Aavas Financiers hits new high on robust Q4 results; stock up 23% in 6 days

The housing finance company reported a net profit of Rs 54.3 crore in March quarter, against Rs 20 crore in the year-ago quarter.

Shares of Aavas Financiers hit a new high of Rs 1,363, up 5 per cent in intra-day trade on Monday on the BSE, after the company reported a robust more-than-doubled net profit at Rs 54.3 crore in March quarter, on the back of a healthy net interest income. The company had a profit of Rs 20 crore in year-ago period.

Net interest income (interest income minus interest expenses) was up 43.8 per cent year-on-year (Y-o-Y) at Rs 124 crore against Rs 86 crore in the corresponding quarter of previous fiscal. Net interest margin expanded 129 bps to 8.56 per