The company's assets quality improved during the quarter with gross non-performing assets (NPAs) at 0.47 per cent, improved by 11 bps, and net NPAs at 0.37 per cent, an improvement of 12 bps of the outstanding loan book, over the preceding quarter.
The affordable housing finance company said asset quality continued to remain strong, driven by in-house sourcing model, strong underwriting process & robust collection mechanism.
“Given the challenging circumstances faced by the NBFC industry during FY18-19, we have been performing consistently with timely investments and a commitment to deliver sustainable long term performance. The Company would continue to strive for strong asset quality, sustainable profitability & consistent growth while enhancing consumer satisfaction & creating shareholders' wealth,” said Sushil Kumar Agarwal, CEO, Aavas Financiers.
In the past six trading days, the stock has rallied 23 per cent, as compared to 1 per cent decline in the benchmark S&P BSE Sensex. It has zoomed 123 per cent from its 52-week low level of Rs 612 on October 31, 2018 on the BSE in intra-day trade.
The stock had made a weak debut, as the scrip got listed at Rs 750, 9 per cent below its issue price of Rs 821 on the BSE on October 8, 2018.