealised - MTM gain - 7.33
Total net gain on fair value changes 136.72 120.00
*Fair value changes in this schedule are other than those arising on account of accrued interest income/expense.
Annual Accounts
20. Other operating income in million

31 March 2022 31 March 2021
Other charges 11.51 13.91
11.51 13.91
21. Other income in million

31 March 2022 31 March 2021
Other non-operating income 0.31 0.43
0.31 0.43
22. Finance costs in million

31 March 2022 31 March 2021
On financial liabilities measured at amortised cost
Interest on borrowings 1,945.25 2,003.07
Interest on debt securities 202.90 162.77
Interest on lease liability (Refer note 37) 8.52 8.15
2,156.67 2,173.99
23. Impairment on financial instruments in million

31 March 2022 31 March 2021
On financial assets measured at amortised cost
Impairment loss allowance on loans 15.36 185.90
Write-offs on loans 225.28 128.78
Impairment loss allowance on other receivables 9.58 6.85
250.22 321.53
24. Employee benefits expense in million

31 March 2022 31 March 2021
Salaries, wages and bonus 705.46 583.14
Contribution to provident and other funds (refer note 34 B) 27.54 22.10
Gratuity expenses (Refer note 34.4) 5.87 3.64
Compensated absences expenses (Refer note 34 C) 2.00 1.03
Expenses on employee stock options scheme 46.74 31.72
Staff welfare expenses 20.09 19.63
807.70 661.26
Annual Accounts
25. Other expenses in million

31 March 2022 31 March 2021
Power and fuel 4.45 3.41
Rent (Refer note 37) 8.13 3.57
Repairs and maintenance 2.32 1.66
Telephone and communication expense 2.59 2.88
Office administrative expenses 8.50 7.13
Marketing and sales promotion expense 7.58 7.61
Auditor’s remuneration (excluding GST)*
- Statutory audit fees 1.16 2.58
- Limited review fees 1.21 0.52
- Tax audit fees 0.24 0.20
- Other services (certifications, etc.) 0.93 1.20
Legal and professional charges (Refer note 28.2) 96.81 68.66
Director's fees, allowances and expenses 7.95 5.35
Travelling expense 40.04 27.47
Software license fees 61.25 50.77
Technology fees (Refer note 28.2) 38.73 25.41
Rates and taxes 38.78 34.28
Corporate social responsibility (Refer note 38) 20.49 13.70
Bank charges and others 33.44 31.92
Miscellaneous expenses 29.66 29.84
404.26 318.16
*Audit fees for the current year includes reversal of provision of earlier years amounting to `1.19 million. During the
year ended 31 March 2021, the Company had paid an amount of ` 4.08 million to the auditors in relation to IPO
assignment.
26. Tax expense in million

31 March 2022 31 March 2021
Current tax expense

Tax expense for the year 443.07 292.28
Adjustments in respect of current income tax of previous year 3.76 (2.80)
446.83 289.48
Deferred taxes (net)
Change in deferred tax assets (43.52) (50.17)
Change in deferred tax liabilities 118.79 99.70
Net deferred tax expense 75.27 49.53
Tax pertaining to earlier years

Reversal of Deferred tax liability relating to past years (Refer Note 26.3) (136.39) -
Others 16.26 -
(120.13) -
Total income tax expense 401.97 339.01
Annual Accounts
26.1 Tax reconciliation
The tax charge shown in the statement of profit and loss differs from the tax charge that would apply if all profits had
been charged at India corporate tax rate. A reconciliation between the tax expense and the accounting profit
multiplied by India's domestic tax rate for the years ended 31 March 2022 and 2021 is as follows:
in million
31 March 2022 31 March 2021
Profit before income tax expense 2,262.95 1,340.43
Income tax rate (Refer para 1.6 - Taxes on income in accounting policy) 25.17% 25.17%
Tax at statutory income tax rate 569.54 337.36
Tax effect of amounts which are not deductible / not taxable in
calculating taxable income
Items disallowed (net) 88.24 11.91
Provision for special reserve [Sec 36 (1) (viii) and Sec 36 (1) (viia)
of Income tax Act, 1961] (Refer Note 26.3) (125.78) (30.92)
Reversal of Deferred tax liability relating to past years (Refer Note 26.3) (136.39) -
Others 16.26 -
Employee stock option plan (ESOP) expense - (7.98)
Impact on account of financial assets and other items (14.73) 30.34
Tax on other comprehensive income 1.07 1.10
Adjustments in respect of current income tax of previous year 3.76 (2.80)
Income tax expense 401.97 339.01
26.2 Deferred tax movement related to the following: in million

Recognised in
As at Recognised As at
Deferred tax assets / (liability) (net) 31 March 2022
statement of
31 March 2021
profit and loss in OCI
Deferred tax asset on account of:
Provision for employee benefits 8.58 (1.75) (1.07) 5.76
Expected credit loss 124.97 (6.27) - 118.70
Unamortised processing fee 150.45 (27.62) - 122.83
Lease liability 30.46 (9.23) - 21.23
Employee stock option plan (ESOP) 6.59 1.35 - 7.94
321.05 (43.52) (1.07) 276.46
Deferred tax liability on account of:

Difference between tax depreciation and
depreciation charged for the financial reporting 16.71 6.09 - 10.62
Special reserve u/s Sec 36 (1) (viii) (Refer Note 26.3) - (136.39) - 136.39
Unamortised borrowing cost 15.46 (1.79) - 17.25
Interest income on non performing assets 11.98 4.90 - 7.08
Fair valuation of investment in mutual funds - (1.83) - 1.83
Deduction claimed for provision for bad
debts u/s 36(1)(viia) 23.32 15.02 - 8.30
Gain on direct assignment of loans 270.97 96.40 - 174.57
338.44 (17.60) - 356.04
Deferred tax asset/ (liability)
(net) and charge/ (credit) for the year (17.39) (61.12) (1.07) (79.58)
Annual Accounts
in million
Recognised in
As at
statement of
Recognised As at
Deferred tax assets / (liability) (net) 31 March 2021 31 March 2020
profit and loss in OCI
Deferred tax asset on account of:
Provision for employee benefits 5.76 (1.02) (1.10) 3.64
Expected credit loss 118.70 (48.51) - 70.19
Unamortised processing fee 122.83 (10.00) - 112.83
Lease liability 21.23 6.86 - 28.09
Employee stock option plan (ESOP) 7.94 2.50 - 10.44
276.46 (50.17) (1.10) 225.19
Deferred tax liability on account of:

Difference between tax depreciation and
depreciation charged for the financial reporting 10.62 (11.91) - 22.53
Special reserve u/s Sec 36 (1) (viii) 136.39 50.43 - 85.96
Unamortised borrowing cost 17.25 3.51 - 13.74
Interest income on non performing assets 7.08 (0.41) - 7.49
Fair valuation of investment in mutual funds 1.83 1.68 - 0.15
Deduction claimed for provision for bad
debts u/s 36(1)(viia) 8.30 1.14 - 7.16
Gain on direct assignment of loans 174.57 55.26 - 119.31
356.04 99.70 - 256.34
Deferred tax asset/ (liability)
(net) and charge/ (credit) for the year (79.58) 49.53 (1.10) (31.15)
26.3 The amount represents reversal of deferred tax liability created on special reserve u/s 36(1)(viii) of Income-tax
Act, 1961 relating to past years. Ind AS does not require the creation of deferred tax liability on the amount
transferred to Special Reserve. Accordingly, DTL created on special reserves as at 31 March 2021 is reversed.
Annual Accounts
27 Earnings per share (EPS)

As at As at
31 March 2022 31 March 2021
Net profit after tax attributable to equity holders (` in million) 1,860.98 1,001.42
Weighted average number of equity shares for calculating basic EPS (Face value ` 2) 87,524,788 80,981,744
Effect of Dilutive Potential Equity shares - Employee Stock Options 1,724,070 1,257,705
Weighted average number of equity shares for calculating diluted EPS (Face value ` 2) 89,248,858 82,239,449
Earnings per share

Basic earning per share (`) 21.26 12.37
Diluted earning per share (`) 20.85 12.18
Face value per share (`) 2.00 2.00
28 Related party disclosures

Related party disclosures as required under Indian Accounting standard 24, " Related party disclosure" are given below.
28.1 List of related parties

Nature of relationship Name of related party
Entity having significant influence True North Fund V LLP

Entity having significant influence True North Managers LLP
Entity having significant influence True North Enterprise Private Limited
Entity having significant influence Aether (Mauritius) Limited
Entity having significant influence Orange Clove Investments B.V. (w.e.f. 15 October 2020)
Key Management Personnel (KMP) Mr. Manoj Viswanathan - Managing Director and Chief Executive Officer
Key Management Personnel (KMP) Mr. Sakti Prasad Ghosh - Independent Director (up to 31 October 2021)
Key Management Personnel (KMP) Ms. Sujatha Venkatramanan - Independent Director (up to 31 October 2021)
Key Management Personnel (KMP) Mr. Deepak Satwalekar - Independent Director
Key Management Personnel (KMP) Mr. Rajagopalan Santhanam - Nominee Director (up to 31 January 2022)
Key Management Personnel (KMP) Mr. Divya Sehgal - Nominee Director
Key Management Personnel (KMP) Mr. Maninder Singh Juneja - Nominee Director
Key Management Personnel (KMP) Mr. Vishal Vijay Gupta - Nominee Director
Key Management Personnel (KMP) Mr. Narendra Ostawal - Nominee Director (w.e.f. 15 October 2020)
Key Management Personnel (KMP) Mr. Anuj Srivastava - Independent Director (w.e.f. 01 November 2021)
Key Management Personnel (KMP) Ms. Geeta Dutta Goel - Independent Director (w.e.f. 01 November 2021)
Key Management Personnel (KMP) Ms. Sucharita Mukherjee - Independent Director (w.e.f. 01 February 2022)
Entity under common control Actify Data Labs Private Limited (up to 22 December 2021)
Annual Accounts
28.2 Transac ons during the year with related par es : in million
Year Ended Year Ended
Transactions with Nature of transactions
31 March 2022 31 March 2021
Mr. Manoj Viswanathan Remuneration 18.84 14.59

Mr. Manoj Viswanathan Exercise of ESOP - 42.64
True North Managers LLP Reimbursement of expenses - 5.38
True North Enterprise Private Limited Deputing Charges 6.31 5.09
Mr. Sakti Prasad Ghosh Sitting fees paid 1.10 1.80
Ms. Sujatha Venkatramanan Sitting fees paid 1.00 1.60
Mr. Deepak Satwalekar Sitting fees paid 0.60 1.00
Mr. Anuj Srivastava Sitting fees paid 0.60 -
Ms. Sucharita Mukherjee Sitting fees paid 0.40 -
Mr. Deepak Satwalekar Directors' commission 2.20 -
Mr. Anuj Srivastava Directors' commission 0.60 -
Ms. Sucharita Mukherjee Directors' commission 0.45 -
Mr. Sakti Prasad Ghosh Directors' commission 0.50 0.25
Ms. Sujatha Venkatramanan Directors' commission 0.50 0.70
Mr. Manoj Viswanathan Equity infusion - - 10.04
True North Fund V LLP Reimbursement of expenses received 21.13 69.50
Aether (Mauritius) Limited Reimbursement of expenses received 14.13 46.33
Mr. Manoj Viswanathan Reimbursement of expenses received 0.57 5.01
Orange Clove Investments B.V. Reimbursement of expenses received - 0.37
Actify Data Labs Private Limited Technology fees 1.70 5.21
Notes: provision for compensated absences and ESOP

1. The transactions disclosed above are excluding GST. expenses are not included in the aforementioned
2. The KMPs are covered under the Company’s gratuity disclosures as it cannot be separately ascertained.
policy, compensated absences provision and ESOP
scheme along with other eligible employees of the
Company. Proportionate amount of gratuity expenses,
28.3 Amount due to related par es:

in million
As at As at
Particulars Nature
31 March 2022 31 March 2021
Ms. Sujatha Venkatramanan Payable 0.50 1.20
Mr. Deepak Satwalekar Payable 2.20 1.00
Mr. Sakti Prasad Ghosh Payable 0.50 1.10
Mr. Anuj Srivastava Payable 1.14 -
Ms. Sucharita Mukherjee Payable 0.54 -
Actify Data Labs Pvt Ltd. Payable - 0.19
True North Enterprise Private Limited Payable 0.72 4.34
Annual Accounts
29 Capital management The capital structure is monitored on the basis of

The Company’s capital management strategy is to net debt to equity and maturity profile of overall
effectively determine, raise and deploy capital to debt portfolio. The Company's policy is in line with
cover risk inherent in business and meeting the Master Direction – Non-Banking Financial
capital adequacy requirements of the Reserve Company – Housing Finance Company (Reserve
Bank of India (RBI). The same is done through a Bank) Directions, 2021 which currently permits
mix of either equity and / or combination of short HFCs to borrow up to 12 times of their net owned
term / long term debt as may be appropriate. The funds ("NOF"). Refer Note 49 for Capital to risk-
Company determines the amount of capital weighted assets ratio (CRAR).
required on the basis of operations and capital
expenditure. The adequacy of the Company's The Company has complied in full with all its
capital is monitored using, among other externally imposed capital requirements over the
measures, the regulations issued by the RBI. reported periods.
As at As at
Particulars
31 March 2022 31 March 2021
Net total debt including interest accrued and not due thereon
(net of cash and cash equivalents) (₹ in million) 28,630.39 28,670.14
Total equity (₹ in million) 15,736.85 13,805.43
Net debt to equity ratio 1.82 2.08
Loan covenants bank to immediately call loans and borrowings.

In order to achieve the overall objective, the Company’s There have been no breaches in the financial
capital management, amongst other things, aims to covenants of any borrowing in the reporting year.
ensure that it meets the financial covenants attached
to the interest-bearing loans and borrowings that Loan covenants mainly include minimum CRAR of
define capital structure requirements. Breach in 12%, the ratio of total outstanding liability to total
meeting these financial covenants would permit the net worth to be less than or equal to 12 times etc.
30 Fair value measurement

30.1 Financial instruments by category in million
As at As at
Particulars Category 31 March 2022 31 March 2021
Financial assets:
Cash and cash equivalents Amortised Cost 6,177.60 2,094.17
Bank balance other than cash and cash equivalents Amortised Cost 500.89 4,704.51
Loans Amortised Cost 43,515.16 33,717.98
Less : Impairment loss allowance (466.50) (452.98)
Investments FVTPL - 3,750.15
Other financial assets Amortised Cost 1,150.00 1,011.65
Total financial assets 50,877.15 44,825.48
Financial liabilities:
Trade payables Amortised Cost 62.05 48.47
Debt securities Amortised Cost 1,687.82 2,395.86
Borrowings (other than debt securities) Amortised Cost 32,979.85 28,141.03
Other financial liabilities* Amortised Cost 451.02 452.58
Total financial liabilities 35,180.74 31,037.94
Annual Accounts
* Other financial liabilities exclude liability pertaining to instruments measured using quoted prices. For
lease liability covered under Indian accounting example, listed equity instruments that have
standard - 116 (31 March 2022: ` 118.08 million; 31 quoted market price.
March 2021: ` 82.20 million).
Level 2: The fair value of financial instruments
30.2 Fair value hierarchy that are not traded in an active market (for
The fair values of the financial assets and example, traded bonds, over-the-counter
liabilities are included at the amount that would derivatives) is determined using valuation
be received to sell an asset or paid to transfer a techniques which maximise the use of
liability in an orderly transaction between market observable market data and rely as little as
participants at the measurement date. possible on entity-specific estimates. If all
significant inputs required to fair value an
This section explains the judgements and
instrument are observable, the instrument is
estimates made in determining the fair values of
included in level 2.
the financial instruments that are (a) recognised
and measured at fair value and (b) measured at Open-ended mutual funds are valued at Net
amortised cost and for which fair values are Asset Value (NAV) declared by respective fund
disclosed in the financial statements. To provide house and are classified under Level 2.
an indication about the reliability of the inputs
used in determining fair value, the Company has Level 3: If one or more of the significant inputs is
classified its financial instruments into the three not based on observable market data, the
levels prescribed under the Indian Accounting instrument is included in level 3. This is the case
standard. for unlisted equity securities, contingent
consideration and indemnification asset
Level 1: Level 1 hierarchy includes financial included in level 3.
30.3 Financial assets and liabilities measured at fair value through profit or loss at each reporting date in million
Level 2
As at As at
Particulars
31 March 2022 31 March 2021
Financial assets measured at FVTPL

