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Aavas Financiers Ltd.’s profit after tax grew 20% YoY, but fell 32% QoQ, to Rs 599 million (in-line) in Q1 FY22.
Net interest income rose 14% QoQ and 29% YoY, while operating profit fell 10% QoQ (7% beat).
However, Aavas Financiers’ higher-than-expected credit cost of Rs 170 million (estimate- Rs 110 million) led to the in line profit after tax.
Sharp deterioration in one plus days past due to 12.7% (up 620 basis point QoQ), relative to some of its other peers who have reported their Q1 FY22 numbers, could be indicative of the stress that was seen at the time of demonetisation and higher proportion of self-employed customers in the mix.
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