Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Research

| More

Aavas Financiers Q3 FY21 - Conference Call Takeaways - YES Securities

Posted On: 2021-01-24 22:20:06 (Time Zone: Arizona, USA)


Guidance / Outlook:

- 15%-20% of 1+dpd pool usually slips to NPA.

- Retain disbursement growth of 20-25% for FY21.

- Expectations of 1+dpd to be < 5% in near term.

Asset quality / Restructurings/Collections/ Credit cost:

- GS3 and NS3 at 1% and 0.7% respectively. 1+dpd at 8.2% from 6.2% QoQ. GS3 includes 0.6% of assets (outstanding at Rs413.8mn) not classified as NPA owing to standstill norms.

- 1+dpd of 8.2% includes 30-90 bucket of 3.8%.

- 2,000 accounts have not paid a single installment in December vs 5,800 accounts in Sept. Mostly in 1st and 2nd buckets. Assuming 15-20% slips, 8.2% is inclusive of those.

- In terms of 1+dpd and NPLs, Maharashtra state is above the average from all other states.

- Collection efficiency at 98.8% (Inclusive of NPA) and 100% (excluding NPA) vs 95% QoQ, portfolio is 100% secured (mostly residential properties in pool).

- ECL provisions at Rs42.9mn, cumulative covid provisions at Rs190.3mn and total provisions at Rs482.9mn.

- Received 100-150 restructurings requests, done none. Some moved out and took BT. Stress is lesser as 97% of book ATS is below
Borrowings:

- Average cost of borrowings at 7.7%, Cumulative yields at 13.4% and spreads at 5.7%.

- Have zero exposure to CPs.

Portfolio mix:

- Salaried segment at 39.3% from 34.9% QoQ, largely due to higher salaried disbursements and reclassification of assets from applicant to earning member.

- Have recalibrated disbursement towards segments or people engaged in activities like school transports, hospitals, stationary etc. Remain cautious for the next 1-2 quarters.

Others:

- Total live accounts at 1,18,398.

- Securitisation at 23% of AUM from normal 19-20%. Despite elevated volumes, net income is lower by Rs150mn on YoY basis.

- Securitisation spreads were higher by 140-150bps.

- Normally keep 3-4 months of disbursement as liquid, holding higher due to covid. Normally disburse Rs300-400crs on monthly basis.

- Have passed on 10bps benefit to customers owing to reducing costs, may release some more in Q1FY22.

Shares of AAVAS Financiers Ltd was last trading in BSE at Rs.1851.1 as compared to the previous close of Rs. 1930.2. The total number of shares traded during the day was 7231 in over 1479 trades.

The stock hit an intraday high of Rs. 1951.55 and intraday low of 1845.1. The net turnover during the day was Rs. 13512859.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only. www.equitybulls.com, its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. www.equitybulls.com or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.





Other Headlines:

Wipro - Beware of integration / impairment risks! - ICICI Securities

Easy Trip Planners Ltd - IPO Review - ICICI Direct

ICICI Direct - Derivatives Weekly View (March 5): Level of 14700 remains crucial for upsides to continue...

Easy Trip Planners Ltd. - IPO - Strong Financials - Reliance Securities

Bharat Forge - Initiating Coverage - Constant evolution - HDFC Securities

Mahindra Logistics - Large-ticket deal win - ICICI Securities

Company Update - Huhtamaki India - ICICI Direct

Gladiator Stocks: IndusInd Bank, VIP Industries - ICICI Direct

Warehousing demand expected to grow around 160% to reach 35 million sq. ft in 2021: JLL

Telecom - Spectrum auction: Prudent investment by Bharti Airtel - ICICI Securities

JB Chemicals & Pharmaceuticals - Analyst meet takeaways - ICICI Securities

IPO Review - MTAR Technologies Ltd - ICICI Direct

Auto Sector - Monthly Volume Round-up - Feb 21 - Decent YoY Growth Continues

Aditya Birla Fashion and Retail - Focus on scaling up new businesses - ICICI Securities

Automobiles (wholesale) - Wholesales push continues despite modest retail trends - ICICI Securities

Aditya Birla Capital - Thoughtful (inclusive) conglomerate business evolution commands premium - ICICI Securities

Jubilant Foodworks - Buying in-the-money options - ICICI Securities

Multi Commodity Exchange of India - Play on rising commodity prices? - ICICI Securities

Gladiator Stocks - Sudarshan Chemical - ICICI Direct

Monthly Commodities Outlook - March 2021 - ICICI Direct

ICICI Direct - Monthly Currency Outlook: Rupee to depreciate further towards 75.00 level...

ICICI Direct - Covid Recovery Pulse - E-way bill generation in February 2021 starts on strong note...

Company Update - Virtual JLR Investor Event - Tata Motors - ICICI Direct

Analyst Meet Update - Aditya Birla Fashion and Retail - ICICI Direct

MTAR Technologies Ltd. - IPO - Huge Opportunities from Clean Energy Bodes Well - Reliance Research

ICICI Direct Derivatives Weekly View (February 26): Failure to move above 14700 may extend declines towards 14300...

Bank: Sector Credit Trends - Slows, Yet again - HDFC Securities

Piramal Enterprises - Pharma day highlights - ICICI Securities

Polymer price tracker - PVC prices rise sharply again! - ICICI Securities

Greenply Industries - Growth returns, at an inflection point - ICICI Securities

Tata Motors - JLR future proofing itself with rapid electric transition - ICICI Securities

Dairy - Higher freight cost and increase in Global SMP prices - ICICI Securities

Analyst Meet Update - Nestlé India (Hold): Focus on product innovation, expanding rural reach - ICICI Direct

MTAR Technologies Ltd - A strong player in booming high precision engineering... - Geojit

Rollover Report for February - March 2021 : Angel Broking

Reaction from industry experts on Q3FY21 GDP numbers

M. Govinda Rao, Chief Economic Adviser, Brickwork ratings on Q3FY21 GDP numbers

Mr. Dhiraj Relli, MD & CEO, HDFC securities views on Q3FY21 GDP Growth Number

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research on Q3FY21 GDP

Rollover Analysis - Feb 21, 2021 - YES Securities

Consumer Durables - Demand-driven recovery continues - HDFC Securities

Cement - Demand surprises; earnings upgrade to continue - ICICI Securities

Gladiator Stocks - TeamLease Services - ICICI Direct

Gladiator Stocks - Metals to outshine post multi-year breakout... - ICICI Direct

Company Update - Sundaram Finance - ICICI Direct

Indian pharmaceutical industry to meet an ambition of US$130 billion by 2030 through innovation-led growth: EY-FICCI report

4th Industrial Conclave - Bullish undertone, favourable valuation - HDFC Securities

Sanofi India - Weak quarter; sequential improvement - ICICI Securities

Sunteck Realty - All eyes on upcoming launches - ICICI Securities

Company Update - Tata Motors - ICICI Direct



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020