Investments - 3,750.15
30.4 Financial assets and liabilities measured at 30.5 Valuation techniques

amortised cost at each reporting date
The fair value of the financial assets and liabilities
The carrying value of loans given, interest is the amount at which the instrument could be
strip receivable, bank deposits and exchanged in a current transaction between
borrowings represents its fair value. willing parties, other than in a forced or
Further, the carrying value of cash and cash liquidation sale. The following methods and
equivalents, other financial assets, trade assumptions were used to estimate the fair
payables and other payables and other values:
financial liabilities are considered to be
approximately equal to the fair value due to Loans - The fair value of floating rate loans are
their short term maturities. deemed to be equivalent to the carrying value.
The above mentioned financial assets and Borrowings (including debt securities) - The fair
liabilities are classified under level 2 of the value of debt securities is determined by
fair valuation hierarchy. discounting expected future contractual cash
flows using current market interest rates
Annual Accounts
charged for similar new loans and the carrying and its subcommittees including the Audit
value approximates the fair value. The fair value Committee, the Asset Liability Management
of floating rate borrowings are deemed to be Committee and the Risk Management
equivalent to the carrying value. Committee. The Company gives due importance
to prudent lending practices and have
During the years mentioned above, there have implemented suitable measures for risk
been no transfers amongst the levels of mitigation, which include verification of credit
hierarchy. history from credit information bureaus,
31 Financial risk management personal verification of a customer’s business
and residence, valuation of collateral, technical
The Company is exposed to certain financial risks and legal verifications, conservative loan to
namely credit risk, liquidity risk and market risk value, and required term cover for insurance.
i.e. interest risk, foreign currency risk and price
risk. The Company’s primary focus is to achieve A Liquidity risk
better predictability of financial markets and Liquidity risk is defined as the risk that the
minimise potential adverse effects on its Company will not be able to settle or meet its
financial performance by effectively managing obligations on time or at a reasonable price. For
the risks on its financial assets and liabilities. the Company, liquidity risk arises from
T he principal objective in Company's risk obligations on account of financial liabilities -
management processes is to measure and borrowing, trade payables and other financial
monitor the various risks associated with the liabilities. The Company manages liquidity risk
Company and to follow policies and procedures by maintaining adequate cash reserves by
to address such risks. The Company's risk continuously monitoring forecast and actual
management framework is driven by its Board cash flows, and by matching the maturity
profiles of financial assets and liabilities.
The tables below summarises the maturity profile of the undiscounted cash flows of the Company's
financial liabilities (Refer Note 64):
As at 31 March 2022 in million

Within 1-5 5 - 10 Beyond
Total
1 year years years 10 years
Trade payables 62.05 - - - 62.05
Debt securities (Refer note ( ) below) 988.72 699.10 - - 1,687.82
Borrowings (other than debt securities) (Refer note ( ) below) 7,878.29 21,926.93 3,174.63 - 32,979.85
Other financial liabilities (Refer note (ii) below) 451.02 - - - 451.02
Total 9,380.08 22,626.03 3,174.63 - 35,180.74

Within 1-5 5 - 10 Beyond
Total
1 year years years 10 years
Trade payables 48.47 - - - 48.47
Debt securities (Refer note ( ) below) 1,698.92 696.94 - - 2,395.86
Borrowings (other than debt securities) (Refer note ( ) below) 6,491.30 18,447.41 3,202.32 - 28,141.03
Other financial liabilities (Refer note (ii) below) 452.58 - - - 452.58
Total 8,691.28 19,144.35 3,202.32 - 31,037.94
Annual Accounts
Notes: (i) Debt securities and borrowings (other 31 March 2022 and 31 March 2021.
than debt securities) do not carry adjustment of
unamortised processing fee (EIR). (ii) Other (ii) Interest rate risk
financial liabilities exclude liability pertaining to The Company is subject to interest rate risk,
lease liability covered under Indian accounting since the rates of loans and borrowings might
standard - 116 (31 March 2022: `118.08 million; fluctuate over the tenure of instrument. Interest
31 March 2021: ` 82.20 million). (iii) A m o u n t s rates are highly sensitive to many factors beyond
repayable on demand are included in 'within 1 control, including the monetary policies of the
year'. Reserve Bank of India, deregulation of the
B Market risk financial sector in India, domestic and
international economic and political conditions,
( ) Foreign currency risk inflation and other factors. In order to manage
interest rate risk, the Company seeks to optimise
Foreign currency risk is the risk that the fair value borrowing profile between short-term and long-
or future cash flows of an exposure will fluctuate term loans. The liabilities are categorised into
because of changes in foreign currency rates. various time buckets based on their maturities
The Company’s exposure to the risk of changes and Asset Liability Management Committee
in foreign exchange rates relates primary to supervise an interest rate sensitivity report
certain vendors in trade payables. periodically for assessment of interest rate risks.
There were no foreign currency exposure as at
Exposure to loans and borrowings in million
As at As at
Particulars
31 March 2022 31 March 2021
Loans (variable) 43,515.16 33,717.98
Borrowings and debt securities

Borrowings (variable) 25,747.71 22,328.42
Borrowings and debt securities (fixed rate) 8,919.96 8,208.47
Total borrowings and debt securities 34,667.67 30,536.89
Sensitivity analysis
The following table demonstrates the sensitivity to a reasonably possible change in interest rates (all other variables
being constant) of the Company's statement of profit and loss: in million
Impact on profit before tax
Interest rate Year ended Year ended
31 March 2022 31 March 2021
Loans
Increase by 50 basis points 217.58 168.59
Decrease by 50 basis points (217.58) (168.59)
Borrowings and debt securities
Increase by 50 basis points (128.74) (111.64)
Decrease by 50 basis points 128.74 111.64
(iii) Price risk
The Company is exposed to price risk from its investment in mutual funds measured at fair value through
statement of profit and loss
Annual Accounts
in million
Impact on profit before tax
Sensitivity Year ended Year ended
31 March 2022 31 March 2021
Increase by 50 basis points - 18.75
Decrease by 50 basis points - (18.75)
32 Credit risk management customer verification, we have established a

process by which separate set of verifications
Credit quality of assets are conducted by a customer relationship
Credit risk is the risk that the Company will incur manager and customer service officer to ensure
a loss because the counterparty might fail to the quality of customers acquired as well as
discharge their contractual obligations. The eliminate misuse of borrowing practices.
Company has a comprehensive framework for Portfolio quality, credit limits, collateral quality
monitoring credit quality of its retail and other and credit exposure limits are regularly
loans primarily based on number of days past monitored at various levels.
due.
The Company considers a financial instrument
The Company manage credit risks by using a set as defaulted and considers it as Stage 3 (credit-
of credit procedures and guidelines, laid down in impaired) for expected credit loss (ECL)
our credit risk policy, to ensure effective credit calculations, when the assets become equal to
risk management and health of our portfolio. or more than 90 days past due on its contractual
The adherence to the policy and various process payments. These assets continue to be classifed
is monitored and appraised in credit committee as Stage 3 till the entire overdues are received, in
meetings on a quarterly basis. The policy is accordance with RBI guidelines and the Board
amended periodically to ensure compliance with approved ECL Policy. Refer Note 42 and 43.
the guidelines of the RBI as well as other
regulatory bodies.
The following table sets out information about
We have implemented a structured credit credit quality of loans and investments
approval process, including multi-step customer measured at amortised cost based on days past
verification and comprehensive credit risk due information. The amount represents gross
assessment, which encompasses analysis of carrying amount. (Refer note 4 - Loans for
relevant quantitative and qualitative detailed disclosure on gross carrying value and
information to ascertain the credit worthiness of ECL amount on loans).
a potential customer. As part of our multi-step
in million
As at 31 March 2022
Loans
Stage 1 Stage 2 Stage 3 Total
Home loan 37,070.60 589.24 936.23 38,596.07
Loan against property 4,061.57 60.92 68.72 4,191.21
Commercial loan 478.79 10.28 10.27 499.34
Construction finance 178.93 49.60 0.01 228.54
Total 41,789.89 710.04 1,015.23 43,515.16
Annual Accounts
in million
As at 31 March 2021
Loans
Home loan 29,289.80 700.46 587.34 30,577.60
Loan against property 2,204.42 63.20 19.62 2,287.24
Commercial loan 362.24 9.68 3.19 375.11
Construction finance 466.52 0.00 11.51 478.03
Total 32,322.98 773.34 621.66 33,717.98
in million
As at 31 March 2022
Loan commitments
Home loan 6,674.26 15.98 33.48 6,723.72
Loan against property 559.94 0.31 0.10 560.35
Commercial loan 51.17 0.80 - 51.97
Construction finance 55.88 59.76 - 115.64
Total 7,341.25 76.85 33.58 7,451.68
in million
As at 31 March 2021
Loan commitments
Home loan 5,391.01 21.21 23.44 5,435.66
Loan against property 213.11 0.41 - 213.52
Commercial loan 31.79 - 0.12 31.91
Construction finance 149.24 - 9.63 158.87
Total 5,785.15 21.62 33.19 5,839.96
Customer type in million

As at 31 March 2022
Salaried 29,938.56 449.73 683.62 31,071.91
Self employed 11,851.33 260.31 331.61 12,443.25
41,789.89 710.04 1,015.23 43,515.16
in million
As at 31 March 2021
Salaried 23,807.54 506.42 393.45 24,707.41
Self employed 8,515.44 266.92 228.21 9,010.57
32,322.98 773.34 621.66 33,717.98
33 Transfers of assets assets were transferred to the buyer, the assets

have been derecognised from the Company’s
Assignment deal: balance sheet.
The Company has sold some loans measured at The management has evaluated the impact of
amortised cost as per assignment deals during assignment transactions done during the year
the year. As per the terms of these deals, since for its business model. Based on the future
substantial risk and rewards related to these business plan, the Company's business model
Annual Accounts
remains to hold the assets for collecting derecognised financial assets measured at
contractual cash flows. The table below amortised cost and the gain on derecognition,
summarises the carrying amount of the per type of asset.
in million
Loans measured at amortised cost
31 March 2022 31 March 2021
Carrying amount of derecognised financial assets as at year ended 10,251.58 7,655.86
Carrying amount of derecognised financial assets during the year 4,645.62 3,003.03
Gain from derecognition 678.34 439.35
33.1 Disclosures pursuant to Master Direction – Reserve Bank of India (Transfer of Loan Exposures) Directions,
2021 dated 24 September 2021:
a. Details of transfer through direct assignment in respect of loans not in default:
Year ended
Particulars
31 March 2022
Number of loans 7,837
Aggregate amount (` In million) 5,161.80
Sale consideration (` In million) 4,645.62
Number of transactions 7
Weighted average remaining maturity (in months) 208.71
Weighted average holding period after origination (in months) 19.08
Retention of beneficial economic interest 10%
Coverage of tangible security coverage 100%
Rating wise distribution of rated loans NA
Number of instances (transactions) where transferor has agreed to replace the transferred loans NA
Number of transferred loans replaced NA
b. The Company has not acquired any loan not in at least five years of service gets a gratuity on
default during the year ended 31 March 2022. departure at 15 days of salary for each year of
c. The Company has not transferred or acquired any service.
stressed loan during the year ended 31 March
Contribution to gratuity fund (unfunded
2022.
scheme)
34 Employee benefits
In accordance with Indian Accounting Standard
(A) Defined benefit obligation 19 'Employee benefits', actuarial valuation was
The Company has an unfunded defined benefit done in respect of the aforesaid defined benefit
plan i.e., Gratuity, for its employees. Under the plan of gratuity based on the following
gratuity plan every employee who has completed assumptions:
34.1 Actuarial assumptions

As at As at
Particulars
31 March 2022 31 March 2021
Mortality rate Indian Assured Lives Indian Assured Lives
Mortality (2006-08) Mortality (2006-08)
Discount rate (% p.a.) 6.09% 5.58%
Rate of salary increase (% p.a.) 8.00% 5.00%
Rate of employee turnover (% p.a.) 20.00% 20.00%
Annual Accounts
Interest rate risk: The risk of government security yields the benefit in a lump sum form and since the benefit is
falling due to which the corresponding discount rate not payable as an annuity for the rest of the lives of the
used for valuing liabilities falls. Such a fall in discount employees, there is no longevity risk.
rate will result in a larger value placed on the future
benefit cash flows whilst computing the liability and Salary risk: The gratuity benefits under the plan are
thereby requiring higher accounting provisioning. related to the employee’s last drawn salary.
Consequently, any unusual rise in future salary of the
Longevity risk: Longevity risks arises when the employee raises the quantum of benefit payable by the
quantum of benefits payable under the plan is based company, which results in a higher liability for the
on how long the employee lives post cessation of company and is therefore a plan risk for the company.
service with the company. The gratuity plan provides
34.2 Changes in the present value of defined benefit obligation in million

As at As at
Particulars
31 March 2022 31 March 2021
Present value of obligation at the beginning of the year 20.51 13.13
Interest expense 1.14 0.68
Current service cost 4.73 2.96
Benefit paid directly by the employer (0.94) (0.64)
Actuarial loss on obligations - due to change in demographic assumptions - 5.67
Actuarial loss/ (gains) on obligations - due to change in financial assumptions 2.56 (5.30)
Actuarial losses on obligations - due to experience adjustments 1.71 4.01
Present value of obligation at the end of the year 29.71 20.51
34.3 Assets and liabilities recognised in the balance sheet in million

As at As at
Particulars
31 March 2022 31 March 2021
Present value of the defined benefit obliga on at the end of the year (29.71) (20.51)
Net liability recognised in the balance sheet (29.71) (20.51)
34.4 Expenses recognised in the statement of profit and loss in million

Particulars
31 March 2022 31 March 2021
Current service cost 4.73 2.96
Net interest expense 1.14 0.68
Expenses recognised in the statement of profit and loss for the year 5.87 3.64
34.5 Expenses recognised in the statement of other comprehensive income (OCI) in million
Particulars
31 March 2022 31 March 2021
Actuarial loss on post employment defined benefit obligation 4.27 4.38
Expenses recognised in the statement of OCI 4.27 4.38
Annual Accounts
34.6 Reconciliation of net liability recognised: in million

As at As at
Particulars
31 March 2022 31 March 2021
Opening net liability 20.51 13.13
Expenses recognised at the end of year in profit and loss 5.87 3.64
Amount recognised in other comprehensive income 4.27 4.38
Benefit paid directly by the employer (0.94) (0.64)
Net liability recognised in the balance sheet 29.71 20.51
34.7 Sensitivity analysis: in million

Particulars
31 March 2022 31 March 2021
Delta effect of +1% change in rate of discounting (1.26) (0.85)
Delta effect of -1% change in rate of discounting 1.39 0.93
Delta effect of +1% change in rate of salary increase 1.18 0.84
Delta effect of -1% change in rate of salary increase (1.10) (0.80)
Delta effect of +1% change in rate of employee turnover (0.30) (0.18)
Delta effect of -1% change in rate of employee turnover 0.32 0.18
34.8 Maturity analysis of projected benefit obligation in million

