Manoj Viswanathan, MD & CEO of Home First Finance, said from the middle of April to probably the end of May there was some disruption because of the second wave of COVID. “Initially northern and western parts of the country was disrupted and then it moved down to the south. We see kind of a proportional impact on new disbursements as well as collections.”
He added, “This time around the difference has been that just as the wave rose very sharply and it has come down very sharply and the recovery has already started. As we entered June, we entered in the phase of the recovery and so more and more customers have been coming back making payments they missed in April and May.”
On collections, Viswanathan said, “From a trend perspective in July we should be getting back to almost March levels of recovery. There are some fluctuations in this quarter but from July it should go back to March levels.”
On restructuring, he said, “We have taken our board approvals for restructuring and we are still talking to customers. We are still formulating our plans on how we want to do it and who to offer and so on.”For full management commentary, watch the video.