Home First Finance Company, an India-based housing finance company, announced its Q3 FY24 operational performance, which was in line with expectations. The company reported a net interest income of Rs 1.34 billion and an operating profit of Rs 1.09 billion. Its net profit for the quarter increased by 34.2% YoY to Rs 79 crore, driven by higher assignment income and lower credit cost. The company's assets under management (AUM) grew by 33.5% to Rs 9,014 crore, with housing loans contributing 86% of the total AUM. Disbursements in Q3 reached Rs 1,007 crore, crossing the Rs 1,000-crore mark for the first time.

As a result of the strong results, shares of Home First Finance jumped nearly 8% in early trade to a 52-week high of Rs 1,061. The stock's trading volume also increased significantly. The company aims to continue its growth trajectory by expanding its presence in emerging affordable housing markets. Its net interest income for the quarter grew by 20.1% to Rs 1,209.90 crore.

Morgan Stanley has an 'overweight' rating on Home First Finance, with a price target of Rs 1,250. The company's strong performance and growth potential have attracted investor interest, resulting in the surge in its share price.