As at As at
Year
31 March 2022 31 March 2021
1 3.76 2.55
2 4.20 2.58
3 4.44 2.96
4 3.95 3.09
5 3.64 2.67
Sum of years 6 to 10 11.80 8.19
Sum of years 11 and above 9.18 5.10
Code on Social Security, 2020 The Company recognised ` 26.93 million (31
March 2021: ` 22.07 million) for provident fund
The Indian Parliament has approved the Code on Social contributions in the statement of profit and loss.
Security, 2020 which subsumes the Provident Fund and
the Gratuity Act and rules thereunder. The Ministry of The Company has recognised ` 0.58 million (31
Labour and Employment also released draft rules March 2021: Nil) for NPS contributions in the
thereunder on 13 November 2020 and has invited statment of profit and loss.
suggestions from stakeholders which are under active
consideration by the Ministry. The Company will C. Compensated absence expenses
evaluate the rules, assess the impact, if any, and account
The Company has accounted for provision for
for the same, once the rules are notified and become
compensated absences from 1 April 2019. An
effective.
employee is eligible to carry forward 30 to 90
B. Defined contribution plan days of leaves basis their work location to the
next period from the balance leaves pending
The Company contributes towards provident fund utilisation; however these leaves are non-
for employees which is the defined contribution encashable. Provision for compensated absence
plan for qualifying employees. Under this Scheme, for current year is ` 2.00 million (31 March 2021:
the Company is required to contribute specified ` 1.03 million).
percentage of the payroll cost to fund the benefits.
Annual Accounts
35 Employee stock options by relevant authority applicable at the date of

the grant. (Refer note 35.5(ii))
35.1 The Company has an Employee Share based
payment scheme, under which grants were During the year ended 31 March 2022, the
made as per details provided below: Company has approved 1,969,283 options
under the Homefirst ESOP Scheme 2021 (ESOP
The Board has granted 2,908,180 options, under 2021) via board resolution dated 25 October
the Employee Stock Option Scheme (ESOP) 2012 2021 and shareholders' special resolution dated
(ESOP I) and the Board Resolutions dated 14 26 November 2021. The Board has granted
March 2012, 25 March 2013, 19 March 2014, 30 925,000 options via resolution dated 15
March 2015 and 4 January 2016, which is in December 2021 under ESOP 2021, which is in
accordance with the provisions of the law and/or accordance with the provisions of the law and/or
guidelines issued by the relevant authority guidelines issued by relevant authority
applicable at the date of the grant. (Refer note applicable at the date of the grant.
35.5(ii))
The Company has further issued 4,125,290

options under a new Policy termed as ESOP
scheme II vide board resolution dated 28 February
2018 and 13 May 2019 which is in accordance with
the provisions of the law and/or guidelines issued
Annual Accounts
ESOP I Scheme 2012

Particulars
Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5
No. of options approved (post subdivision) (Refer note 35.5(ii)) 2,908,180 options
No. of options granted (post subdivision) (Refer note 35.5(ii)) 575,000 625,000 850,000 515,680 342,500
Date of grant 14 March 2012 25 March 2013 19 March 2014 30 March 2015 4 January 2016
Exercise price per option (post subdivision) (Refer note 35.5(ii)) ` 47.83 ` 47.83 ` 56.23 ` 56.23 ` 56.23
ESOP Scheme II
Particulars
Tranche 1* Tranche 2 Tranche 3* Tranche 4* Tranche 5*
No. of options approved (post subdivision) (Refer note 35.5(ii)) 4,125,290 options*
No. of options granted (post subdivision) (Refer note 35.5(ii)) 2,422,220 291,795 1,658,500 40,750 154,500
Date of grant 1 April 2017 1 April 2018 1 April 2019 1 October 2019 1 October 2020
Exercise price per option (post subdivision) (Refer note 35.5(ii)) ` 117.24 ` 117.24 ` 139.30 ` 223.20 ` 334.73
*Notes: b. 131,150 and 23,350 options lapsed in Tranche 1 and Tranche 3

a. 287,975 options lapsed in Tranche 1 of ESOP scheme II and of ESOP scheme II respectively, was reissued in Tranche 5
was reissued in Tranche 3 (247,225 options) and Tranche 4 (154,500) (post subdivision) (Refer note 35.5(ii)) during the
(40,750 options) (post subdivision) (Refer note 35.5(ii)) during year ended 31 March 2021.
the year ended 31 March 2020.
ESOP 2021
Particulars
Tranche 1
No. of options approved 1,969,283 options
No. of options granted 925,000
Date of grant 15 December 2021
Exercise price per option `851.10
35.2 Vesting condition : 15% each in first two instalments, 30% in third instalment
and balance 40% in the last instalment. All the management
ESOP I: Vesting of options would be subject to continued options are time based and also exit linked, i.e. they shall
employment with the Company and thus the options would vest in four instalments as described above or on exit of
vest on passage of time. Options vest in four instalments - promoters/ investors, whichever is earlier.
Annual Accounts
ESOP I Scheme 2012

Particulars Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5
Vesting start period 31 March 2012 31 March 2013 31 March 2014 31 March 2015 31 March 2016
1st Year (post subdivision) (Refer note 35.5(ii)) 86,250 93,750 127,500 77,350 51,375
2nd Year (post subdivision) (Refer note 35.5(ii)) 86,250 93,750 127,500 77,350 51,375
3rd Year (post subdivision) (Refer note 35.5(ii)) 172,500 187,500 255,000 154,705 102,750
4th Year (post subdivision) (Refer note 35.5(ii)) 230,000 250,000 340,000 206,275 137,000
ESOP II :
Management option: Vesting will be in two parts for Tranche 1, Tranche 2, Tranche 3 - 66% will be performance plus time based which will vest
in 6 equal instalments; and 34% will be vested as follows:
Particulars Vesting on
15 October 2020 01 April 2021 01 April 2022 01 April 2023 01 April 2024 01 April 2025
Tranche 1 9.39% 8.20% 8.20% 8.21% NA NA
Tranche 2 9.39% 6.15% 6.15% 6.15% 6.16% NA
Tranche 3 9.39% 4.92% 4.92% 4.92% 4.92% 4.93%
Tranche 5 Vesting will be in 6 equal instalments starting from 1 October 2021.
Note: The Board at their meeting held on 15 October 2020 Non Management option: Vesting will be in 6 equal instalments
amended the ESOP II (the Scheme) leading to change in the vesting starting from 1 April 2018. If the grant is after 1 April 2018, then the
period of management exit linked options - wherein these options vesting will start from 1 April 2019 and so on.
would now be vested as per the schedule stated above.
ESOP Scheme II
Particulars Tranche 1* Tranche 2 Tranche 3* Tranche 4* Tranche 5**
Vesting start period 1 April 2018 1 April 2019 1 April 2020 1 October 2020 1 October 2021
Management
1st Year (post subdivision) (refer note 35.5(ii)) 209,000 27,500 96,853 - 17,680
2nd Year (post subdivision) (refer note 35.5(ii)) 209,000 50,975 75,620 - 17,680
3rd Year (post subdivision) (refer note 35.5(ii)) 387,410 42,875 75,620 - 17,680
4th Year (post subdivision) (refer note 35.5(ii)) 364,800 42,875 75,620 - 17,680
Annual Accounts
Particulars Tranche 1* Tranche 2 Tranche 3* Tranche 4* Tranche 5**

Vesting start period 1 April 2018 1 April 2019 1 April 2020 1 October 2020 1 October 2021
Non Management
1st Year (post subdivision) (refer note 35.5(ii)) 88,777 7,105 201,195 6,928 8,585
2nd Year (post subdivision) (refer note 35.5(ii)) 88,777 7,105 201,195 6,928 8,585
3rd Year (post subdivision) (refer note 35.5(ii)) 88,777 7,105 201,195 6,928 8,585
4th Year (post subdivision) (refer note 35.5(ii)) 88,777 7,105 201,195 6,928 8,585
*287,975 options lapsed in Tranche 1 of ESOP scheme II and was **131,150 and 23,350 options lapsed in Tranche 1 and Tranche 3 of
reissued in Tranche 3 (247,225 options) and Tranche 4 (40,750 ESOP scheme II respectively, was reissued in Tranche 5 (154,500)
options) (post subdivision) (refer note 35.5(ii)) during the year (post subdivision) (refer note 35.5(ii)) during the year ended 31
ended 31 March 2020. March 2021.
ESOP 2021
The options shall vest between 3 to 4 years from the date of grant, in equal proportions, upon achievement of the performance conditions.
Particulars Tranche 1
Vesting start period 1 April 2023
Vesting period 3 Years 4 Years
Management
75,900 36,250
1st Year
75,900 36,250
2nd Year
78,200 36,250
3rd Year
- 36,250
4th Year
Non Management
181,500 -
1st Year
181,500 -
2nd Year
187,000 -
3rd Year
35.3 Contractual life

ESOP Scheme II: The contractual life (vesting period plus
ESOP I: The contractual life (vesting period plus exercise exercise period) ranges from 11 to 16 years i.e. vesting
period) ranges from 11 to 14 years i.e. vesting period ranging period ranging from 1 to 6 years and exercise period of 10
from 1 to 4 years and exercise period of 10 years from the years from the date of vesting of the option. In case of
date of vesting of the option. In case of resignation/ resignation/ termination of any employee, the exercise
termination of any employee, the exercise period shall be 6 period shall be 6 months from the last working day of the
months from the last working day of the employee. employee.
Annual Accounts
ESOP 2021: The contractual life (vesting period plus exercise termination of any employee, the exercise period shall be 6
period) ranges from 4.3 to 8.3 years i.e. vesting period ranging months from the last working day of the employee.
from 1.3 to 4.3 years and exercise period of 3 years from the
date of vesting of the option. In case of resignation/ Method of settlement: ESOP I and ESOP scheme II and ESOP
2021 is to be settled through issue of equity shares.
35.4 Computation of fair value of options granted
ESOP I (Scheme 2012)
Particulars
Share price (post subdivision)
(Refer note 35.5(ii)) (Amount in `) 47.83 47.83 49.00 56.00 56.00
Exercise price (post subdivision)
(Refer note 35.5(ii)) (Amount in `) 47.83 47.83 56.23 56.23 56.23
Volatility 37.05% 35.51% 34.95% 34.17% 33.51%
1st year- 8.06% 1st year- 7.73% 1st year- 8.66% 1st year- 7.88% 1st year- 7.05%
Risk free rate 2nd year- 7.93% 2nd year- 7.66% 2nd year- 8.58% 2nd year- 7.84% 2nd year- 7.22%
3rd year- 8.01% 3rd year- 7.74% 3rd year- 8.72% 3rd year- 7.79% 3rd year- 7.32%
4th year- 8.10% 4th year- 7.84% 4th year- 8.88% 4th year- 7.75% 4th year- 7.43%
Dividend yield - - - - -
1st year- 8.80 1st year- 8.40 1st year- 5.80 1st year- 9.60 1st year- 9.20
Fair value of options (post subdivision)
2nd year- 13.00 2nd year- 12.60 2nd year- 10.20 2nd year- 14.40 2nd year- 13.80
(refer note 35.5(ii)) (Amount in `)*
3rd year- 16.60 3rd year- 16.00 3rd year- 14.00 3rd year- 18.20 3rd year- 17.80
4th year- 19.60 4th year- 19.00 4th year- 17.40 4th year- 21.60 4th year- 21.00
ESOP Scheme II
Particulars
Share price (post subdivision)
(refer note 35.5(ii)) (Amount in `) 117.24 117.24 139.30 222.32 334.73
Exercise price (post subdivision)
(refer note 35.5(ii)) (Amount in `) 117.24 117.24 139.30 223.20 334.73
Volatility 30.00% 30.00% 31.29% 20.88% to 24.47% 25.61% to 37.90%
1st year- 6.63% 1st year- 6.79% 1st year- 6.43% 1st year- 5.49% 1st year- 3.82%
Risk free rate 2nd year- 6.66% 2nd year- 7.33% 2nd year- 6.52% 2nd year- 5.71% 2nd year- 4.39%
3rd year- 6.79% 3rd year- 7.57% 3rd year- 6.66% 3rd year- 5.92% 3rd year- 4.86%
7th year- 7.08% - - - -
Dividend yield - - - - -
Annual Accounts
ESOP Scheme II
Particulars
Fair value of options (post subdivision) 1st year- 17.60 1st year- 17.80 1st year- 21.40 1st year- 27.00 1st year- 55.88
(refer note 35.5(ii)) (Amount in `)* 2nd year- 26.60 2nd year- 27.40 2nd year- 32.40 2nd year- 38.80 2nd year- 72.09
3rd year- 34.20 3rd year- 35.40 3rd year- 41.40 3rd year- 50.40 3rd year- 85.42
7th year- 57.00 - - - -
Particulars ESOP 2021

Tranche 1
Share price (Amount in `) 851.10
Exercise price (Amount in `) 851.10
Volatility 26.20% to 28.09%
1st year- 5.00%
2nd year- 5.39%
Risk free rate
3rd year- 5.71%
4th year- 5.98%
Dividend yield -
1st year- 209.46
2nd year- 253.73
Fair value of option (Amount in `)*
3rd year- 289.84
4th year- 329.76
*The fair value of option has been determined based on Black - Scholes - Merton formula.
Annual Accounts
35.5 Reconciliation of outstanding share options:

Particulars (No. of options)
ESOP I ESOP II ESOP 2021 ESOP I ESOP II
Outstanding at beginning of year (Refer note ii below) 525,000 3,607,590 - 1,855,505 3,886,636
Vested at beginning of year (Refer note ii below) 525,000 1,095,626 - 1,855,505 542,236
Granted during the year (Refer note ii below) - - 925,000 - 154,500
Vested during the year (Refer note ii below) - 691,417 - - 894,798
Lapsed (Refer note ii below) - 90,612 15,800 7,500 131,008
- Forfeited (vested - lapsed) - 26 - 7,500 38,869
- Lapsed (unvested - lapsed) - 90,586 15,800 - 92,139
Exercised (Refer note ii below) 56,000 175,976 - 1,323,005 302,538
Outstanding at end of the year (Refer note ii below) 469,000 3,341,002 909,200 525,000 3,607,590
Vested and exercisable at end of the year (Refer note ii below) 469,000 1,611,041 - 525,000 1,095,626
Weighted average exercise price per option of options outstanding
(Amount in `) (Refer note ii below) 56.09 135.37 851.10 55.43 135.87
Weighted average remaining contractual life of options 4.97 years 9.64 years 5.18 years 5.89 years 10.63 years
Notes: (i) Amortisation of option cost for the year ended 31 March 2022 is ` 36.2 Entity wide disclosures
46.74 million (31 March 2021: ` 31.72 million).
No revenue from transactions with a single external customer or
(ii) The shareholders, vide a special resolution, have approved sub-division of counterparty amounted to 10% or more of the Company’s total
equity shares of the Company in the ratio of five equity shares of ` 2 each revenue in the year ended 31 March 2022 and 31 March 2021.
against one equity share of `10 each respectively resulting to change in share
The Company operates in single geography i.e. India and therefore
price & exercise price proportionately.
geographical information is not required to be disclosed separately.
36 Segment information
37 Lease disclosure
36.1 Operating segment
Where the Company is the lessee:
The Company’s main business is financing by way of loans towards
affordable housing segment in India. All other activities of the The Company has entered into agreements for taking its office
Company revolve around the main business. As such, there are no premises under leave and license arrangements. These agreements
separate reportable segments, as per the Indian Accounting Standard are for tenures between 1 year and 9 years and majority of the
(Ind AS) 108 on ‘Segment Reporting’. Accordingly, the amounts agreements are renewable by mutual consent on mutually agreeable
appearing in the financial statements relate to the Company’s single terms, lease rentals have an escalation ranging between 5% to 15%.
business segment. Leases for which the lease term is less than 12 months have been
accounted as short term leases.
Annual Accounts
in million
As at As at
Contractual cash maturities of lease liabilities on an undiscounted basis
31 March 2022 31 March 2021
Not later than one year 44.71 36.52

Later than one year and not later than five years 87.27 53.16
Later than five years 2.60 4.93
Total undiscounted lease liabilities 134.58 94.61
Lease liabilities included in the balance sheet
Total lease liabilities 118.08 82.20
in million
Amount recognised in the statement of profit and loss account
31 March 2022 31 March 2021
Interest on lease liabilities 8.52 8.15

Depreciation charge for the year 39.61 38.18
Expenses relating to short term leases 8.13 3.57
in million
Amount recognised in statement of cashflow
31 March 2022 31 March 2021
Cash outflow towards lease liability 46.11 44.57
The Company does not face significant liquidity risk with regards to its lease liabilities as the current assets are
sufficient to meet the obligations related to lease liabilities as and when they fall due.
38 Corporate social responsibility expenses in million

