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Yes Securities Report
Aptus Value Housing Finance Ltd. delivered a healthy beat on pre-provision operating profit and profit after tax level aided by higher net interest income (material decline in cost of fund), larger other income and controlled opex.
Earnings beat came through despite a higher credit cost from the Rs 60-70 million loan write off.
Aptus Value's disbursements (Rs 5.2 billion, up 14% QoQ/26% YoY) and assets under management growth (up 8% QoQ/27% YoY) were in-line with expectations and traction was stronger in home loans (share of secured business loans came-off further).
Pre-closure rate was stable with balance transfer out staying around 3-4%.
Gross non-performing asset declined by 34 bps QoQ to 1.2% (gross stage-III as per India-Accounting Standard was 1%); however, 12 bps of the reduction was contributed by write-off of loans worth Rs 60-70 million that were overdue for more than 24 months.
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