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Aavas Financiers Ltd.’s FY21 performance demonstrated resilient and best-in-class portfolio quality as indicated by stage-III assets at 0.98%, 60 basis points credit cost, 1+ days past due pool at 6.4%, and zero restructuring.
Despite running tight filters in self-employed and loan against property segments, disbursements were down only 10% in FY21 while assets under management growth was more than 20%.
Investing into franchise (adding branches and employees) during a challenging macro instills our confidence in its ability to sustain 25% AUM growth in FY23E and beyond.
Core spreads improved through FY21 and can be maintained.
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