Particulars
31 March 2022 31 March 2021
(a) Total amount required to be spent during the year 20.49 13.70
(b) Total amount of expenditure incurred during the year 20.49 13.70
(c) Shortfall at the end of the year - -
(d) Total amount of previous years shortfall - -
(e) Reason for shortfall NA NA
The Company undertakes the following activities in the d. Ensuring environmental sustainability, ecological
nature of Corporate social responsibility (CSR): balance, protection of flora and fauna, animal welfare,
a. Promoting education, including special education and agroforestry, conservation of natural resources.
employment enhancing vocational skills, especially Notes:
among children, women, and elderly; 1. No amount has been spent by the Company for the
b. Promotion of health care, including preventive health construction/ acquisition of any new asset during the
care and sanitation; year ended 31 March 2022 and 31 March 2021.
c. Measures for the benefit of armed forces veterans, 2. There have been no related party transactions during
war widows, and their dependents; the year ended 31 March 2022 and 31 March 2021 in
respect of CSR activities.
39 Contingent liabilities and commitments
There are no Contingent Liabilities as on 31 March 2022 (31 March 2021: Nil). in million
As at As at
31 March 2022 31 March 2021
Commitments - Undisbursed amount of housing and other loans 7,451.68 5,839.96
Annual Accounts
40 The outbreak of COVID-19 pandemic across the `140.52 million. The Company has made a
globe and in India has contributed to a provision of `155.84 million during the year
significant volatility in the financial markets and ended 31 March 2022 which includes additional
slowdown in the economic activities. provision for the accounts restructured under
Consequent to the outbreak of the COVID-19 RBI Resolution framework. As at 31 March 2022,
pandemic, the Indian government announced a the Company holds an aggregate provision of
lockdown in March 2020. Subsequently, the `477.78 million against advances.
national lockdown was lifted by the government,
but regional restrictions continued to be 41 The Company has not invoked or implemented
implemented in areas as India witnessed two resolution plan under the "Resolution
more waves of the COVID-19 pandemic during Framework for COVID-19 related Stress” as per
the year ended 31 March 2022. Currently, the RBI circular dated 6 August 2020 for any of its
number of new COVID-19 cases have reduced borrower accounts.
significantly and the Government of India has 42 Disclosures required under the RBI Resolution
withdrawn most of the COVID-19 related Framework - 2.0: Resolution of COVID-19 related
restrictions. The Company has taken a write off stress of Individuals and Small Businesses dated
(including unrecoverable partial loan balances) 05 May 2021 with reference to disclosures stated
amounting to ` 225.28 million during the year under Format-B prescribed in the Resolution
ended 31 March 2022 on which corresponding Framework – 1.0.
opening provisions reversed amounted to
in million
Type of borrower Exposure to accounts Of (A), Of (A) Of (A) Exposure to

classified as Standard aggregate amount amount accounts
consequent to debt that written off paid by the classified as
implementation of slipped into during the borrowers Standard
resolution plan – NPA during half-year during the consequent to
Position as at the end the half-year half-year implementation
of the previous of resolution
half-year (A) plan – Position
as at the end of
this half-year
(A) (B) (C) (D)
Personal Loans 308.03 100.45 1.00 21.10 185.48

Corporate persons - - - - -
Of which MSMEs - - - - -
Others - - - - -
Total 308.03 100.45 1.00 21.10 185.48
43 Pursuant to the RBI circular dated 12 November resulted in classification of loans amounting to `
2021 - "Prudential norms on Income 444.05 million as additional non-performing
Recognition, Asset Classification and assets (Stage 3) as at 31 March 2022. However,
Provisioning (IRACP) pertaining to Advances - the said change does not have a material impact
Clarifications'', the Company changed its NPA on the financial results for the quarter /
definition to comply with the norms/ changes for year ended 31 March 2022. On 15 February
regulatory reporting, as applicable. This has 2022, the RBI allowed deferment pertaining to
the upgradation of Non Performing accounts till
Annual Accounts
30 September 2022. However, the Company has 46 The Company is not a declared wilful defaulter by
not opted for such deferment and continues to any bank or financial Institution or other lender,
align Stage 3 definition to revised NPA definition. in accordance with the guidelines on wilful
defaulters issued by the Reserve Bank of India,
44 The Company does not hold any immovable during the year ended 31 March 2022 and 31
property as on 31 March 2022 and 31 March March 2021.
2021. All the lease agreements are duly executed
in favour of the Company for properties where 47 The Company does not have any transactions
the Company is the lessee. with the companies struck off under section 248
of Companies Act, 2013 or section 560 of
45 No proceedings have been initiated or pending Companies Act, 1956 during the year ended 31
against the Company for holding any benami March 2022 and 31 March 2021.
property under the Benami Transactions
(Prohibition) Act, 1988 and rules made
thereunder, as at 31 March 2022 and 31 March
2021.
48 Registration of charges or satisfaction with Registrar of Companies (ROC)
Location of Period by which Reason

Brief Description of Charge Registrar charge had to for delay
be registered
Deed of Hypothecation dated 27 December 2021 executed ROC 30 days The Form CHG-1
between Home First Finance Company India Limited (as the - has been filed
borrower) and Axis Bank Limited (the lender) in relation to Mumbai with an
securing repayment of loan facility amount aggregating to ` inadvertent
100 crores delay of 5 days.
49 Analytical Ratios
Reasons
As at As at % for
Ratio Numerator Denominator 31 March 31 March Variance Variance
2022 2021 (if above
25%)
Capital to risk-weighted assets ratio (CRAR) 15,825.77 27,002.99 58.61% 56.19% 2.42% NA
Tier I CRAR 15,674.11 27,002.99 58.05% 55.23% 2.82% NA
Tier II CRAR 151.66 27,002.99 0.56% 0.96% -0.40% NA
Liquidity Coverage Ratio* 39,502.00 31,635.41 124.87% NA* NA NA
* The Company is not required to comply with the 50 The Company has borrowings from banks and
guidelines on Liquidity Coverage Ratio (LCR) in line with financial institutions on the basis of security of
Master Direction – Non-Banking Financial Company – current assets and the quarterly returns filed by
Housing Finance Company (Reserve Bank) Directions, the Company with the banks and financial
2021 as at 31 March 2022 and 31 March 2021. institutions are in accordance with the books of
accounts of the Company for the respective
quarters.
Annual Accounts
51 The Company has taken borrowings from banks a. No funds have been advanced or loaned or
and financial institutions and utilised them for invested by the Company to or in any other
the specific purpose for which they were taken person(s) or entity(ies) including foreign
as at the Balance sheet date. Unutilised funds as entities (“Intermediaries”) with the
at 31 March 2022 are held by the Company in the understanding that the Intermediary shall
form of deposits till the time the utilisation is lend or invest in a party identified by or on
made subsequently. behalf of the Company (Ultimate
Beneficiaries);
52 There have been no transactions which have not
been recorded in the books of accounts, that b. No funds have been received by the
have been surrendered or disclosed as income Company from any party(s) (Funding Party)
during the year ended 31 March 2022 and 31 with the understanding that the Company
March 2021, in the tax assessments under the shall whether, directly or indirectly, lend or
Income Tax Act, 1961. There have been no invest in other persons or entities identified
previously unrecorded income and related by or on behalf of the Company (“Ultimate
assets which were to be properly recorded in the Beneficiaries”) or provide any guarantee,
books of account during the year ended 31 security or the like on behalf of the Ultimate
March 2022 and 31 March 2021. Beneficiaries.
53 As a part of normal lending business, the 54 The Company has not traded or invested in
company grants loans and advances on the basis Crypto currency or Virtual Currency during the
of security / guarantee provided by the year ended 31 March 2022 and 31 March 2021.
Borrower/ co-borrower. These transactions are
conducted after exercising proper due diligence.
Other than the transactions described above,
Annual Accounts
55 Maturity analysis of assets and liabilities

The table below shows an analysis of assets and liabilities according to when they are expected to be recovered or settled
after factoring in prepayment assumptions. in million

Assets
Within 1 year After 1 year Total Within 1 year After 1 year Total
Financial assets
Cash and cash equivalents 6,177.60 - 6,177.60 2,094.17 - 2,094.17
Bank balance other than cash and cash equivalents 500.89 - 500.89 4,564.51 140.00 4,704.51
Loans 6,860.88 36,187.78 43,048.66 5,165.41 28,099.59 33,265.00
Investments - - - 3,750.15 - 3,750.15
Other financial assets 340.99 809.01 1,150.00 479.32 532.33 1,011.65
Non-financial assets
Current tax assets (net) - 0.69 0.69 - 26.97 26.97
Property, plant and equipment - 90.97 90.97 - 90.91 90.91
Right of use assets - 109.00 109.00 - 73.10 73.10
Other intangible assets - 2.35 2.35 - 2.68 2.68
Other non-financial assets 83.31 5.18 88.49 74.47 7.94 82.41
Total assets 13,963.67 37,204.98 51,168.65 16,128.03 28,973.52 45,101.55

Liabilities
Financial liabilities
Trade payables 62.05 - 62.05 48.47 - 48.47
Debt securities 988.72 699.10 1,687.82 1,698.92 696.94 2,395.86
Borrowings (other than debt securities) 7,878.29 25,101.56 32,979.85 6,491.30 21,649.73 28,141.03
Other financial liabilities 495.73 73.37 569.10 489.10 45.68 534.78
Non-financial-liabilities
Provisions 4.76 40.60 45.36 3.13 29.23 32.36
Deferred tax liabilities - 17.39 17.39 - 79.58 79.58
Other non-financial liabilities 70.23 - 70.23 64.04 - 64.04
Total liabilities 9,499.78 25,932.02 35,431.80 8,794.96 22,501.16 31,296.12

Net 4,463.89 11,272.96 15,736.85 7,333.06 6,472.37 13,805.43
Note: The Company has undrawn facilities amounting to ` 3,560.20 million as at 31 March 2022 (31 March 2021: ` 3,545.00 million).
56. Public disclosure on Liquidity Risk of Home First on Liquidity Risk Management Framework for Non-Banking
Finance Company India Limited as on 31 March 2022 in Financial Companies (NBFCs) including Core Investment
accordance with RBI circular No. RBI/2019-20/88 DOR.NBFC Companies and RBI circular No. RBI/2020-21/60 DOR.NBFC
(PD) CC. No.102/03.10.001/2019-20 dated 04 November 2019 (HFC).CC.No.118/ 03.10.136/2020-21 dated 22 October 2020 for
regulatory framework for Housing Finance Companies (HFCs)
Annual Accounts
56.1 Funding Concentration based on significant counterparty (borrowings)
Number of Significant Amount * (` in million) % of Total Deposits % of Total liabilities**

Counterparties #
16 33,845.86 - 95.52%
#Significant counterparty is defined in RBI Circular **Total liabilities has been computed as sum of all
RBI/2019-20/88 DOR.NBFC (PD) CC.No.102/ liabilities (balance Sheet figure) less equities and other
03.10.001/2019-20 dated 04 November, 2019 on equities.
Liquidity Risk Management Framework for Non-
Banking Financial Companies and Core Investment 56.2 Top 20 large deposits
Companies. Accordingly, Company has considered Not applicable. The Company is registered with
lender with more than 1% of total outstanding National Housing Bank to carry on the business of
borrowing as significant counterparties. housing finance institution without accepting public
* Borrowings amount excludes the interest accrued
deposits.
but not due
56.3 Top 10 borrowings
Sr. No. Amount* (` in million) % of Total Borrowings
1 11,948.74 34.47%
* Borrowings amount excludes the interest accrued but not due

Top 10 borrowings have been identified considering the type of facility availed.
56.4 Funding Concentration based on significant instrument/product
Sr. No. Name of the instrument/product * Amount (` in million) % of Total Liabilities**

1 NCD 1,687.82 4.76%
2 Term Loans from Banks & Financial Institutions 21,012.18 59.30%
3 NHB 11,942.85 33.71%
* Significant instrument/product is as defined in RBI Banking Financial Companies and Core Investment
Circular RBI/2019-20/88 DOR.NBFC (PD) CC.No.102/ Companies.
03.10.001/2019-20 dated 04 November, 2019 on **Total liabilities has been computed as sum of all
Liquidity Risk Management Framework for Non- liabilities (balance Sheet figure) less equities and other
equities.
56.5 Stock Ratios

Percentage
Sr. No. Stock Ratio
(%)
1 Commercial papers as a % of total liabilities Nil
2 Commercial papers as a % of total assets Nil
3 Non-convertible debentures (original maturity of less than one year) as a % of total liabilities Nil
4 Non-convertible debentures (original maturity of less than one year) as a % of total assets Nil
5 Other short-term liabilities as a % of total liabilities* 1.79%
6 Other short-term liabilities as a % of total assets 1.24%
7 Other short-term liabilities as a % of public funds Nil
*Total liabilities has been computed as sum of all liabilities (balance Sheet figure) less equities and other equities.
Annual Accounts
56.6 I n s t i t u t i o n a l s e t - u p f o r l i q u i d i t y r i s k The Risk Management Committee constituted by

management the Board of Directors is primarily responsible
for the effective supervision, evaluation,
Company’s Board of Directors monitors all the monitoring and review of various aspects and
risks, including liquidity risk. Governance types of risks, including liquidity risk, faced by the
structure, Policies and risks limits are prescribed Company.
by the Board.
Board Constituted Asset Liability Committee

(ALCO) ensures effective asset-liability
management, market risk management,
liquidity and interest rate risk management and
also adherence to risk tolerance/limits set up by
the Board. ALCO provides guidance and
directions in terms of interest rate, liquidity,
funding sources, and investment of surplus
funds.
Annual Accounts
Disclosures required by the RBI circular on Implementation of Indian Accounting Standards dated 13 March 2020
57 A comparison between provisions required under IRACP and impairment allowances made under Ind AS 109
Asset Gross Loss Net Carrying Provisions Difference
classification Carrying Allowances Amount required as between
Asset Classification as per RBI Norms as per Ind Amount as (Provisions) per IRACP Ind AS 109
AS 109 per Ind AS as required norms provisions
under Ind and IRACP
AS 109 norms
(1) (2) (3) (4) (5)= (3)-(4) (6) (7) = (4)-(6)
Performing assets
Standard Stage 1 41,789.89 121.62 41,668.27 137.66 (16.04)
Stage 2 710.04 92.38 617.66 35.74 56.64
Subtotal 42,499.93 214.00 42,285.93 173.40 40.60
Non-Performing Assets (NPA)
Substandard Stage 3 856.66 189.58 667.08 164.06 25.52
Doubtful - up to 1 year Stage 3 149.07 57.89 91.18 57.67 0.22

1 to 3 years Stage 3 9.50 5.04 4.46 5.13 (0.09)
More than 3 years Stage 3 - - - - -
Subtotal for doubtful 158.57 62.93 95.64 62.80 0.13
Loss Stage 3 - - - - -
Subtotal for NPA 1,015.23 252.51 762.72 226.86 25.65
Other items such as guarantees, loan commitments, Stage 1 - 11.28 (11.28) - 11.28
etc. which are in the scope of Ind AS 109 but not covered Stage 2 - - - - -
under current Income Recognition, Asset Classification Stage 3 - - - - -
and Provisioning (IRACP) norms
Subtotal - 11.28 (11.28) - 11.28

Stage 1 41,789.89 132.90 41,656.99 137.66 (4.76)
Total Stage 2 710.04 92.38 617.66 35.74 56.64
Stage 3 1,015.23 252.51 762.72 226.86 25.65
Total 43,515.16 477.79 43,037.37 400.26 77.53
Annual Accounts

Asset Gross Loss Net Carrying Provisions Difference
classification Carrying Allowances Amount required as between
Asset Classification as per RBI Norms as per Ind Amount as (Provisions) per IRACP Ind AS 109
AS 109 per Ind AS as required norms provisions
under Ind and IRACP
AS 109 norms
(1) (2) (3) (4) (5)= (3)-(4) (6) (7) = (4)-(6)
Performing assets
Standard
Stage 1 32,322.98 121.00 32,201.98 97.86 23.14
Stage 2 773.34 108.45 664.89 2.50 105.95
Subtotal 33,096.32 229.45 32,866.87 100.36 129.09
Non-Performing Assets (NPA)
Substandard Stage 3 495.77 135.11 360.66 81.25 53.86
Doubtful - up to 1 year Stage 3 107.14 77.41 29.73 75.84 1.57

1 to 3 years Stage 3 18.75 11.01 7.74 10.77 0.24
More than 3 years Stage 3 - - - - -
Subtotal for doubtful 125.89 88.42 37.47 86.61 1.81
Loss Stage 3 - - - - -
Subtotal for NPA 621.66 223.53 398.13 167.86 55.67
Other items such as guarantees, loan commitments, Stage 1 - 9.48 (9.48) - 9.48
etc. which are in the scope of Ind AS 109 but not covered Stage 2 - - - - -
under current Income Recognition, Asset Classification Stage 3 - - - - -
and Provisioning (IRACP) norms
Subtotal - 9.48 (9.48) - 9.48

