Affordable housing loan provider Aavas Financiers Ltd on Wednesday reported an 11 per cent rise in its net profit to ₹50.1 crore in the first quarter ended June of the current fiscal year.
The company had posted a net profit of ₹45.3 crore in the corresponding quarter of the previous fiscal year.
Total income of the company grew to ₹233.59 crore during April-June of 2020-21 from ₹197.52 crore in same period of 2019-20, Aavas Financiers said in a regulatory filing.
The company’s assets under management rose 25 per cent to ₹7,935.30 crore as on June 30, 2020, as against ₹6,362.30 crore by end-June 2019, it said in a release.
However, the disbursements during the first quarter of the financial year 2021 fell 68 per cent to ₹213 crore from ₹671 crore a year-ago.
Gross NPAs at 0.46 per cent are maintained below one per cent and net NPAs are 0.32 per cent as on June 30, it said.
“Business activity is gradually picking up, we disbursed ₹213 crore during the quarter out of which ₹154 crore was disbursed in June. We continue to borrow judiciously and raised ₹716 crore during the quarter.
“As on 30th June 2020, we maintained sufficient liquidity of ₹2,362 crore in the form of cash and cash equivalents and un-availed documented sanctions,” said Sushil Kumar Agarwal, CEO, Aavas Financiers.
The company has made an additional provision of ₹4.6 crore for the potential impact of Covid-19, he said.
The overall provisioning for the potential impact of the pandemic stands at ₹9.06 crore as on June 30.
Backed by private equity players Kedaara Capital and Partners Group, Aavas Financiers (formerly Au Housing Finance Limited) commenced operations in 2011 from Jaipur, Rajasthan.
It primarily serves the housing finance needs of low and middle-income self-employed customers in semi-urban and rural areas in India.
Shares of Aavas Financiers closed 1.39 per cent up at ₹1,413.15 apiece on BSE.