AAVAS Financiers Ltd
AAVAS Financiers Ltd (AAVAS)

AAVAS Financiers Ltd (AAVAS)

₹1890.11.27%

Key Stats

₹1881.65
Day's Price Range
₹1924.35
₹1815
52-Week Price Range
₹3340
1 Month Return1.02 %
3 Month Return-16.16 %
1 Year Return-31.06 %

Company Financials

  • Quarterly
  • Annual
Value in ₹ crore

Peer Comparsion

PE
Rank 229
39.19
EPS
Rank 48
₹48.85
BVPS
Rank 57
₹355.48
Dividend Yield
Rank 112
ROE
Rank 137
13.7%
Price To Book Ratio
Rank 263
5.39
Debt To Asset
Rank 203
0.75

Company Information

Aavas Financiers Ltd. Formerly known as Au Housing Finance Limited is registered as a Housing Finance Company HFC with National Housing Bank NHBand is engaged in the long term financing activity in the domestic markets to provide housing finance. It chose to serve the growing needs of housing finance customers in the low and middle income segments of suburban and rural India to serve the customers in the metro cities and urban regions of the country. The majority of customers have limited access to formal banking credit facilities. It uses a unique appraisal methodology to assess these customers individually and delivers financing solutions. The Company offers customers home loans for the purchase or construction of residential properties and for the extension and repair of existing housing units. In addition to home loans the company offers customers other mortgage loans including loans against property. Since the commencement of operations in March 2012 the company has served more than 129000 customers.The Company is a technology driven company and it leverages information technology and data analytics for on boarding customers underwriting analysis loan monitoring and risk management and collection functions. Between Fiscals 2014 and 2018 the company invested Rs 150.45 million in information technology systems.The Company secures financing from a variety of sources including term loans and working capital facilities proceeds from loans assigned and securitized proceeds from the issuance of nonconvertible debentures NCDs refinancing from the National Housing Bank NHB and subordinated debt borrowings from banks mutual funds insurance companies and other domestic foreign and multilateral financial institutions to meet its capital requirements. The Company is led by a professional management team and its Key Managerial Personnel held 7.19 of the outstanding equity interest of the Company.The Company was initially promoted by Au Financiers India Limited now known as AU Small Finance Bank Limited AuSFB which sold 90.10 of the outstanding equity interest of the Company in connection with its conversion to a small finance bank to Lake District Holdings Limited a subsidiary of Kedaara Capital I Limited Lake District Kedaara Capital Alternative Investment Fund Kedaara Capital AIF 1 Kedaara AIF1 Partners Group ESCL Limited ESCL and Partners Group Private Equity Master Fund LLC Master Fund in June 2016. Aavas Financiers Limited was incorporated as private limited company with the name Au Housing Finance Private Limited on February 23 2011. During the year under review the company was registered with National Housing Bank NHB as a housing finance institution without accepting public deposits. In 2012 the Company launched its first branch at Jaipur and received its first rating BBB/Stable from CRISIL for longterm bank facilities of Rs 1000 million.Pursuant to a special resolution passed by the shareholders on January 10 2013 the company was converted into a public limited company and the name was changed to AU Housing Finance Limited on January 11 2013. Consequent to the conversion of into a public limited company the NHB issued a fresh certificate of registration to the company. In 2013 the company received its first refinancing assistance from NHB. In 2014 the company issued its first tranche of nonconvertible debentures NCDs. In 2015 the company entered into its first pool buyout transaction in housing loan priority sector. Pursuant to a notification dated December 18 2015 issued by the Central Government the Company was identified as a financial institution under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002.In 2016 the company received investment from Lake District Kedaara AIF1 Master Fund and ESCL. During the year under review the company received its first subsidy from NHB under CLSSPMAY.Aavas Financiers Ltd. was originally incorporated as Au Housing Finance Limited on February 23 2011. The Company was registered with National Housing Bank as a housing finance company. It was converted into a public limited company in 2013 and was renamed asAavas Financiers Limited on 30 November 2017. Subsequently upon the change of name to Aavas Financiers Limited the NHB issued a certificate of registration dated April 19 2017.In 2017 Aavas Financiers Limited entered into first pass through certificate PTC transaction with IDBI Trusteeship Services Limited.Aavas Financiers Limited came out with an initial public offer IPO during the period from 25 September 2018 to 27 September 2018. The IPO was a combination of fresh issue of Rs 400 crore and an offer for sale of upto 1.62 crores equity shares from 6 selling shareholders. The IPO was priced at Rs 821 per share. The stock made its debut on the bourses on 8 October 2018.During the year 2018 the Company has issued and allotted 432500 two thousand five Equity Shares of Rs 10/ per share aggregating to Rs 28372000/ on preferential issue basis. Further the Company has received Rs 2/ per share as application money.During the Year 2018 the Company has received Rs 2/ per share aggregating to Rs 31000047/ as 1st call