Aavas Financiers Limited Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2023
October 26, 2023 at 06:44 am EDT
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Aavas Financiers Limited reported earnings results for the second quarter and six months ended September 30, 2023. For the second quarter, the company reported revenue was INR 4,976.19 million compared to INR 3,951.83 million a year ago. Net income was INR 1,216.62 million compared to INR 1,066.44 million a year ago. Basic earnings per share from continuing operations was INR 15.38 compared to INR 13.51 a year ago. Diluted earnings per share from continuing operations was INR 15.37 compared to INR 13.46 a year ago.
For the six months, revenue was INR 9,646.35 million compared to INR 7,481.37 million a year ago. Net income was INR 2,314.9 million compared to INR 1,956.93 million a year ago. Basic earnings per share from continuing operations was INR 29.27 compared to INR 24.78 a year ago. Diluted earnings per share from continuing operations was INR 29.25 compared to INR 24.71 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.