Aptus Value Housing Finance Q3 Results Review - Strong Performance, As Expected: Yes Securities

Yes Securities Report

Aptus Value Housing Finance India Ltd.'s delivered a strong performance which was characterized by further increase in disbursements, sustained strong assets under management growth, slight compression in portfolio spread, restrained management of opex and stable asset quality.

Disbursements were marginally below expectations (grew 3% QoQ/27% YoY) on account of business being slowed in December due to floods in few important districts of Tamil Nadu.

Nevertheless, AUM growth was brisk at 6% QoQ/28% YoY aided by traction across products (home loan, small business loan and Quasi HL).

Portfolio Spread came-off by 13 basis points QoQ to 8.7%, as cost of funds increased by 14 basis points and portfolio yield was stable (not much manifestation of 50 bps rate hike taken across products and contracts from September 01).

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