Stage 1 32,322.98 130.48 32,192.50 97.86 32.62
Total Stage 2 773.34 108.45 664.89 2.50 105.95
Stage 3 621.66 223.53 398.13 167.86 55.67
Total 33,717.98 462.46 33,255.52 268.22 194.24
Annual Accounts
58 Disclosures required by the RBI vide Master Direction – Non-Banking Financial Company –
Housing Finance Company (Reserve Bank) Directions, 2021 dated 17 February 2021
in million
Liabilities Amount Amount Amount Amount
outstanding overdue outstanding overdue
1 Loans and advances availed by the HFC inclusive of interest

accrued thereon but not paid:
(a) Debentures : Secured 1,765.56 - 2,556.66 -
Debentures : Unsecured - - - -
(b) Deferred credits - - - -
(c) Term Loans 33,017.61 - 28,207.63 -
(d) Inter-corporate loans and borrowing
(e) Commercial Paper - - - -
(f) Public Deposits - - - -
(g) Other Loans (Demand loans) 24.82 - 0.02 -
2 Break-up of (1) (f) above (Outstanding public deposits
inclusive of interest accrued thereon but not paid):
In the form of Unsecured debentures
(a) In the form of partly secured debentures - - - -
(b) In the form of partly secured debentures i.e.
debentures where there is a shor all in the value of security - - - -
(c) Other public deposits - - - -
in million
As at As at
31 March 2022 31 March 2021
Assets Amount Amount
outstanding outstanding
3 Break-up of Loans and Advances including bills receivables
[other than those included in (4) below]:
(a) Secured 43,048.66 33,265.00
(b) Unsecured - -
4 Break up of Leased Assets and stock on hire and other assets
counting towards asset financing activities
( i) Lease assets including lease rentals under sundry debtors - -
(a) Financial lease - -
(b) Operating lease - -
(ii) Stock on hire including hire charges under sundry debtors - -
(a) Assets on hire - -
(b) Repossessed Assets (Refer note below) - -
(iii) Other loans counting towards asset financing activities - -
(a) Loans where assets have been repossessed - -
(b) Loans other than (a) above - -
Annual Accounts
in million
As at As at
31 March 2022 31 March 2021
Assets Amount Amount
outstanding outstanding
5 Break-up of Investments
Current Investments**
1 Quoted
( i) Shares
(a) Equity - -
(b) Preference - -
(ii) Debentures and Bonds - -
(iii) Units of mutual funds - 3,750.15
(iv) Government Securities - -
(v) Others (please specify) - -
(2) Unquoted
( i) Shares - -
(a) Equity - -
(b) Preference - -
(iii) Units of mutual funds - -
Long Term investments
1 Quoted
( i) Share
(a) Equity - -
(b) Preference - -
2 Unquoted
( i) Shares
(a) Equity - -
(b) Preference - -
Annual Accounts
in million
Borrower group-wise classification of As at 31 March 2022 As at 31 March 2021
6
assets financed as in (3) and (4) above: Amount net of provisions Amount net of provisions
Category Secured Unsecured Total Secured Unsecured Total
1 Related Parties
(a) Subsidiaries - - - - - -
(b) Companies in the same group - - - - - -
(c) Other related parties - - - - - -
2 Other than related parties 43,048.66 - 43,048.66 33,265.00 - 33,265.00
Total 43,048.66 - 43,048.66 33,265.00 - 33,265.00
in million
Investor group-wise classification of all As at 31 March 2022 As at 31 March 2021
7 investments (current and long term) in Market Value / Book Value Market Value / Book Value
shares and securities (both quoted and Break up or fair (Net of Break up or fair (Net of
unquoted) : value or NAV Provisions) value or NAV Provisions)
1 Related Parties
(a) Subsidiaries - - - -
(b) Companies in the same group - - - -
(c) Other related parties - - - -
2 Other than related parties - - 3,750.15 3,742.82
Total - - 3,750.15 3,742.82
in million
As at As at
8 Other information 31 March 2022 31 March 2021
Particulars Amount Amount
(i) Gross Non-Performing Assets
- -
(a) Related parties
(b) Other than related parties 1,015.23 621.67
(ii) Net Non-Performing Assets
(a) Related parties - -
(b) Other than related parties 762.72 398.14
(iii) Assets acquired in satisfaction of debt - -
Note: Loan Portfolio includes gross loans amounting to 172.51 million (31 March 2021: `2.43 million). Value of
` 160.27 million (31 March 2021: ` 2.57 million) against repossessed assets for loans written off is ` 25.06
which the Company has taken possession of the million (31 March 2021: ` 10.14 million).
properties under Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest **Current investment means an investment which is
Act, 2002 and held such properties for disposal. The by its nature readily realizable and is intended to be
value of assets possessed against these loans is ` held for not more than one year from the date on which
such investment is made.
Annual Accounts
Disclosures required by the RBI vide Master Direction – Non-Banking Financial Company – Housing Finance
Company (Reserve Bank) Directions, 2021 dated 17 February 2021
59 Capital to risk assets ratio ('CRAR')

The following table sets forth, for the years indicated, the details of capital to risk assets ratio:
As at As at
31 March 2022 31 March 2021
) CRAR (%) 58.61% 56.19%
ii) CRAR – Tier I Capital (%) 58.05% 55.23%
iii) CRAR – Tier II Capital (%) 0.56% 0.96%
iv) Amount of subordinated debt raised as Tier - II capital - -
v) Amount raised by issue of Perpetual Debt Instruments - -
The following table sets forth, for the years indicated, the details of capital to risk assets ratio under RBI Guidelines
As at As at
31 March 2022 31 March 2021
) CRAR (%) 57.75% 56.21%
ii) CRAR – Tier I Capital (%) 57.19% 55.81%
iii) CRAR – Tier II Capital (%) 0.56% 0.40%
iv) Amount of subordinated debt raised as Tier - II capital - -
v) Amount raised by issue of Perpetual Debt Instruments - -
60 Reserve fund under section 29C of NHB Act, 1987 in million

As at As at
31 March 2022 31 March 2021
Balance at the beginning of the year
a) Statutory reserve u/s 29C of NHB Act, 1987 31.11 25.20
b) Amount of special reserve u/s 36(1) (viii) of Income Tax Act, 1961 taken into
account for the purposes of Statutory Reserve under Section 29C of the NHB Act, 1987 510.83 316.34
541.94 341.54
Addition/ Appropriation/ Withdrawal during the year

Add:
a) Amount transferred u/s 29C of NHB Act, 1987 71.93 5.91
b) Amount of special reserve u/s 36(1) (viii) of Income Tax Act, 1961 taken into
account for the purposes of Statutory reserve under Section 29C of the NHB Act, 1987 303.07 194.49
Less:
a) Amount appropriated from Statutory reserve u/s 29C of the NHB Act, 1987 - -
b) Amount withdrawn from the special reserve u/s 36(1) (viii) of Income Tax Act, 1961
which has been taken into account for the purposes of provision u/s 29C of the NHB Act, 1987 - -
Balance at the end of the year

a) Statutory Reserve u/s 29C of NHB Act, 1987 103.04 31.11
b) Amount of special reserve u/s 36(1) (viii) of Income Tax Act, 1961 taken into account for
the purposes of Statutory reserve under Section 29C of the NHB Act, 1987 813.90 510.83
Total 916.94 541.94
Annual Accounts
61 Investments in million
As at As at
31 March 2022 31 March 2021
Value of investments
i) Gross value of investments
(a) In India - 3,750.15
(b) Outside India - -
ii) Provision for depreciation
(a) In India - -
iii) Net value of investments
(a) In India - 3,750.15
Movement of provision held towards depreciation on investments
i) Opening balance - -
ii) Add: Provision made during the year - -
iii) Less: write off / written back of excess provision during the year - -
iv) Closing balance - -
62 Derivatives
There are no derivative instruments in the Company for the year ended 31 March 2022 and 31 March 2021.
62.1 Forward rate agreement (FRA) / Interest rate swap (IRS) in million
As at As at
31 March 2022 31 March 2021
i) The notional principal of swap agreements - -
ii) Losses which would be incurred if counterparties failed to fulfil their - -
obligations under the agreements
iii) Collateral required by the HFC upon entering into swaps - -
iv) Concentration of credit risk arising from the swaps - -
v) The fair value of the swap book - -
62.2 Exchange traded interest rate (IR) derivative in million

As at As at
31 March 2022 31 March 2021
i) Notional principal amount of exchange traded IR derivatives undertaken - -
during the year (instrument-wise)
ii) Notional principal amount of exchange traded IR derivatives outstanding - -
(instrument-wise)
iii) Notional principal amount of exchange traded IR derivatives outstanding - -
and not "highly effective" (instrument-wise)
iv) Mark-to-market value of exchange traded IR derivatives outstanding and - -
not "highly effective" (instrument-wise)
62.3 Disclosures on Risk Exposure in Derivatives : Since the Company has not involved in
Not applicable derivatives transactions, risk management
policy of the Company does not cover any such
A. Qualitative Disclosure disclosure.
Annual Accounts
B. Quantitative Disclosure in million

As at As at
31 March 2022 31 March 2021
) Derivatives (Notional Principal Amount) - -
ii) Marked to Market Positions - -
(a) Assets (+)
(a) Liability (-) - -
iii) Credit Exposure - -
iv) Unhedged Exposures - -
63 Gold loan
The Company does not provide any loans on collateral of gold and gold jewelleries.
64 Asset liability management (Maturity pattern of certain items of assets and liabilities) in million
As at 31 March 2022
Bank borrowings Market borrowings Loans* Investments**
1 to 7 Days 59.80 - 133.41 -

8 to 14 days 175.00 - 133.41 -
15 Days to one month 305.30 - 304.93 1,380.00
Over 1 month and up to 2 months 232.45 - 571.74 349.90
Over 2 months and up to 3 months 667.64 - 571.74 1,870.00
Over 3 months and up to 6 months 2,203.71 - 1,715.22 138.30
Over 6 months and up to 1 year 4,250.40 990.00 3,430.43 -
Over 1 year and up to 3 years 14,162.34 700.00 13,721.73 -
Over 3 years and up to 5 years 7,801.17 - 14,047.22 10.00
Over 5 years 3,177.35 - 8,550.84 349.20
Total 33,035.16 1,690.00 43,180.67 4,097.40
Asset liability management (Maturity pattern of certain items of assets and liabilities)
in million
As at 31 March 2021
Bank borrowings Market borrowings Loans* Investments**
1 to 7 Days 53.68 - 100.44 540.00

8 to 14 days 75.00 - 100.44 300.00
15 Days to one month 215.66 - 229.57 600.00
Over 1 month and up to 2 months 549.99 - 430.45 3,131.58
Over 2 months and up to 3 months 458.83 - 430.45 1,708.71
Over 3 months and up to 6 months 1,882.99 - 1,291.35 2,135.40
Over 6 months and up to 1 year 3,269.26 1,700.00 2,582.71 -
Over 1 year and up to 3 years 12,002.87 700.00 10,330.83 50.00
Over 3 years and up to 5 years 6,479.58 - 10,518.02 13.00
Over 5 years 3,204.04 - 7,473.50 340.00
Total 28,191.90 2,400.00 33,487.76 8,818.69
*Classification of assets and liabilities under different ** Investments includes Deposits with banks as at 31
maturity buckets is based on the estimates and March 2022 and 31 March 2021.
assumptions as used by the Company.
Note: The Company does not have deposits, foreign currency liabilities, foreign currency assets as at 31 March 2022
and 31 March 2021.
Annual Accounts
65 Exposure
65.1 Exposure to real estate sector in million
As at As at
Category
31 March 2022 31 March 2021
A) Direct exposure
(i) Residential mortgages
Lending fully secured by mortgages on residential property that is or will be 42,722.43 32,828.93
occupied by the borrower or that is rented
(ii) Commercial real estate
Lending secured by mortgages on commercial real estates (office buildings,
retail space, multipurpose commercial premises, multi-family residential
buildings, multi-tenanted commercial premises, industrial or warehouse 792.73 889.05
space, hotels, land acquisition, development and construction, etc.).
Exposure would also include non-fund based (NFB) limits
(iii) Investments in Mortgage Backed Securities (MBS)
and other securitised exposures
a) Residential Nil Nil
b) Commercial real estate Nil Nil
B) Indirect exposure
Fund based and non-fund based exposures on National Housing Bank (NHB)
and Housing Finance Companies (HFCs) Nil Nil
Total Exposure to real estate sector 43,515.16 33,717.98
65.2 Exposure to capital market

As at As at
Category
31 March 2022 31 March 2021
( i) direct investment in equity shares, convertible bonds, convertible debentures
and units of equity-oriented mutual funds the corpus of which is not exclusively
invested in corporate debt Nil Nil
(ii) advances against shares / bonds / debentures or other securities or on clean
basis to individuals for investment in shares (including IPOs / ESOPs), convertible
bonds, convertible debentures, and units of equity-oriented mutual funds Nil Nil
(iii) advances for any other purposes where shares or convertible bonds or
convertible debentures or units of equity oriented mutual funds are taken as
primary security Nil Nil
(iv) advances for any other purposes to the extent secured by the collateral
security of shares or convertible bonds or convertible debentures or units of
equity oriented mutual funds i.e. where the primary security other than shares /
convertible bonds / convertible debentures / units of equity oriented mutual
funds 'does not fully cover the advances Nil Nil
(v) secured and unsecured advances to stockbrokers and guarantees issued on
behalf of stockbrokers and market makers Nil Nil
(vi) loans sanctioned to corporates
against the security of shares / bonds / debentures or other securities or on clean
basis for meeting promoter's contribution to the equity of new companies in
anticipation of raising resources Nil Nil
(vii) bridge loans to companies against expected equity flows / issues Nil Nil
(viii) All exposures to Venture Capital Funds/ Alternate Investment Funds
(both registered and unregistered) Nil Nil
Total exposure to capital market Nil Nil
Annual Accounts
65.3 Details of financing of parent company guidelines during the year ended 31 March 2022
products: Not applicable. and 31 March 2021.
65.4 Details of Single Borrower Limit (SGL) / Group 65.5 Unsecured advances
Borrower Limit (GBL) exceeded by the
Company There are no unsecured advances against
intangible securities such as rights, licenses,
The Company has not exceeded single or group authorisations as collateral security during the
borrower exposure limit as prescribed by RBI year ended 31 March 2022 and 31 March 2021.
65.6 Exposure to group companies engaged in real estate business in million

