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ICICI Securities Report
Aptus Value Housing Finance Ltd.'s Q3 FY22 profit after tax of Rs 1.01 billion exceeded our expectations of Rs 850 million. The earnings beat was buoyed by 7% QoQ / 27% YoY growth in assets under management, 10% QoQ decline in opex, 10% QoQ lower borrowings, and credit cost at less than 100 basis points.
Some disruption in collection efficiency and revised asset classification norm leads to 210 bps rise in 30 plus days past due including 72 bps rise in stage-III pool.
However, Aptus Value Housing Finance's better collections in December 2021/Jan-22 give confidence of it partially retracing in Q4 FY22E. Yet, we are building in 20-30 bps further increase in credit cost for Q4 FY22E.
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