Aptus Value Housing Finance Q3 Results Review - Inline Performance; Growth Momentum Continued: Systematix

NDTV Profit’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 NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Systematix Report.Aptus Value Housing Finance India Ltd.'s Q3 FY24 operational performance was in line with our estimates. Net interest income / operating profit at Rs 2.4 billion / Rs 2.1 billion registered a healthy growth of 20% YoY (5% QoQ) / 21% YoY (9% QoQ). Operating expenses declined 4% QoQ led by lower employee and other expenses, resulting in opex to asset under management ratio at 2.6% (versus 2.9% in Q2). Despite higher credit cost during Q3 at 41 basis points (versus 30 bps in Q2), profit after tax was also broadly in-line with our estimates at Rs 1.6 billion. AUM/ disbursement growth was strong at 28% YoY/ 27% YoY driven by healthy demand and branch expansion. Net interest margin (calc) declined by 16 bps QoQ, due to fall in yields (36 bps QoQ). Cost of borrowings (reported) increased by 14 bps QoQ. Asset quality was steady, with gross stage 3/net stage 3 at 1.2%/0.9%..We estimate a 29% compound annual growth rate in Aptus AUM which will deliver 21% CAGR in earnings over FY23‐26E resulting in return on asset / return on equity of 6.5% / 19.6% in FY26. Key risks: Inflation pressure might impact the demand for home loans..Click on the attachment to read the full report:.V-Guard Q3 Results Review - Operating Margins To Improve Further; Reiterate Add: Yes Securities.DISCLAIMERThis report is authored by an external party. NDTV Profit 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 NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Aptus Value Housing Finance Q3 Results Review - Inline Performance; Growth Momentum Continued: Systematix

Aptus Value Housing reported in-line operating performance aided by strong asset under management growth and steady asset quality.

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