Amount % of owned Amount % of owned
(` in million) funds (` in million) funds
Exposure to any single entity in a group
enagaged in real estate business - - - -
Exposure to any all entities in a group
enagaged in real estate business - - - -
66 Miscellaneous 66.2 Disclosure of penalties imposed by NHB/ RBI

and other regulators
66.1 Registration obtained from other financial
sector regulators Details of penalty imposed by NHB/ RBI/ other
regulators on account of contravention of
The Company is registered with RBI and has all its certain provisions/ regulations and which has
operations in India, it has not obtained been paid by the Company
registration from any other financial sector
regulators during the year.
(Amount in `)
Provisions in contravention 31 March 2022 31 March 2021
Paragraph 29 of the Housing Finance Companies (NHB) Directions, 2010 - 5,000
Policy Circular No 18 & 40 - 5,000
Paragraph 28 of the Housing Finance Companies (NHB) Directions, 2010 - 5,000
- 15,000
66.3 Group structure: Not Applicable. The Company does not have any holding, subsidiary or associate company.
66.4 Rating assigned by credit rating agency and migration of rating during the year
As at 31 March 2022
Instrument Rating Rating agency Comments
Commercial paper ICRA A1+ ICRA Instruments with this rating are considered to have very strong
degree of safety regarding timely payment of financial
obligations. Such instruments carry lowest credit risk.
Commercial paper IND A1+ India Ratings & Instruments with this rating are considered to have very strong
Research degree of safety regarding timely payment of financial
Annual Accounts
As at 31 March 2022
Term loans ICRA A+ ICRA Instruments with this rating are considered to have adequate
(Positive) degree of safety regarding timely servicing of financial
obligations. Such instruments carry low credit risk.
Non-convertible ICRA A+ ICRA Instruments with this rating are considered to have adequate
debentures (Positive) degree of safety regarding timely servicing of financial
Term loans Care A+ CARE Instruments with this rating are considered to have adequate
(Stable) degree of safety regarding timely servicing of financial
Term loans IND AA- India Ratings Instruments with this rating are considered to have high degree
(Stable) & Research of safety regarding timely servicing of financial obligations. Such
instruments carry very low credit risk.
Non-convertible IND AA- India Ratings Instruments with this rating are considered to have high degree
debentures (Stable) & Research of safety regarding timely servicing of financial obligations. Such
instruments carry very low credit risk.
As at 31 March 2021
Commercial paper ICRA A1+ ICRA Instruments with this rating are considered to have very strong
degree of safety regarding timely payment of financial
Commercial paper IND A1+ India Ratings Instruments with this rating are considered to have very strong
& Research degree of safety regarding timely payment of financial
Term loans ICRA A+ ICRA Instruments with this rating are considered to have adequate
Non-convertible ICRA A+ ICRA Instruments with this rating are considered to have adequate
debentures (Stable) degree of safety regarding timely servicing of financial
Term loans Care A+ CARE Instruments with this rating are considered to have adequate
66.5 Net Profit or Loss for the period, prior period revenue recognition has been postponed
items and changes in accounting policies pending the resolution of significant
The Company does not have any prior period uncertainties.
items / change in accounting policies during the
66.7 Consolidated Financial Statements (CFS): The
current year other than disclosed in financials.
Company does not have any subsidiary,
66.6 Revenue Recognition associate or joint venture accordingly CFS is not
There have been no circumstances in which applicable.
Annual Accounts
67 Provisions and Contingencies

67.1 Break up of 'Provisions and Contingencies' shown under the head expenditure
in the statement of profit and loss in million
31 March 2022 31 March 2021
) Provisions for depreciation on investment - -
ii) Provision made towards income tax 401.97 339.01
iii) Provision towards non performing assets (NPA) 28.98 142.30
iv) Provision for standard assets
-Commercial real estate (1.08) (1.81)
-Commercial real estate - RH 2.63 (7.22)
-Others (16.97) 52.25
v) Other Provisions and Contingencies - Provision for gratuity and
compensated absences (including Other Comprehensive Income) 12.14 9.05
67.2 Break up of loan and advances and provisions thereon in million

Housing loan Non housing loan
As at As at As at As at
31 March 2022 31 March 2021 31 March 2022 31 March 2021
Standard assets
a) Total outstanding amount 34,667.94 27,891.22 7,832.00 5,205.09
b) Provisions made 169.45 143.09 44.55 86.36
Sub - Standard assets
a) Total outstanding amount 699.60 422.36 157.06 73.42
Doubtful assets – Category-I
Doubtful assets – Category-II
Doubtful assets – Category-III
a) Total outstanding amount - - - -
b) Provisions made - - - -
Loss assets
a) Total outstanding amount - - - -
b) Provisions made - - - -
Total
a) Total outstanding amount 35,505.43 28,435.88 8,009.74 5,282.10
68 Draw down reserves 69.1 Concentration of public deposits (for public

Deposit taking/holding HFCs)
The Company has not made any draw down from
reserves during the year ended 31 March 2022 The Company does not accept any public deposits
and 31 March 2021. and hence the same is not applicable.
69 Concentration of public deposits, advances,

exposures and NPA's
Annual Accounts
As at As at
31 March 2022 31 March 2021
Total Deposits of twenty largest depositors (` in million) Not Applicable Not Applicable
Percentage of Deposits of twenty largest depositors to total deposits of the
deposit taking HFC Not Applicable Not Applicable
69.2 Concentration of loans and advances

As at As at
31 March 2022 31 March 2021
Total loans and advances to twenty largest borrowers (` in million) 373.16 562.16
Percentage of Loans and Advances to twenty largest borrowers to total
advances of the HFC 0.86% 1.67%
69.3 Concentration of all exposures (including off - balance sheet exposure)

As at As at
31 March 2022 31 March 2021
Total exposure to twenty largest borrowers / customers (` in million) 476.75 712.05
Percentage of exposures to twenty largest borrowers / customers to total
exposure of the HFC on borrowers / customers 0.94% 1.80%
69.4 Concentration of Non performing assets (NPA) in million

As at As at
31 March 2022 31 March 2021
Total exposure to top ten NPA accounts* 36.19 27.09
* The exposure is disclosed at customer level.
69.5 Sector wise Non performing assets (NPAs)
Sector wise percentage of NPAs to total advances in that sector As at As at

31 March 2022 31 March 2021
A Housing loans:
1 Individuals 2.36% 1.90%
2 Builders/Project loans 2.42% 3.00%
3 Corporates - -
4 Others - -
B Non housing loans:
1 Individuals 2.23% 1.49%
2 Builders/Project loans - -
3 Corporates - -
4 Others - -
Annual Accounts
70 Movement of Non performing assets (NPAs)

As at As at
31 March 2022 31 March 2021
(I) Net NPAs to net advances (%) 1.77% 1.18%
(II) Movement of NPAs (Gross)
a) Opening balance (` in million) 621.66 315.36
b) Additions during the year (net) (` in million) 795.66 478.95
c) Reductions during the year (` in million) 402.09 172.65
d) Closing balance (` in million) 1,015.23 621.66
(III) Movement of Net NPAs

b) Additions during the year (net) (` in million) 591.77 287.23
c) Reductions during the year (` in million) 227.18 123.23
d) Closing balance (` in million) 762.72 398.13
(IV) Movement of provisions for NPAs (excluding provisions on standard assets)

b) Provision made during the year (net) (` in million) 203.89 191.72
c) Write-off/ write-back of excess provisions during the year (` in million) 174.91 49.42
d) Closing balance (` in million) 252.51 223.53
71 Overseas assets
As at As at
31 March 2022 31 March 2021
NIL - -
72 Off-Balance Sheet SPVs sponsored (which are required to be consolidated as per accounting norms)

Name of SPV sponsored
Domestic Overseas Domestic Overseas
NIL - - - -
73 Disclosure of complaints
As at As at
31 March 2022 31 March 2021
a) No. of complaints pending at the beginning of the year 2 -
b) No. of complaints received during the year 288 184
c) No. of complaints redressed during the year 290 182
d) No. of complaints pending at the end of the year - 2
Annual Accounts
74 Principal business criteria

As at As at
31 March 2022 31 March 2021
Housing Loan (` in million) 35,505.43 28,435.88
Construction Finance - Residential (` in million) 200.11 357.12
Housing Finance (clauses a to k of para 4.1.16) 69.47% 63.14%
Housing finance for individuals (clauses a to e of para 4.1.16) 69.08% 62.34%
75 There were no instances of fraud reported during the year ended 31 March 2022 and 31 March 2021.
76 Figures for the previous year have been regrouped/ re-arranged wherever considered necessary to confirm to
the figures presented in the current year.
Firm registration Manoj Viswanathan Maninder Singh Juneja Nutan Gaba Patwari Shreyans Bachhawat
No.: 117365W Managing Director & Director Chief Financial Officer Company Secretary
Chief Executive Officer DIN No. : 02680016 Place: Mumbai Place: Mumbai
DIN No. : 01741612 Place: Mumbai Date: 03 May 2022 Date: 03 May 2022
Place: Mumbai Date: 03 May 2022
G. K. Subramaniam
Date: 03 May 2022
Partner
Place: Mumbai
Date: 03 May 2022
Assurance Report
Assurance Report
Assurance Report
Assurance Report
Notice of Annual General Meeting
NOTICE OF THE ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN THAT THE 13th ANNUAL GENERAL MEETING (“AGM”) OF THE MEMBERS OF HOME FIRST
FINANCE COMPANY INDIA LIMITED (“THE COMPANY”) IS SCHEDULED TO BE HELD ON FRIDAY, JUNE 10, 2022 AT
02:00 P.M. INDIAN STANDARD TIME (“IST”) THROUGH VIDEO CONFERENCING (“VC”) /OTHER AUDIO-VISUAL MEANS
(“OAVM”) FACILITY TO TRANSACT THE FOLLOWING BUSINESSES:
Ordinary Business: “RESOLVED THAT in supersession of the earlier

resolution passed by the Members of the
1. To receive, consider and adopt: Company at the 10th Annual General Meeting held
The Audited Balance Sheet, Statement of Profit on 12th June, 2019 and pursuant to the provisions
and Loss and Cash Flow Statement with notes of Section 180(1)(c) and other applicable
forming part thereof, the Directors' Report (along provisions, if any, of the Companies Act, 2013 and
with all the annexures) and Auditor's Report for the rules made thereunder (including any
the financial year ended March 31, 2022. statutory modification(s) or re-enactment(s)
thereof for the time being in force) and as per the
Special Businesses: applicable directions / guidelines issued by the
Reserve Bank of India (“RBI”) or National Housing
2. To consider and approve the retirement of Mr.
Bank (“NHB”) and the relevant provisions of the
Vishal Gupta as Nominee Director of Bessemer
Articles of Association of the Company and all
India Capital II Holdings Ltd.
other applicable rules, laws and acts (if any) and
To consider and if thought fit, to pass, with or subject to all other requisite approvals,
without modification(s), the following resolution permissions and sanctions and subject to such
as an Ordinary Resolution: conditions as may be prescribed by any of the
concerned authorities (if any), the consent of the
“RESOLVED THAT pursuant to the provisions of Members of the Company be and is hereby
Section 152 of the Companies Act, 2013 and accorded to the Board of Directors of the
relevant rules framed thereunder, including any Company (hereinafter referred to as the “the
modification(s) thereto or re-enactment(s) Board” which term shall be deemed to include any
thereof, Mr. Vishal Vijay Gupta, Nominee Director Committee of the Board constituted / to be
(DIN: 01913013) of Bessemer India Capital II constituted / reconstituted by the Board to
Holdings Ltd, who retires by means of rotation at exercise its powers, including the powers
the 13th Annual General Meeting, does not offer conferred upon by this resolution) for borrowing
himself for re-appointment be not re-appointed from time to time, as they may think fit for the
as a Director of the Company and the vacancy so purpose of the business of the Company, any sum
caused on the Board, be not filled up at the Annual or sums of money not exceeding ₹7,500 crore
General Meeting or any adjournment thereof. (Rupees Seven Thousand Five Hundred Crore
3. To approve the increase in borrowing powers in only) (including the money(ies) already borrowed
excess of the Paid-up Share Capital, Free by the Company) in Indian Rupees or in any
Reserves and Securities Premium of the equivalent foreign currency(ies) on such terms
Company pursuant to Section 180(1)(c) of the and conditions as the Board may deem fit,
Companies Act, 2013. whether the same may be secured or unsecured
whether domestic or international, and if
To consider and if thought fit, to pass, with or secured, whether by way of charge, by way of
without modification(s), the following resolution mortgage or hypothecation, pledge or otherwise
as a Special Resolution: in any way whatsoever, on, over or in any respect
of all, or any of the Company's assets and effects
or properties including stock in trade (receiv- such acts, deeds and things, as it may in its
ables), notwithstanding that the money to be absolute discretion deem necessary, proper or
borrowed together with the money(ies) already desirable and to settle any question, difficulty or
borrowed by the Company (apart from the doubt that may arise in this regard.”
temporary loans obtained from the Company's
4. To approve creation of charges on the assets of
Bankers in the ordinary course of business) and
the Company under Section 180(1)(a) of the
remaining un-discharged at any given time,
Companies Act, 2013 to secure the borrowings
exceed the aggregate, for the time being, of the
made/to be made under section 180(1)(c) of the
paid up share capital of the Company and its free
Companies Act, 2013.
reserves, that is to say, reserves not set apart for
any specific purpose, and securities premium To consider and if thought fit, to pass, with or
provided that the total borrowing limit shall be without modification(s), the following resolution
within the limits prescribed under the RBI Master as a Special Resolution:
Directions.
“RESOLVED THAT in supersession of the earlier
RESOLVED FURTHER THAT the Board be and is resolution passed by the Members of the
hereby authorized for borrowing from time to Company at the 10th Annual General Meeting held
time, as it may think fit, any sum or sums of money on 12th June, 2019 and pursuant to the provisions
not exceeding ₹7,500 crore (Rupees Seven of Section 180(1)(a) and other applicable
Thousand Five Hundred crore only) in Indian provisions, if any, of the Companies Act, 2013 and
Rupees or equivalent thereof in any foreign the rules made thereunder (including any
currency(ies) in aggregate (including the statutory modification(s) or re-enactment(s)
money(ies) already borrowed by the Company) on thereof for the time being in force) and as per the
such terms and conditions as the Board may directions/guidelines issued by the Reserve Bank
deem fit, by way of loans, or in any other form of India (“RBI”) or National Housing Bank (“NHB”)
whatsoever, or issue of Bonds and/or Non- and relevant provisions of the Articles of
Convertible Debentures or other Securities or Association of the Company, and all other
Term Loans, Cash Credit facilities External applicable rules, laws and acts (if any) and subject
Commercial Borrowings or other facilities in form to all other requisite approvals, permissions and
of debt in the nature of Debentures, Commercial sanctions and subject to such conditions as may
Papers and the like to Bank(s), Financial or other be prescribed by any of the concerned authorities
Institution(s), Mutual Fund(s), Non- Resident (if any), the consent of the Members of the
Indians (NRIs), Foreign Institutional Investors (FIIs) Company be and is hereby accorded to the Board
or any other person(s), body(ies) corporate, etc., of Directors of the Company (hereinafter referred
whether Securities holder of the Company or not. to as the “the Board” which term shall be deemed
to include any Committee of the Board,
RESOLVED FURTHER THAT for the purpose of
constituted/ to be constituted / reconstituted to
giving effect to the aforesaid resolution, the Board
exercise its powers including the powers
be and is hereby authorised to delegate all or any
conferred by this resolution) to create charge by
of the powers conferred on it by or under this
way of mortgage(s) and/or hypothecation and/or
resolution to any Committee of Directors of the
lien or otherwise on any of movable and / or
Company and the Board or the Committee of
immovable properties / assets of the Company
Directors be and is hereby authorized to arrange
including receivables in the form of book debts,
or finalise the terms and conditions of all such
wherever situated both present and future and /
borrowings, from time to time, viz. terms as to
or on whole or substantially the whole of the
interest, repayment, security or otherwise as it
undertaking of the Company or where the
may deem fit and to sign and execute all such
Company owns more than one undertaking, of
documents, agreements and writings and do all
the whole or substantially the whole of any such
undertaking(s) wherever situated, on such terms RESOLVED FURTHER THAT the securities to be
and conditions at such time(s) and in such form created by the Company as aforesaid may rank
and manner, and with such ranking in terms of exclusive/prior/pari-passu/subsequent with/to
priority, as the Board in its absolute discretion the hypothecation/mortgages/lien and/or
thinks fit, to or in favor of any bank(s) or Financial charges already created or to be created by the
or other Institution(s), Mutual Fund(s), Non- Company as may be agreed to between the
Resident Indians (NRIs), Foreign Institutional concerned parties.
Investors (FIIs) or Security Trustee(s) or body(ies)
RESOLVED FURTHER THAT for the purpose of
corporate or person(s), whether Securities
giving effect to the aforesaid resolution, the Board
holders of the Company or not, to secure the
of Directors be and is hereby authorised to
borrowing facility together with interest, cost,
delegate all or any of the powers conferred on it
charges and expenses thereon for amount not
by or under this resolution to any Committee of
exceeding ₹7,500 crore (Rupees Seven Thousand
Directors of the Company and to do all such acts,
Five Hundred Crore only) at any point of time
deeds and things, as it may in its absolute
(including the money(ies) already borrowed by
discretion deem necessary, proper or desirable
the Company).
and to settle any question, difficulty or doubt that
may arise in this regard.
By order of the Board of Directors,

Shreyans Bachhawat
Company Secretary & Compliance Officer
Mem No: A26700
Date: May 17, 2022
Place: Mumbai
Registered & Corporate Office Address:

Andheri (East), Mumbai-400059.
CIN: L65990MH2010PLC240703
Tel: 022 6694 0386
E-mail: corporate@homefirstindia.com
Website: www.homefirstindia.com
Notes: voting system as well as e-voting during the AGM.

