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Results
03-Feb-24
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Analysis
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AAVAS Financiers
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AUM growth improves to 23%, disbursements jump 13%
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The income from operation of
AAVAS Financiers increased 24% to Rs 508.07 crore in Q3FY2024. Overall OPM
improved to 75.15% in Q3FY2024 from 72.40% in Q3FY2023, leading to 28% rise in
operating profit to Rs 381.81 crore. Other expenditure surged 31% to Rs 43.14
crore, while employee expenses rose 3% to Rs 83.12 crore in Q3FY2024.
Other income increased 68%
to Rs 1.19 crore. Interest cost surged 44% to Rs 216.57 crore. Depreciation
moved up 25% to Rs 8.65 crore, while provision surged 127% to Rs 7.97 crore.
PBT moved up 9% to Rs 149.81 crore.
The effective tax rate was
steady at 22.1% in Q3FY2024 compared to 22.2% in Q3FY2023. Profit after tax
increased 9% to Rs 116.72 crore.
Profit attributable to
non-controlling interest was nil in both the periods. The share of profit of
associate were nil in both the periods. Finally, Net profit attributable to
owners moved up 9% to Rs 116.72 crore.
Book
value of the company as at Rs 458.9 and adjusted book value
was Rs 449.0 (net of NNPA) end December 2023.
Business
highlights
AUM increased at improved
pace of 23% to Rs 16079.5 crore end December 2023 over December 2022, of which
Home Loans contributed 69.3% and other mortgage loans contributed 30.7%.
The disbursements have increased 13% to Rs 1362.4 crore
in Q3FY2024.
Spread and NIM during the quarter stood at 5.12% and
7.94% respectively.
The total number of branches stands at 351 end December
2023.
Gross Stage 3 is at 1.09% comprising 0.96% of >90 DPD
assets & 0.13% of up to 90 DPD assets (categorized as GNPA/Gross Stage 3 on
account of RBI notification) and Net Stage 3 is 0.79%
In terms of Borrowings mix, 89.9% of borrowings are from
Term Loans, Assignment, and NHB Refinancing and 10.1% of borrowings are from
debt capital market (of which 76.2% is from development finance institutions
like IFC, CDC & ADB), with no borrowings through Commercial Papers.
Net Worth grew by 15% YoY to Rs 3631.4 crore end December
2023.
Financial
Performance 9MFY2024
The income from operation of
AAVAS Financiers increased 27% to Rs 1471.88 crore in 9MFY2024. Overall OPM
improved to 74.43% in 9MFY2024 from 72.54% in 9MFY2023, leading to 30% rise in
operating profit to Rs 1095.53 crore. Other expenditure surged 26% to Rs 116.29
crore, while employee expenses moved up 15% to Rs 260.05 crore in 9MFY2024.
Other income increased 79%
to Rs 2.02 crore. Interest cost surged 42% to Rs 606.80 crore. Depreciation
moved up 18% to Rs 23.56 crore, while provision surged 218% to Rs 19.18 crore.
PBT moved up 15% to Rs 448.01 crore.
The effective tax rate was
steady at 22.3% in 9MFY2024 compared to 22.3% in 9MFY2023. Profit after tax
increased 15% to Rs 348.21 crore.
Profit attributable to
non-controlling interest was nil in both the periods. The share of profit of
associate were nil in both the periods. Finally, Net profit attributable to
owners moved up 15% to Rs 348.21 crore.
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Aavas Financiers:
Consolidated Results
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Particulars
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2312 (3)
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2212 (3)
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Var %
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2312 (9)
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2212 (9)
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Var %
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2303 (12)
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2203 (12)
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Var %
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Income from Operations
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508.07
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411.37
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24
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1471.88
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1159.08
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27
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1608.76
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1304.45
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23
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OPM (%)
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75.15
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72.40
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74.43
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72.54
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73.27
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74.77
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OP
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381.81
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297.82
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28
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1095.53
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840.77
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30
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1178.77
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975.36
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21
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Other Income
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1.19
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0.71
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68
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2.02
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1.13
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79
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1.84
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1.20
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53
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PBDIT
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383.00
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298.53
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28
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1097.55
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841.90
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30
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1180.61
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976.56
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21
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Interest (Net)
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216.57
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150.35
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44
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606.80
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426.05
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42
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591.05
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477.50
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24
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PBDT
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166.43
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148.18
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12
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490.75
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415.85
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18
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589.56
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499.06
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18
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Provisions
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7.97
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3.51
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127
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19.18
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6.04
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218
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12.42
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22.61
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-45
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Depreciation /
Amortization
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8.65
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6.90
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25
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23.56
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20.04
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18
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28.72
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23.76
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21
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PBT
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149.81
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137.77
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9
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448.01
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389.77
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15
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548.42
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452.69
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21
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Tax Expenses
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33.09
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30.65
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8
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99.80
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86.95
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15
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118.78
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97.51
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22
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PAT
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116.72
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107.12
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9
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348.21
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302.82
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15
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429.64
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355.18
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21
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Profit attributable to
non-controlling interest
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0.00
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0.00
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-
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0.00
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0.00
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-
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0.00
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0.00
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-
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Share of profit/loss
of Associate
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0.00
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0.00
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-
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0.00
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0.00
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-
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0.00
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0.00
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-
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Net Profit after
minority and share in associate
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116.72
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107.12
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9
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348.21
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302.82
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15
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429.64
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355.18
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21
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EPS *
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59.0
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54.1
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58.7
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51.0
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54.3
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44.9
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Adj BV (Rs)
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449.0
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404.1
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449.0
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404.1
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407.6
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346.9
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* Annualized on
current equity of Rs 79.14 crore. Face Value: Rs 10, Figures in Rs crore, PL:
Profit to Loss, LP: Loss to Profit
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Source: Capitaline
Corporate Database
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