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Axis Securities Report
Aptus Value Housing Finance Ltd. reported a healthy disbursement/assets under management growth of 33/31% YoY. However, disbursement growth on a QoQ basis was flat. This was owing to staff-related changes in certain branches of the key state of Tamil Nadu, thereby slowing down the disbursement momentum.
However, these issues now stand resolved and the management expects Q4 disbursements to remain robust. Net interest income growth stood at 29/5% YoY/QoQ. Margins contracted by 15 bps YoY owing to a 20 bps rise in cost of fund.
Aptus Value company added nine branches during nine months-FY23 and has added four more branches in Jan-23. Opex growth stood elevated at 52% YoY owing to investment in the business and franchise. Pre-provision operating profit growth remained healthy at 25/6% YoY.
Provisions moderated by 17/14% YoY/QoQ aiding earnings growth of 24/2% YoY/QoQ. Asset quality improved marginally by 9/3 bps YoY/QoQ. The overall stressed asset pool also tapered.
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