Aptus Value Housing Finance Q2 Results Review - Inline Operating Performance; Guidance Maintained: Systematix

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Systematix Research Report.Aptus Value Housing Finance Ltd.'s Q2 FY24 operational performance was in line with our estimates. Net interest income / operating profit at Rs 2.3 billion / Rs 1.9 billion registered a healthy growth of 20% YoY (7.7% QoQ) / 18% YoY (5.0% in QoQ). Operating expenses increased 20.3% QoQ due to the increase in employee count and branch additions. With credit cost at 0.3%, profit after tax was also inline with our estimates at Rs 1.5 billion. Assets under management and disbursement growth was strong at 28% YoY / 7% QoQ and 23% YoY / 15.3% QoQ driven by healthy demand and branch expansion. Net interest margins (calculated) increased by 17 basis points QoQ driven by 50 bps increase in yields (calculated), even as cost of funds increased by 33 bps QoQ. Aptus Value's asset quality saw an improvement, with gross stage-III/net stage-III marginally down by 10 bps/8 bps to 1.2%/0.9%. We estimate a 30% compound annual growth rate in Aptus Value AUM which will deliver 21% CAGR in earnings over FY23‐25E resulting in return on asset /return on equity of 6.8% / 18.4% in FY25. Key risks: Inflation pressure might impact the demand for home loans..Click on the attachment to read the full report: .Aavas Financiers Q2 Results Review - Earnings Inline; Lower Margin Was A Dampener: Systematix.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Aptus Value Housing Finance Q2 Results Review - Inline Operating Performance; Guidance Maintained: Systematix

AUM growth guidance maintained at 30%+ YoY for FY24.

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