 "Aavas Financiers hits highest level since listing; up 50% from October low")
Shares of Aavas Financiers were trading higher for the fifth straight day, rising 3 per cent to Rs 915 apiece on the BSE in intra-day trade on Wednesday. The stock was trading at its highest level since listing on October 8, 2018.
Aavas Financiers has rallied 50 per cent from its 52-week low of Rs 611 touched on October 31, 2018. In comparison, the S&P BSE Sensex was up 5 per cent during the same period. The stock had made a weak debut, as the scrip got listed at Rs 750, 9 per cent below its issue price of Rs 821 on the BSE.
In past two weeks, after the December 2018 (Q3FY19) results, the stock of Aavas Financiers has outperformed the market by gaining 9 per cent, on reporting a more than doubled net profit at Rs 56 crore. It had a profit of Rs 25.9 crore in a year ago quarter. In comparison, the S&P BSE Sensex was up 2 per cent during the week.
Net interest income (interest income minus interest expenses) was up 73 per cent year-on-year (YoY) to Rs 1,239 crore from Rs 717 crore during the quarter. The company reported high disbursement growth in Q3FY19 of 38 per cent YoY to Rs 711 crore from Rs 516 crore in the corresponding quarter of previous fiscal.
Assets quality improved with gross non-performing assets (NPAs) improved by 24 basis points to 0.58 per cent and net NPAs is 0.49 per cent improved by 21 bps of the outstanding loan book as on December 31, 2018.
Aavas Financiers (formerly known as Au Housing Finance), 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 product offering consists of Home loans for the purchase or construction of residential properties, and for the extension and repair of existing housing units.
Aavas Financiers has rallied 50 per cent from its 52-week low of Rs 611 touched on October 31, 2018. In comparison, the S&P BSE Sensex was up 5 per cent during the same period. The stock had made a weak debut, as the scrip got listed at Rs 750, 9 per cent below its issue price of Rs 821 on the BSE.
In past two weeks, after the December 2018 (Q3FY19) results, the stock of Aavas Financiers has outperformed the market by gaining 9 per cent, on reporting a more than doubled net profit at Rs 56 crore. It had a profit of Rs 25.9 crore in a year ago quarter. In comparison, the S&P BSE Sensex was up 2 per cent during the week.
Net interest income (interest income minus interest expenses) was up 73 per cent year-on-year (YoY) to Rs 1,239 crore from Rs 717 crore during the quarter. The company reported high disbursement growth in Q3FY19 of 38 per cent YoY to Rs 711 crore from Rs 516 crore in the corresponding quarter of previous fiscal.
Assets quality improved with gross non-performing assets (NPAs) improved by 24 basis points to 0.58 per cent and net NPAs is 0.49 per cent improved by 21 bps of the outstanding loan book as on December 31, 2018.
Aavas Financiers (formerly known as Au Housing Finance), 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 product offering consists of Home loans for the purchase or construction of residential properties, and for the extension and repair of existing housing units.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%