The procedure for participating in the meeting
1. In view of the current extraordinary circums-
through VC/OAVM is explained in the notes
tances due to COVID-19 pandemic requiring
below.
social distancing, Ministry of Corporate Affairs,
Government of India (the “MCA”) vide its General 3. The Explanatory Statement pursuant to Section
Circular No. 20/2020 dated 5th May, 2020, 102 of the Companies Act, 2013 (“the Act”) setting
Circular No. 02/2021 dated January 13, 2021, out material facts relating to the special
General Circular No. 21/2021 December 14, 2021 business(es) to be transacted at the AGM is
and General Circular No 2/2022 dated May 5, annexed hereto. The Board of Directors, at its
2022 read together with General Circular Nos. meeting held on May 3, 2022 considered that the
14/2020 & 17/2020 dated 8th April, 2020 and 13th Special business under item no. 2, 3 and 4 being
April, 2020, respectively, (collectively referred to unavoidable, be transacted at the AGM.
as “MCA Circulars”), and the Securities and
4. All documents referred to in the Notice will be
Exchange Board of India (“SEBI”) vide its Circular
available for electronic inspection without any fee
No. SEBI/HO/ CFD/CMD1/CIR/P/2020/79 dated
by the members from the date of circulation of
12th May, 2020 and SEBI/HO/CFD /CMD2/
this Notice up to the date of AGM, i.e. June 10,
CIR/P/2021/11 dated January 15, 2021, permitted
2022. Members seeking to inspect such
the holding of the Annual General Meeting (AGM)
documents can send an email to corporate
through Video Conferencing ('VC')/Other Audio
@homefirstindia.com.
Visual Means ('OAVM'), without the physical
presence of the Members at a common venue. 5. The Register of Directors and Key Managerial
The deemed venue for the AGM shall be the Personnel and their shareholding, maintained
registered office of the Company. Since, the AGM under Section 170 of the Companies Act, 2013
will be held through VC, the route map, and (“Act”), the Register of Contracts or Arrangements
attendance slip are also not annexed to this in which the directors are interested, maintained
Notice. under Section 189 of the Act and the Certificate
from the Secretarial Auditors pursuant to
2. Further pursuant to the provisions of Section 108
Regulation 13 of the SEBI (Share Based Employee
of the Companies Act, 2013 read with Companies
Benefits and Sweat Equity) Regulations, 2021, will
(Management and Administration) Rules, 2014
be available electronically for inspection by the
(as amended) and Regulation 44 of SEBI (Listing
members during the AGM.
Obligations & Disclosure Requirements)
Regulations, 2015 (as amended) , Secretarial Further, members seeking any information with
Standards on General Meetings (SS-2) issued by regard to the accounts or any other matter to be
the Institute of Company Secretaries of India and placed at the AGM, are requested to write to the
the MCA and SEBI Circulars, the Company is Company from their registered email address,
holding its Annual General Meeting (AGM) mentioning their name, DP ID and Client ID
through Video Conferencing ('VC')/Other Audio- number and mobile number, at least 48 hours in
Visual Means ('OAVM'), without the physical advance before the commencement of the
presence of the Members at a common venue. Meeting i.e. latest by June 8, 2022, 02.00 P.M. IST
For the said purpose the Company has engaged through email to corporate@homefirstindia.
the services of National Securities Depository com. Such questions shall be taken up during the
Limited (NSDL) for conducting AGM through meeting or replied by the Company suitably.
VC/OAVM. Further, NSDL has also been engaged
for facilitating e-voting to enable the members to
cast their votes electronically using remote e-
6. In terms of the MCA circulars since the physical

attendance of Members has been dispensed 10. Once the vote on a resolution is cast by the
with, there is no requirement of appointment of shareholder, the shareholder shall not be
proxies. Accordingly, the facility of appointing allowed to change it subsequently. There will be
proxies by Members under Section 105 of the one e-vote for every Client ID irrespective of the
Companies Act, 2013 will not be available for the number of joint holders. Voting Rights shall be
AGM. However, in pursuance of Section 113 of the reckoned on the paid-up value of shares
Act, representatives of the Members may be registered in the name of the Member(s) as on the
appointed for the purpose of voting through cut-off date and any person who is not a member
remote e-voting, participation in the AGM as on that date should treat this Notice for
through VC/OAVM and e-voting during the AGM. information purposes only.
Corporate Members intending to appoint their
11. Members may join the AGM through VC/OAVM
representatives are requested to send a scanned
Facility by following the procedure as mentioned
certified copy of the board resolution authorizing
below which shall be kept open for the Members
their representatives to corporate@homefirst
from 01:30 P.M. (IST) i.e. 30 minutes before the
india.com with a copy marked to mail@aashish
time scheduled to start the AGM and the
bhatt.com and evoting@nsdl.co.in.
Company may close the window for joining the
7. Pursuant to the abovementioned Circulars, the VC/OAVM facility, 15 minutes after the scheduled
Company will send the Annual Report for the time to start the AGM. The facility of participation
FY22 and AGM notice in electronic form only. The at the General Meeting through VC/OAVM will be
Notice of AGM and Annual report for the FY22 are made available for at least 1000 members on first
also placed on the website of the Company i.e. come first served basis. However, the said
www.homefirstindia.com and the website of restriction on account of first come first served
National Securities Depository Limited i.e. principle shall not be applicable on large
www.evoting.nsdl.com and at the relevant shareholders (shareholders holding 2% or more
sections of the websites of the stock exchanges shareholding), promoters, institutional investors,
on which the shares of the Company are listed i.e. Directors, Key Managerial Personnel, the
BSE Ltd. (www.bseindia.com) and National Stock Chairpersons of the Audit Committee, Nomi-
Exchange of India Ltd. (www.nseindia.com). nation and Remuneration Committee and
Stakeholders' Relationship Committee, Auditors,
8. The Notice is being sent to all the Members/ etc.
Beneficiaries electronically, whose names appear
on the Register of Members/Record of 12. The attendance of the Members attending the
Depositories as on Friday, May 13, 2022 in AGM through VC/OAVM will be counted for the
accordance with the provisions of the Companies purpose of reckoning the quorum under Section
Act, 2013, read with Rules made thereunder and 103 of the Companies Act, 2013.
MCA and SEBI Circulars.
13. Members who would like to express their views
9. The facility for electronic voting system, shall also or ask questions during the AGM may register
be made available during the AGM. The Members themselves as speaker by sending their request
attending the AGM, who have not cast their votes from their registered email address mentioning
through remote e-voting and are otherwise not their name, DP ID and client ID, No. of shares,
barred from doing so, shall be able to exercise PAN, mobile number at corporate@-homefirst
their voting rights during the AGM. The Members india.com till June 3, 2022 Only those Members
who have already casted their votes through who have registered themselves as a speaker will
remote e-voting may attend the meeting but shall be allowed to express their views, ask questions
not be entitled to cast their votes again at the during the AGM.
AGM.
The Company reserves the right to restrict the electronically including Annual Report, Notices,
number of speakers as well as the speaking time Circulars, etc.
depending upon the availability of time at the
18. The Securities and Exchange Board of India has
AGM.
mandated the submission of the Permanent
14. Shareholders who would like to express their Account Number (PAN) by every participant in the
views/have questions may send their questions in securities market. Members holding shares in
advance mentioning their name demat account electronic form are, therefore, requested to
number, email id, mobile number at corporate@ submit the PAN details to their Depository
homefirstindia.com. The same will be replied by Participants with whom they are maintaining
the company suitably. their demat accounts.
15. The Board of Directors have appointed Mr. 19. Members are requested to notify the change in
Aashish K Bhatt (Certificate of Practice no.7023) address if any, with Pin Code numbers
Designated Partner of M/s Bhatt & Associates, immediately to the RTA i.e. Kfin Technologies
Company Secretaries LLP as the Scrutiniser to Limited, Selenium Building, Tower B, Plot No 31 &
scrutinize the remote e-voting process and voting 32, Financial District, Nanakramguda, Hyder-
through electronic voting system at the AGM in a abad, Telegana- 500 0032. Tel No: +91 40- 6716
fair and transparent manner. 2222, Website: www.kfintech.com.
16. The Scrutiniser will, after the conclusion of e- 20. Non-Resident Indian Members are requested to
voting at the AGM, scrutinise the votes cast at the inform RTA of the Company any change in their
AGM and votes cast through remote e-voting, residential status on return to India for
make a consolidated Scrutiniser's Report and permanent settlement, particulars of their
submit the same to the Chairman or a person Company account maintained in India with
authorised by him in writing, who shall complete name, branch account type, account
countersign the same and declare voting results number and address of Company with pin code
(consolidated) within two working days from the number, if not furnished earlier. Members
conclusion of the AGM. The voting results along holding shares in electronic form may contact
with the consolidated Scrutiniser's Report, will be their respective Depository Participants for
placed on the website of the Company availing this facility.
(www.homefirstindia.com) and the website of 21. Any person, who acquires shares of the Company
NSDL (www.nsdl.com) immediately after the and becomes Member of the Company after the
declaration of result by the Chairman and in his Company sends the Notice of the AGM by e-mail
absence, any Director/officer of the Company and holds shares as on the cut-off date i.e. on June
authorised by the Chairman and the same will 3, 2022, may obtain the User ID and password by
also be communicated to BSE Limited and the sending a request to e-mail address evoting@
National Stock Exchange of India Limited. It shall nsdl.co.in. However, if he/she is already
also be displayed on the Notice Board at the registered with NSDL for remote e-voting then
Registered Office and the Corporate office of the he/she can use his/her existing user ID and
Company. password for casting his/her vote. In the case of
forgot password, the same can be reset by using
17. In order promote optimum utilization of natural
“Forgot User Details/Password?” option available
resources responsibly, we request shareholders
on www.evoting.nsdl.com.
to update their contact details including e-mail
address, mandates, nominations, power of 22. In case of any queries, you may refer the
attorney, Company details covering name of the Frequently Asked Questions (FAQs) for
Company and branch details, Company account Shareholders and e-voting user manual for
number, MICR code, IFSC code, etc. with their Shareholders available at the download section
depository participants and with RTA to enable of www.evoting.nsdl.com or call on toll free no.:
the Company to send all the communications 18001020990 and 1800224430 or send a request
at evoting@nsdl.co.in. or contact Mr. Amit Vishal, share capital of the Company as on the cut-off
Senior Manager or Ms. Pallavi Mhatre, Manager, date.
National Securities Depository Ltd., Trade World,
How do I vote electronically using NSDL e-Voting
'A' Wing, 4th Floor, Kamala Mills Compound,
system?
Senapati Bapat Marg, Lower Parel, Mumbai – 400
013, at the designated e-mail IDs: evoting@ The way to vote electronically on NSDL e-Voting
nsdl.co.in or AmitV@nsdl.co.in or pallavid@ system consists of “Two Steps” which are mentioned
nsdl.co.in or at telephone nos. : +91-22-24994360 below:
or +91-9920264780 or +91-22-24994545 who will
also address the grievances connected with the Step 1: Access to NSDL e-Voting system
voting by electronic means. Members may also
A) Login method for e-Voting and joining
write to the Company Secretary at the Company's
virtual meeting for Individual shareholders
e-mail address corporate@homefirstindia.com.
holding securities in demat mode
THE INSTRUCTIONS FOR MEMBERS FOR
In terms of SEBI circular dated December 9, 2020
REMOTE E-VOTING AND ATTENDING THE
on e-Voting facility provided by Listed Companies,
ANNUAL GENERAL MEETING ARE AS UNDER:-
Individual shareholders holding securities in
The remote e-voting period begins on Monday, demat mode are allowed to vote through their
June 6, 2022 at 09:00 A.M. and ends on Thursday, demat account maintained with Depositories and
June 9, 2022 at 5:00 P.M. The remote e-voting Depository Participants. Shareholders are
module shall be disabled by NSDL for voting advised to update their mobile number and email
thereafter. The Members, whose names appear Id in their demat accounts in order to access e-
in the Register of Members / Beneficial Owners Voting facility.
Login method for Individual shareholders holding
as on the record date (cut-off date) i.e. Friday
securities in demat mode is given below:
June 3, 2022, may cast their vote electronically.
The voting right of shareholders shall be in
proportion to their share in the paid-up equity
Type of shareholders Login Method
Individual Shareholders 1. Existing IDeAS user can visit the e-Services website of NSDL Viz.
holding securities in https://eservices.nsdl.com either on a Personal Computer or on a mobile. On the e-
demat mode with NSDL. Services home page click on the “Beneficial Owner” icon under “Login” which is
available under 'IDeAS' section , this will prompt you to enter your existing User ID
and Password. After successful authentication, you will be able to see e-Voting
services under Value added services. Click on “Access to e-Voting” under e-Voting
services and you will be able to see e-Voting page. Click on company name or e-
Voting service provider i.e. NSDL and you will be re-directed to e-Voting website of
NSDL for casting your vote during the remote e-Voting period or joining virtual
meeting & voting during the meeting.
2. If you are not registered for IDeAS e-Services, option to register is available at
https://eservices.nsdl.com. Select “Register Online for IDeAS Portal” or click at
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
3. Visit the e-Voting website of NSDL. Open web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.
Once the home page of e-Voting system is launched, click on the icon “Login” which
is available under 'Shareholder/Member' section. A new screen will open. You will
have to enter your User ID (i.e. your sixteen digit demat account number hold with
Type of shareholders Login Method
Individual Shareholders NSDL), Password/OTP and a Verification Code as shown on the screen. After
holding securities in successful authentication, you will be redirected to NSDL Depository site wherein
demat mode with NSDL. you can see e-Voting page. Click on company name or e-Voting service provider
i.e. NSDL and you will be redirected to e-Voting website of NSDL for casting your
vote during the remote e-Voting period or joining virtual meeting & voting during
the meeting.
Shareholders/Members can also download NSDL Mobile App “NSDL Speede”
facility by scanning the QR code mentioned below for seamless voting experience.
Individual Shareholders 1. Existing users who have opted for Easi / Easiest, they can login through their user id
holding securities in and password. Option will be made available to reach e-Voting page without any
demat mode with CDSL further authentication. The URL for users to login to Easi / Easiest are
https://web.cdslindia.com/myeasi/home/login or www.cdslindia.com and click on
New System Myeasi.
2. After successful login of Easi/Easiest the user will be also able to see the E Voting
Menu. The Menu will have links of e-Voting service provider i.e. NSDL. Click on
NSDL to cast your vote.
3. If the user is not registered for Easi/Easiest, option to register is available at
https://web.cdslindia.com/myeasi/Registration/EasiRegistration
4. Alternatively, the user can directly access e-Voting page by providing demat
Account Number and PAN No. from a link in www.cdslindia.com home page. The
system will authenticate the user by sending OTP on registered Mobile & Email as
recorded in the demat Account. After successful authentication, user will be
provided links for the respective ESP i.e. NSDL where the e-Voting is in progress.
Individual Shareholders You can also login using the login credentials of your demat account through your
(holding securities in Depository Participant registered with NSDL/CDSL for e-Voting facility upon logging in,
demat mode) login you will be able to see e-Voting option. Click on e-Voting option, you will be redirected to
through their depository NSDL/CDSL Depository site after successful authentication, wherein you can see e-
participants Voting feature. Click on company name or e-Voting service provider i.e. NSDL and you
will be redirected to e-Voting website of NSDL for casting your vote during the remote
e-Voting period or joining virtual meeting & voting during the meeting
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and
Forget Password option available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login
through Depository i.e. NSDL and CDSL.
Login Type Helpdesk Datails
Individual Shareholders holding securities in Members facing any technical issue in login can contact NSDL
demat mode with NSDL helpdesk by sending a request at evoting@nsdl.co.in or call at toll
free no.: 1800 1020 990 and 1800 22 44 30
Individual Shareholders holding securities in Members facing any technical issue in login can contact CDSL
demat mode with CDSL helpdesk by sending a request at helpdesk.evoting@cdslindia.com
or contact at 022- 23058738 or 022-23058542-43
B) Login Method for e-Voting and joining virtual 3. A new screen will open. You will have to enter your
meeting for shareholders other than Individual User ID, your Password/OTP and a Verification
shareholders holding securities in demat mode. Code as shown on the screen.
How to Log-in to NSDL e-Voting website? Alternatively, if you are registered for NSDL
eservices i.e. IDEAS, you can log-in at https://
1. Visit the e-Voting website of NSDL. Open web
eservices.nsdl.com/ with your existing IDEAS
browser by typing the following URL: https://www
login. Once you log-in to NSDL eservices after
.evoting.nsdl.com/ either on a Personal
using your log-in credentials, click on e-Voting and
Computer or on a mobile.
you can proceed to Step 2 i.e. Cast your vote
2. Once the home page of e-Voting system is electronically.
launched, click on the icon “Login” which is
4. Your User ID details are given below :
available under 'Shareholder/Member' section.
Manner of holding shares i.e. Demat Your User ID is:

