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ICICI Securities Report
Aptus Value Housing Finance Ltd.’s Q1 FY23 earnings at Rs 1.19 billion (up 62% YoY / 8% QoQ) translating into 8.9% return on asset and 15.9% return on equities was better than expected.
With focused collection efforts, 30 plus days past due sharply improved to 6.48% in June 2022 (versus 9.91% / 12.98% in December 2021/March 2022) achieving this level sooner than expected.
Some forward flow into stage-III assets (1.75% versus 1.19% QoQ) and inch up in expected credit loss coverage resulted in marginally higher than expected credit cost at Rs 95 million (less than 75 bps).
Aptus Value Housing Finance's disbursements more than doubled YoY supporting assets under management growth of 7% QoQ / 30% YoY (versus 27% over the past three quarters) to Rs 55.2 billion. Optimising the borrowing cost (reflected in a decline in cost of funds), it has not yet hiked lending rates; net interest margins were stable QoQ at 9.17%.
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