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Results
04-Aug-23
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Analysis
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AAVAS Financiers
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AUM rises 23%
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The income from operation of
AAVAS Financiers increased 32.34% to Rs 466.97 crore in Q1FY2024. Overall OPM
eased to 71.68% in Q1FY2024 from 72.34% in Q1FY2023, leading to 31.13% rise in
operating profit to Rs 334.71 crore. Other expenditure as a percentage of total
income moved down to 6.78% from 8.17% in Q1FY2024. The staff cost as a
percentage of total income increased to 20.32% from 19.23% in Q1FY2024. The
provisions as percentage of total income increased to 1.22% from 0.26% in
Q1FY2024.
Other income declined 55.56%
to Rs 0.04 crore. Interest cost increased 38.57% to Rs 186.63 crore.
Depreciation moved up 16.85% to Rs 7.28 crore. PBT moved up 23.07% to Rs 140.84
crore.
The effective tax rate
declined to 22.02% in Q1FY2024 compared to 22.19% in Q1FY2023. Provision for
tax was expense of Rs 31.01 crore, compared to Rs 25.39 crore. Profit after tax
rose 23.34% to Rs 109.83 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 23.34% to Rs 109.83 crore.
Book value of the company as
at Rs 428.6 and adjusted book value was Rs 419.0 (net of NNPA) end June 2023.
Business
highlights
AUM increased 23% to Rs 14650
crore end June 2023 over June 2022, of which Home Loans contributed 69.8% and other
mortgage loans contributed 30.2%.
The total number of branches
stands at 348 end June 2023.
Gross Stage 3 is 1.00%
comprising 0.87% of above 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 0.73%
About 88.8% of borrowings
are from Term Loans, Assignment, and NHB Refinancing and 11.2% of borrowings
are from debt capital market (of which 78.3% is from development finance institutions
like IFC, CDC & ADB), with no borrowings by way of Commercial Papers.
The Company has a Net worth
of Rs 3388.7 crore end June 2023.
Financial
Performance FY2023
The income from operation of
AAVAS Financiers increased 23.33% to Rs 1608.76 crore in FY2023. Overall OPM
eased to 72.50% in FY2023 from 73.04% in FY2022, leading to 22.42% rise in
operating profit to Rs 1,166.35 crore. The provisions as percentage of total
income declined to 0.77% from 1.73% in FY2023. Other expenditure as a
percentage of total income moved up to 7.98% from 7.27% in FY2023. The staff
cost as a percentage of total income increased to 18.75% from 17.96% in FY2023.
Other income increased
53.33% to Rs 1.84 crore. There is 23.78% rise in interest cost at Rs 591.05
crore and 20.88% rise in depreciation to Rs 28.72 crore, Profit before tax
increased 21.15% to Rs 548.42 crore. There is no extraordinary item. After
which, PBT increased 21.15% to Rs 548.42 crore.
The effective tax rate
increased to 21.66% in FY2023 compared to 21.54% in FY2022. Provision for tax
was expense of Rs 118.78 crore, compared to Rs 97.51 crore. Profit after tax
rose 20.96% to Rs 429.64 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 rose 20.96% yoy to Rs 429.64 crore in FY2023.
Aavas Financiers: Consolidated Results
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Particulars
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2306 (3)
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2206 (3)
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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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466.97
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352.86
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32
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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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72.89
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72.60
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73.27
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74.77
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OP
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340.39
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256.18
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33
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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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0.04
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0.09
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-56
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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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340.43
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256.27
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33
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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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186.63
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134.68
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39
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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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153.80
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121.59
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26
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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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5.68
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0.92
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517
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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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7.28
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6.23
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17
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28.72
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23.76
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21
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PBT before EO
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140.84
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114.44
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23
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548.42
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452.69
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21
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EO
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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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PBT after EO
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140.84
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114.44
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23
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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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31.01
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25.39
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22
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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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109.83
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89.05
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23
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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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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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Net Profit after
minority and share in associate
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109.83
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89.05
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23
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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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55.6
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45.1
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54.3
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44.9
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Adj BV (Rs)
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419.0
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359.1
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407.6
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346.9
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* Annualized on
current equity of Rs 79.06 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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