Aavas Financiers Limited on Thursday announced the Un-audited Financial Results for the quarter ended 30th June 2023, the company announced through an exchange filing.
Key Performance Metrics for Q1FY24
Total Income: Rs 466.85 crore vs Rs 352.88 crore YoY
Total Expense: Rs 326.18 crore vs Rs 238.21 crore YoY
Net Profit: Rs 109.71 crore vs Rs 89,22 crore YoY
Performance Highlights
AUM as on 30th June 2023 is Rs 146,500 million of which o Home Loans contributed 69.8 percent. Other Mortgage Loans contributed 30.2 percent.
The total number of branches stands at 348 as on 30th June 2023. Gross Stage 3 is 1.00 percent comprising 0.87 percent of above 90 DPD assets and 0.13 percent of up to 90 DPD assets (categorized as GNPA/Gross Stage 3 on account of RBI notification) and Net Stage 3 is 0.73 percent. 88.8 percent of borrowings are from Term Loans, Assignment, and NHB Refinancing and 11.2 percent of borrowings are from debt capital market (of which 78.3 percent 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 33,887 million as on 30th June 2023.
"Despite the elevated interest rate environment, demand continues to be strong in affordable housing space. Given the small space that affordable housing finance players occupy in this market, we see significant headroom to grow. We strongly believe that we can continue our momentum in serving the unserved, underserved, and underbanked customers in Tier 2 to Tier 5 markets, with relentless focus on risk-adjusted returns," said Sachinder Bhinder, Managing Director & Chief Executive Officer.
