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.”