Aavas Financiers announced Q2FY23 results: AUM of Rs. 125,437 million; Growth of 24% YoY PAT at Rs. 1963 million; Growth of 29% YoY Gross Stage 3 at 1.10% (includes 0.17% of upto 90 DPD assets) ROA at 3.42%; Increased by 17 bps YoY Sufficient Liquidity of Rs. 28,370 million Positive ALM & Strong Capital Base Commenting on the performance Mr. Sushil Kumar Agarwal, CEO said: “Dear All, Wishing you all a very happy Diwali and festivity & I hope everybody keep safety and health as priority. At Aavas we believe in consistent growth with maintaining asset quality and I am happy to share that the Company has reported a robust growth of 64% in disbursements during H1 FY23 which stood at Rs. 22,403 Mn as compared to Rs. 13,641 Mn in the same period last year. This strong growth aided to an overall AUM growth of 24%, which stood at Rs. 125,437 Mn as on 30th September 2022. Aavas intends to invest in Technology extensively which will help the Company to further reduce turnaround time, improve productivity, enhance customer experience, improve transparency in processes and support long term growth on sustainable basis. Our long term strategy of attaining digital transformation remain on track. Over the years the Company has strengthened its branch network to 321 branches, adding 7 branches in H1 FY23. The Company’s enhanced collections efforts coupled with its technological prowess, led to an improvement in the company’s asset quality by 22 bps from 4.67% in Jun-22 to 4.45% in Sep-22. Additionally, the Company has categorized 0.17% of assets with DPD up to 90 as Gross Stage 3 following RBI’s notification dated 12th November 2021 to harmonize IRACP norms. As a result, the total Gross Stage 3 exposure as of Sep-22 stands at 1.10% as against 0.93% in the absence of any changes in IRACP norms by RBI. We are happy to share that the company has received a rating upgrade from CARE Ratings. The Company’s rating has been upgraded to CARE AA (outlook stable) from CARE AA- (outlook positive) similar to the rating by ICRA, which endorses Company’s strong financial profile and exhibit ability of efficient capital management. Lastly, during the quarter, the Company has raised Rs. 9,467 Mn at a blended rate of 7.55% which will not only augment growth capital requirements but also ensure adequate liquidity. As of 30th September, the Company has healthy balance sheet liquidity of Rs. 28,370 Mn which is in the form of cash & cash equivalents and un-availed sanctions." Result PDF
Aavas Financiers Announced Q1FY23 Result : AUM of Rs. 118,936 Mn; Growth of 24% YoY PAT at Rs. 892 Mn; Growth of 49% YoY Gross Stage 3 at 1.08% (includes 0.26% of upto 90 DPD assets) ROA at 3.17%; Increased by 53 bps YoY Sufficient Liquidity of Rs. 22,910 Mn Positive ALM & Strong Capital Base Commenting on the performance Mr. Sushil Kumar Agarwal, CEO said: “Dear All. Hope everybody is keeping safe & healthy. The country is fast emerging from the socio-economic impact of prior COVID waves, but it is important to remain mindful of any future waves and not let our guards down. We continue to adopt a cautious approach on growth in these circumstances with focus on maintaining the asset quality & operating metrices. During the quarter, we disbursed Rs. 10,936 Mn and achieved 85% of the disbursements done in Q4 last year. Considering the seasonality factor, we believe this was a strong quarter in terms of business momentum. At the same time, we continued to borrow judiciously & raised Rs. 8,984 Mn at 5.65% during the quarter. As on 30 th June 2022, we maintained a sufficient liquidity of Rs. 22,910 Mn in the form of cash & cash equivalents and un-availed documented sanctions. We continue to remain within the long-term guided range on asset quality parameters; 1+ DPD stood at 4.67% and Gross Stage 3 with DPD above 90 stood at 0.82% in Jun-22. Additionally, we have also categorized 0.26% of assets with DPD upto 90 as GNPA/Gross Stage 3 following RBI’s notification dated 12th November 2021 to harmonize IRACP norms. As a result, the total Gross Stage 3 exposure as of Jun-22 stands at 1.08% as against 0.82% in the absence of any changes in IRACP norms by RBI. We have built up a strong network of 318 branches to deliver best-in-class and uninterrupted service to our customers. We have embarked on an IT transformation journey to further improve the customer experience & reduce TAT for loan application processing. This will also improve the team productivity & further strengthen the operating metrics and help us in delivering sustainable long-term business & earnings growth.” Result PDF
Housing Finance company Aavas Financiers declares Q4FY22 result: AUM of Rs. 113,502 Mn; Growth of 20% YoY PAT at Rs. 3,575 Mn; Growth of 29% YoY (like-for-like basis) Gross Stage 3 at 0.99% (includes 0.31% of upto 90 DPD assets) ROA at 3.58%; Increased by 8 bps YoY Sufficient Liquidity of Rs. 32,050 Mn Positive ALM & Strong Capital Base Commenting on the performance Mr. Sushil Kumar Agarwal, CEO said: "Dear All. Hope everybody is keeping safe & healthy. The country witnessed a third wave of COVID starting from December 2021 to mid of February 2022 which was relatively milder than the prior ones. After remaining low till mid of April 2022, the COVID cases have again started to show an uptick in the last few weeks. We continue to adopt a cautious approach on growth in these circumstances with focus on maintaining the asset quality & operating metrices. During the quarter, we disbursed Rs. 12,872 Mn registering 27% YoY growth while for the full year, we have disbursed Rs. 36,022 Mn registering 36% YoY growth. At the same time, we continued to borrow judiciously & raised Rs. 43,884 Mn at 6.04% during the year. As on 31st March 2022, we maintained a sufficient liquidity of Rs. 32,050 Mn in the form of cash & cash equivalents and un-availed documented sanctions. With our continued focus & efforts on collections, 1+ DPD has improved from 6.45% in Dec-21 to 4.47% in Mar-22 and Gross Stage 3 assets with DPD above 90 have come down in absolute terms from Rs. 710.7 Mn in Dec-21 to Rs. 619.6 Mn in Mar-22. Additionally, we have also categorized Rs. 284.0 Mn of assets with DPD upto 90 as GNPA/Gross Stage 3 following RBI's notification dated 12th November 2021 to harmonize IRACP norms. As a result, the Gross Stage 3 exposure as of Mar-22 stands at 0.99% as against 0.68% in the absence of any changes in IRACP norms by RBI. We have built up a strong network of 314 branches to deliver best-in-class and uninterrupted service to our customers. We reaffirm our commitment to deliver sustainable long-term business and earnings growth. On behalf of Team Aavas, I would like to thank all the stakeholders for their continued support & guidance." Result PDF