(NSDL or CDSL)
a) For Members who hold shares in demat 8 Character DP ID followed by 8 Digit Client ID
account with NSDL. For example if your DP ID is IN300*** and Client ID is 12****** then
your user ID is IN300***12******.
b) For Members who hold shares in demat 16 Digit Beneficiary ID

account with CDSL. For example if your Beneficiary ID is 12************** then your
user ID is 12**************
5. Password details for shareholders other than b) If you are using NSDL e-Voting system for the first
Individual shareholders are given below: time, you will need to retrieve the 'initial
password' which was communicated to you.
a) If you are already registered for e-Voting, then
Once you retrieve your 'initial password', you
you can use your existing password to login and
need to enter the 'initial password' and the
cast your vote.
system will force you to change your password.
c) How to retrieve your 'initial password'? 1. After successful login at Step 1, you will be able to
see all the companies “EVEN” in which you are
(I) If your email ID is registered in your demat
holding shares and whose voting cycle and
account or with the company, your 'initial
General Meeting is in active status.
password' is communicated to you on your email
ID. Trace the email sent to you from NSDL from 2. Select “EVEN” of company for which you wish to
your mailbox. Open the email and open the cast your vote during the remote e-Voting period
attachment i.e. a .pdf file. Open the .pdf file. The and casting your vote during the General
password to open the .pdf file is your 8 digit client Meeting. For joining virtual meeting, you need to
ID for NSDL account, last 8 digits of client ID for click on “VC/OAVM” link placed under “Join
CDSL account. The .pdf file contains your 'User ID' Meeting”.
and your 'initial password'.
3. Now you are ready for e-Voting as the Voting page
(ii) If your email ID is not registered, please follow opens.
steps mentioned below in process for those
4. Cast your vote by selecting appropriate options
shareholders whose email ids are not
i.e. assent or dissent, verify/modify the number of
registered
shares for which you wish to cast your vote and
6. If you are unable to retrieve or have not received click on “Submit” and also “Confirm” when
the “ Initial password” or have forgotten your prompted.
password:
5. Upon confirmation, the message “Vote cast
a) Click on “Forgot User Details/Password?”(If you successfully” will be displayed.
are holding shares in your demat account with
6. You can also take the printout of the votes cast by
NSDL or CDSL) option available on www.evoting.
you by clicking on the print option on the
nsdl.com.
confirmation page.
b) If you are still unable to get the password by
7. Once you confirm your vote on the resolution,
aforesaid option, you can send a request at
you will not be allowed to modify your vote.
evoting@nsdl.co.in mentioning your demat
account number, your PAN, your name and your General Guidelines for shareholders
registered address etc.
1. Institutional shareholders (i.e. other than
c) Members can also use the OTP (One Time individuals, HUF, NRI etc.) are required to send
Password) based login for casting the votes on the scanned copy (PDF/JPG Format) of the relevant
e-Voting system of NSDL. Board Resolution/ Authority letter etc. with
attested specimen signature of the duly
7. After entering your password, tick on Agree to
authorized signatory(ies) who are authorized to
“Terms and Conditions” by selecting on the check
vote, to the Scrutinizer by e-mail to aashish@
box.
aashishbhatt.in with a copy marked to evoting
8. Now, you will have to click on “Login” button. @nsdl.co.in. Institutional shareholders (i.e. other
than individuals, HUF, NRI etc.) can also upload
9. After you click on the “Login” button, Home page
their Board Resolution / Power of Attorney /
of e-Voting will open.
Authority Letter etc. by clicking on "Upload
Step 2: Cast your vote electronically and join General Board Resolution / Authority Letter" displayed
Meeting on NSDL e-Voting system. under "e-Voting" tab in their login.
How to cast your vote electronically and join General 2. It is strongly recommended not to share your
Meeting on NSDL e-Voting system? password with any other person and take utmost
care to keep your password confidential. Login to
the e-voting website will be disabled upon five email ID correctly in their demat account in order
unsuccessful attempts to key in the correct to access e-Voting facility.
password. In such an event, you will need to go
THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING
through the “Forgot User Details/Password?”
ON THE DAY OF THE AGM ARE AS UNDER:-
available on www.evoting.nsdl.com to reset the
password. 1. The procedure for e-Voting on the day of the AGM
is same as the instructions mentioned above for
3. In case of any queries, you may refer the
remote e-voting.
Frequently Asked Questions (FAQs) for Share-
holders and e-voting user manual for Share- 2. Only those Members, who will be present in the
holders available at the download section of AGM through VC/OAVM facility and have not
www.evoting.nsdl.com or call on toll free no.: casted their vote on the Resolutions through
1800 1020 990 and 1800 22 44 30 or send a remote e-Voting and are otherwise not barred
request to Ms. Pallavi Mhatre at evoting@ from doing so, shall be eligible to vote through e-
nsdl.co.in Voting system during the AGM.
Process for those shareholders whose email ids 3. Members who have voted through Remote e-
are not registered with the depositories for Voting will be eligible to attend the AGM.
procuring user id and password and However, they will not be eligible to vote during
registration of e mail ids for e-voting for the the AGM.
resolutions set out in this notice:
4. The details of the person who may be contacted
1. In case shares are held in demat mode, please for any grievances connected with the facility for
provide DPID-CLID (16 digit DPID + CLID or 16 digit e-Voting on the day of the AGM shall be the same
beneficiary ID), Name, client master or copy of person mentioned for Remote e-voting.
Consolidated Account statement, PAN (self-
INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE
attested scanned copy of PAN card), AADHAR
AGM THROUGH VC/OAVM ARE AS UNDER:
(self-attested scanned copy of Aadhar Card) to
corporate@homefirstindia.com. If you are an 1. Member will be provided with a facility to attend
Individual shareholder holding securities in the AGM through VC/OAVM through the NSDL e-
demat mode, you are requested to refer to the Voting system. Members may access by following
login method explained at step 1 (A) i.e. Login the steps mentioned above for Access to NSDL e-
method for e-Voting and joining virtual meeting Voting system. After successful login, you can
for Individual shareholders holding securities in see link of “VC/OAVM link” placed under “Join
demat mode. meeting” menu against company name. You are
requested to click on VC/OAVM link placed under
2. Alternatively shareholder/members may send a
Join General Meeting menu. The link for VC/OAVM
request to evoting@nsdl.co.in for procuring user
will be available in Member login where the EVEN
id and password for e-voting by providing above
of Company will be displayed. Please note that
mentioned documents.
the members who do not have the User ID and
3. In terms of SEBI circular dated December 9, 2020 Password for e-Voting or have forgotten the User
on e-Voting facility provided by Listed Companies, ID and Password may retrieve the same by
Individual shareholders holding securities in following the remote e-Voting instructions
demat mode are allowed to vote through their mentioned in the notice to avoid last minute rush.
demat account maintained with Depositories and
2. Members are encouraged to join the Meeting
Depository Participants. Shareholders are
through Laptops for better experience.
required to update their mobile number and
3. Further Members will be required to allow connecting via Mobile Hotspot may experience
Camera and use Internet with a good speed to Audio/Video loss due to Fluctuation in their
avoid any disturbance during the meeting. respective network. It is therefore recommended
to use Stable Wi-Fi or LAN Connection to mitigate
4. Please note that participants connecting through
any kind of aforesaid glitches.
Mobile Devices or Tablets or through Laptop
EXPLANATORY STATEMENT PURSUANT TO Item No. 3 & 4:

SECTION 102(1) OF THE COMPANIES ACT, 2013 (“the
Act”) At the 10th Annual General Meeting of the Company
held on June 12, 2019, the members in terms of the
The following Explanatory Statement, pursuant to
provisions of Section 180(1)(c) of the Companies Act,
Section 102 of the Companies Act, 2013 (“Act”), sets out
2013, had granted their approval by way of a Special
all material facts relating to the business mentioned in
Resolution to the Board of Directors, to borrow from
the accompanying Notice dated May 17, 2022:
time to time, such amounts as they may deem
Item No. 2: necessary for the purpose of business of the Company,
not exceeding ₹5,000 Crores (Rupees Five Thousand
Pursuant to the provisions of Section 152(7) of the Act Crores only) over and above the then paid-up share
and in accordance with the Articles of Association of capital and free reserves of the Company (reserves not
the Company, Mr. Vishal Gupta (DIN: 01913013), set apart for any specific purpose) and in terms of
Nominee Director of Bessemer India Capital Holdings II provisions of Section 180(1)(a) of the Companies Act,
Ltd (“Bessemer”) appointed on February 28, 2018, is 2013 to mortgage and/or create a charge on any of the
liable to retire by rotation at the ensuing Annual moveable and/or immoveable properties and/or the
General Meeting. Mr. Vishal Vijay Gupta has expressed whole or any part of undertaking(s) of the Company to
his opinion indicated to the Company that he intends secure its borrowings up to the limits of Section
proposes to retire from his directorship and therefore 180(1)(c).
is not seeking re-appointment at the AGM. The
Company has also received an intimation from In terms of provisions of Section 180(1)(c) of the
Bessemer that it giving their consent to retire Mr. Vishal Companies Act, 2013, the Board of Directors of the
Gupta as their Nominee and does not intend to Company cannot, except with the consent of the
nominate any other Director to fill up the vacancy. Members in a general meeting, by means of a Special
Resolution, borrow money(ies) where the money to be
The Board of Directors of the Company (“Board”) at its borrowed, together with the money already borrowed
meeting held on May 3, 2022 placed on record the (apart from temporary loans obtained from the
appreciation for the invaluable inputs in the area of Company’s bankers in the ordinary course of business),
information technology development, digital platforms in excess of the aggregate of the paid-up share capital,
partnerships and in shaping the growth strategy of the free reserves and securities premium.
Company during his tenure as a Nominee Director and
accordingly, the Board does not propose to fill the As at March 31, 2022, the outstanding borrowings of
vacancy caused due to his retirement at this Annual the Company stood at ₹3,467 Crores (Rupees Three
General Meeting. Thousand Four Hundred and Sixty-Seven Crore). In
contemplation of business expansion and in order to
Further as per Section 152(7) of the Companies Act, fulfil the loan disbursements in the future, the Board
2013, the members shall expressly resolve not to fill the may have to resort to multiple financing alternatives,
vacancy caused by such retirement at the Annual the amount of which is expected to exceed the
General Meeting or any adjournment thereof. approved existing borrowing limit of ₹5,000 Crores
(Rupees Five Thousand Crores only).
The Board recommends the Ordinary Resolution as set
out in item no.2 for approval of the Members of the Taking into account the increased fund requirements,
Company. as well as the enabling provisions of Section 180(1)(c) of
the Companies Act, 2013, the approval of the Members
Except Mr. Gupta, None of the Directors or Key
for item no. 3 of the notice is being sought by means of
Managerial Personnel of the Company or their relatives
a Special Resolution, as the borrowing limit of ₹7,500
is/are in any way, concerned or interested, financially
Crore (Rupees Seven Thousand Five Hundred only).
or otherwise, in the resolution set out in item no.2 of
the accompanying Notice.
In accordance to above, the said borrowings by As per Section 180(1)(a) and 180(1)(c) and other
way of loan or issue of securities may be required applicable provisions of the Act, approval of the
to be secured by way of charge through lien / Members is being sought by way of passing
hypothecation / mortgage over all or any part of Special Resolution. Hence, the Board recom-
the movable and / or immovable asset of the mends passing of the enabling Special
Company and as per the provisions of Section Resolutions set out at item No. 3 and 4 of the
180 (1) (a) of the Act, the mortgage or charge on all Notice.
or any part of the movable and /or immovable
None of the Directors or Key Managerial Person-
asset of the Company, may be deemed as
nel of the Company or their relatives is/are in any
disposal of the whole, or substantially the whole,
way, concerned or interested, financially or
of the undertaking of the Company and hence the
otherwise, in the resolutions set out at Item No. 3
approval of the Members of the Company is
and 4 of the accompanying Notice.
required by way of a Special Resolution as set out
at Item No. 4 of the Notice.
By order of the Board of Directors,

Shreyans Bachhawat
Company Secretary & Compliance Officer
Mem No: A26700
Date: May 17, 2022
Place: Mumbai
Registered & Corporate Office Address:

Andheri (East), Mumbai-400059.
CIN: L65990MH2010PLC240703
Tel: 022 6694 0386
E-mail: corporate@homefirstindia.com
Website: www.homefirstindia.com
CIN: L65990MH2010PLC240703

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HFFCIL/BSE/NSE/EQ/23/2022-23 Date: 17-05-2022

For Home First Finance Company India Limited

Productivity Risk Management Funding ESG

Our Approach to Reporting Materiality & Scope & Boundary

SDGs). Revised. The assurance criteria, methodology and

The Integrated Annual Report FY2022 is an annual

₹ 10 lakhs 2.3% 3.6%

90% Disbursals crossed

Certiﬁed as a “Great Place To

EWS and LIG customers account

Financial Statements and Assurance Report

Notice to AGM 306

Solar Reﬂective Index (SRI) is important to

Directors Committes of the Board Auditors

Home First Finance Company India Ltd. Integrated Annual Report 01

Shape the Future of Financing Be the Fastest Provider of

Home First Finance Company India Ltd. Integrated Annual Report 02

CARE Rating CARE Rating IndiaRatings Assigned

₹ 5,380 Crs Series C HomeFirst

Early Days and Proof of Concept Consolidation Scaling Up

Total Income - 2 7 20 39 62 95 146 271 419 489 596

Key Metrics (₹ in Crs)

Face value per share (₹) 10 10 10 10 10 10 10 10 2 2 2 2

Home First Finance Company India Ltd. Integrated Annual Report 05

Our Branch Network

New branch locations - 63

Home First Finance Company India Ltd. Integrated Annual Report 06

CAGR 41.1% CAGR 28.5%

Home First Finance Company India Ltd. Integrated Annual Report 07

Networth Proﬁt After Tax *

FY' 18 2.1% FY' 18 7.9%

FY' 19 2.4% FY' 19 10.8%

FY' 20 2.7% FY' 20 10.9%

FY' 21 2.5% FY' 21 8.7%

Home First Finance Company India Ltd. Integrated Annual Report 08

CAGR 43.3% CAGR 46.5%

FY' 18 51.2% FY' 18 3.6%

FY' 19 50.3% FY' 19 3.8%

FY' 20 45.8% FY' 20 3.5%

FY' 21 39.0% FY' 21 2.7%

FY' 22 34.0% FY' 22 2.7%

Home First Finance Company India Ltd. Integrated Annual Report 09

Mar' 18 0.6% Mar' 18 0.5%

Mar' 19 0.8% Mar' 19 0.6%

Mar' 20 1.0% Mar' 20 0.8%

Mar' 21 1.8% Mar' 21 1.2%

Mar' 22 1.3% 1.0% 2.3% Mar' 22 0.9% 0.9% 1.8%

Re-classiﬁcation due to RBI circular

Mar' 18 1.4% Mar' 18 3.1%

Mar' 19 1.7% Mar' 19 3.2%

Mar' 20 2.0% Mar' 20 4.4%

Mar' 21 4.1% Mar' 21 6.2%

Mar' 22 3.7% Mar' 22 5.3%

Home First Finance Company India Ltd. Integrated Annual Report 10

FY' 18 43.8% FY' 18 42.9%

FY' 19 38.5% FY' 19 37.7%

FY' 20 49.0% FY' 20 47.7%

FY' 21 56.2% FY' 21 55.2%

FY' 22 58.6% FY' 22 58.1%

Home First Finance Company India Ltd. Integrated Annual Report 11