Money in respect to the 720094 partly paid up equity shares of Rs 10/ each.During the year 2018 the Company has issued and allotted 360000 and 440000 Lakh share warrants convertible into equity shares of Rs 328/and Rs 430.50/ per share respectively. Further the Company has received Rs 3/ per convertible share warrants as warrant subscription money.During the year 2018 the Company has altered its Object Clause of Memorandum of Association MOA as per the suggestions given by the National Housing Bank during its onsite Annual inspection. Further the altered MOA is available at the registered office of the Company in the Business hours.During the year the Company expanded its branch network to 165 branches as of 31st March 2018 and plans to scale up its operation to newer geographies in 201819.During FY 201920 Company conducted the operations through 210 branches covering 122 districts in 10 States. It received fresh sanctions from banks amounting to Rs. 630 crore and availed loans aggregating Rs. 645 crore. The outstanding term loans from banks and financialinstitutions as of March 31 2019 were Rs. 2041 crore. It raised Rs. 10 crore through issue of Rated Secured Redeemable NonConvertibleDebentures on a private placement basis to domestic financial institutions.During the financial year 201920 the Paidup Equity Share Capital of the Company was increased on conversion of 720094 partly paid Equity Shares into fullypaid Equity Shares of a face value of Rs. 10/ each consequent upon the receipt of the balance call money of Rs. 6per share conversion of 432500 partly paid Equity Shares into fully paid Equity Shares of a face value of Rs. 10/ each consequent upon receipt of balance call money of Rs. 8 per share and conversion of 800000 Convertible Share Warrants into fully paid Equity Shares offace value of Rs. 10/ each.During the Financial Year 202021 Company added ADB as new lender and raised aggregate amount of Rs. 789.40 crore through the issue of Rated Secured Unlisted Redeemable NCDs on private placement basis to IFC and ADB. It expanded branch network to 10 states with 250 branches as of March 31 2020. In FY 202021 the Company conducted operations through 280 branches covering 11 States of which it accounted for a significant presence in four states such as Rajasthan Gujarat Maharashtra and Madhya Pradesh. It created an MSME loan pool which enabled to mobilize funds at low rates and lend to small businesses.As of March 31 2021 65.16 of Gross Loan Assets were from customers who belonged to the economically weaker section and low income group earning less than Rs. 50000 per month and 31.46 of Gross Loan Assets were from customers who were new to credit. The Companys active loans grew to Rs. 125000. It sanctioned Rs. 2812.93 crore housing loans during 202021. The average loan sanctioned was Rs. 8.49 lakh and average tenure was 183.53 months in the AUM. It received fresh sanction of refinance assistance of Rs. 850 crore under the NHB refinance scheme and Rs. 366 crore under Special Refinance Scheme. It added Central Bank of India CBI and Kotak Mahindra Bank Limited KMBL as new lenders for NCDs.As of March 31 2022 the average size of loan sanctioned was Rs. 8.64 lakh and average tenure was 178.33 months in the AUM. Majority of the home loans disbursed by the Company were for singleunit properties of which almost all of them were occupied by the borrowers. The Company offered customers home loans for purchase or construction of residential properties and for extension and repair of existing housing units. In addition to home loans it offered customers other mortgage backed loans including loans against property which accounted for 27.92 of Gross Loan Assets as of March 31 2022. 65.4 of Gross Loan Assets were from customers who belonged to the economically weaker sectionEWS and low income groupLIG earning less than Rs. 50000 per month.During FY 202122 Company diversified funding sources by exploring the Debt Capital Market through private placement of Secured NCDs to Mutual Funds Issuance of Masala Bonds NHB Refinance Securitization/ Direct Assignment and banking products like Priority Sector/NonPriority Sector Term Loans Cash Credit Facilities and Working Capital Demand Loans. As at March 31 2022 Companys sources of funding were primarily in the form of long Term Loans from Banks and Financial Institutions followed by Securitization/Direct assignment NHB Refinance Debt capital market.During the Financial Year 202122 it added some 34 more branches and thereby expanded branch network to 13 states. It conducted operations through 314 branches .These branches were distributed across Rajasthan Maharashtra Gujarat Madhya Pradesh Haryana Uttar Pradesh Chhattisgarh Delhi Punjab Uttarakhand Himachal Pradesh Karnataka and Odisha.During the year 202122 it received a purchase consideration of Rs. 778.37 crore from assets assigned in pool buyout transactions which were derecognised with RBI guidelines on the securitisation of standard assets. It received fresh sanction of refinance assistance of Rs.750 crore under the NHB refinance scheme and Rs. 417 crore under Special Refinance Scheme. It availed funds of Rs. 1416 crore under refinance scheme such as for affordable housing fund regular refinance scheme and special refinance facility. It diversified borrowings by issuing NCDs to mutual funds. As on March 31 2022 Companys outstanding NCDs were from Multilateral/development financial institutions Domestic Mutual Funds Banks and Subordinated Debts.
OrganisationAAVAS Financiers Ltd
HeadquartersJaipur
IndustryFinance

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