Aavas Financiers Limited Reports Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2024
April 25, 2024 at 06:05 am EDT
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Aavas Financiers Limited reported earnings results for the fourth quarter and full year ended March 31, 2024. For the fourth quarter, the company reported revenue was INR 5,468.02 million compared to INR 4,503.99 million a year ago. Net income was INR 1,424.81 million compared to INR 1,268.28 million a year ago. Basic earnings per share from continuing operations was INR 18 compared to INR 16.05 a year ago. Diluted earnings per share from continuing operations was INR 17.98 compared to INR 16.01 a year ago.
For the full year, revenue was INR 20,206.93 million compared to INR 16,106.08 million a year ago. Net income was INR 4,906.94 million compared to INR 4,296.44 million a year ago. Basic earnings per share from continuing operations was INR 62.03 compared to INR 54.38 a year ago. Diluted earnings per share from continuing operations was INR 61.93 compared to INR 54.26 a year ago.
Aavas Financiers Limited is an India-based retail, affordable housing finance company, primarily serving low- and middle-income self-employed customers in semi-urban and rural areas. The Company's product offering consists of home loans for the purchase or construction of residential properties, and for the extension and repair of existing housing units, loan against property and micro, small and medium enterprises loan (MSME) loans. Its Website has a portal for online application of loans which offers services like branch locator, home loan equated monthly instalment calculator, details on specific products like construction loans, MSME loans and others. Customers also have the option to apply for loans through Aavas Loan Mobile App. It operates in over 13 states with a total of 371 branches. It operates in various states including Rajasthan, Maharashtra, Gujarat, Madhya Pradesh, Haryana, Uttar Pradesh, Chhattisgarh, Uttarakhand, Punjab, Himachal Pradesh, Delhi, Odisha and Karnataka.