Aavas Financiers gains after Q4 PAT jumps 46% YoY

Aavas Financiers rose 1.09% to Rs 2295.95 after the housing financier reported 46% jump in net profit to Rs 87.61 crore on 23.5% rise in revenue from operations to Rs 289.41 crore in Q4 FY21 over Q4 FY20.

Profit before tax in Q4 March 2021 stood at Rs 94.98 crore, up 43.1% from Rs 66.37 crore in Q4 March 2020.

Aavas Financiers recorded 16.21% increase in net profit to Rs 289.49 crore on 22.3% rise in revenue from operations to Rs 1103.17 crore in the year ended 31 March 2021 over the year ended 31 March 2021.

Asset Under Management (AUM) as on 31 March 2021 is Rs 9454.30 crore of which home loans contributed 73.5% while other mortgage loans contributed 26.5%. The company's AUM has increased 21% from Rs 7796.1 crore as on 31 March 2020.

 

The company had a net worth of Rs 2,401.40 crore as on 31 March 2021.

Commenting on the performance, Sushil Kumar Agarwal, CEO said: "With regards to the company's performance, we regained considerable momentum in Q4 FY21 and disbursed Rs 1,012.7 crore during the quarter registering 17% YoY growth & 32% QoQ growth.

At the same time, we continued to borrow judiciously & raised Rs 729 crore at 6.31% during the quarter. As on 31st March 2021, we have strong liquidity of Rs 2,836 crore in the form of cash & cash equivalents and un-availed documented sanctions.

Even during the turbulent year, we continued to grow consistently & delivered AUM growth of 21% YoY while the Gross Stage 3 assets stood at 0.98% as on 31 March 2021.

As mentioned in the last quarter as well, we have not restructured any of our borrower accounts. Further, the overall additional provision for potential impact of COVID-19 stands at Rs 19.03 crore as of 31 March 2021."

Aavas Financiers is a retail, affordable housing finance company, primarily serving low- and middle-income self-employed customers in semi-urban and rural areas in India. The company's total number of branches stood at 280 as on 31 March 2021.

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