Shares of Aavas Financiers Limited dropped 3 percent to Rs 1,394 a piece on the BSE at 1:24 pm on May 4, after the housing finance company announced its Q4 results on May 3. It was trading at Rs 1,400 per share at 2.23 pm, down 2.85 percent.
Aavas Financiers reported a 9.6 percent rise in net profit to Rs 126.75 crore and a 17.6 percent increase in net interest income (NII) to Rs 283.38 crore in Q4 FY23 over Q4 FY22.
Profit before tax in Q4 FY23 stood at Rs 158.56 crore, up by 8.5 percent from Rs 146.09 crore in Q4 FY22. The company recorded 20.5 percent jump in net profit to Rs 430.07 crore on a 23 percent rise in net interest income to Rs 1,011.53 crore in FY23 as compared with FY22.
ALSO READ: Aavas Financiers plunge over 5% as MD Sushil Agarwal trims stake
The company's disbursements in FY23 stood at Rs 5,024.5 crore, up by 39.5 percent from Rs 3,602.2 crore in FY22. Active loan accounts at the end of FY23 added up to 187,149, up 24.1 percent YoY.
Asset Under Management (AUM) as on March 31, 2023 was Rs 14,166.7 crore, of which home loans contributed 69.9 percent and other mortgage loans contributed 30.1 percent. Gross stage-3 was 0.92 percent, comprising 0.81 percent of above 90 DPD assets & 0.11 percent of up to 90 DPD assets and net stage-3 was 0.68 percent.
The housing finance company said that 87.8 percent of its borrowings were from term loans, assignment, and NHB refinancing. 12.2 percent of borrowings were from debt capital market (of which 78.2 percent is from development finance institutions like IFC, CDC & ADB), with no borrowings by way of commercial papers. The company had a net worth of Rs 3,269.7 crore as on March 31, 2023, as per the filing.
Stock Performance
Aavas Financiers' stock has given a return of 78.64 percent over the past 5 years, beating the benchmark Nifty50 index which has given a return of 70.67 percent during the same duration. Whereas since the beginning of 2023, the stock has lost 22.84 percent of its value, resulting in significant underperformance in comparison with the benchmark Nifty50 index, which has given a return of 0.1 percent during the same duration.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
