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Aavas Financiers Ltd updates on financial position on outbreak of Corona Virus

Posted On: 2020-03-25 09:43:51


In the wake of COVID-19 pandemic outbreak & subsequent lockdown for 21 days announced by the Hon'ble Prime Minister on March 24, 2020, all of Aavas Financiers Ltd's branches & Corporate Office would remain closed in compliance with the Government of India's order. Employees supporting the critical business operations & essential customer service will continue to work from home as per the Company policy that has been put in place under the Business Continuity Plan. The company has announced that:

- 100% of our loan portfolio is secured against mortgage
- Portfolio is very granular in terms of customer profiles with average ticket size of sub Rs. 1 Mn
- Average LTV on the outstanding loan portfolio is less than 50%
- More than 95% of the EMI payments happen through electronic mode & banking channels
- As of March 24, 2020, strong liquidity position (without considering principal repayments):

* Cash & cash equivalents of Rs. 10,920 Mn
* Un-availed documented sanctions of Rs. 14,750 Mn

- The total debt repayment (including interest of Rs. 1,820 Mn) over H1 FY21 of Rs. 4,310 Mn

The Company is aware & fully responsible of its role in ensuring the well-being of its customers, employees & the society. In this hour of need, the Company stands united behind the nation & will continue to abide by any further directives from the Central & State governments.

Shares of AAVAS Financiers Ltd was last trading in BSE at Rs.939.7 as compared to the previous close of Rs. 1044.1. The total number of shares traded during the day was 7424 in over 150 trades.

The stock hit an intraday high of Rs. 960 and intraday low of 939.7. The net turnover during the day was Rs. 6984157.


Source: Equity Bulls

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