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APTUS VALUE HOUSING FIN. 2022-23 Annual Report Analysis

Tue, 7 Nov

APTUS VALUE HOUSING FIN. has announced its results for the year ended March 2023. Let us have a look at the detailed performance review of the company during the year 2022-23.

APTUS VALUE HOUSING FIN. Income Statement Analysis

• Interest income during the year rose 34.2% on a year-on-year (YoY) basis.
• Interest expenses were up by 32.2% YoY during the same period.
• Operating expenses increased by 34.5% YoY during the year.
• The company's net interest income (NII) increased by 34.9% YoY during the fiscal. Consequently, net interest margins (NIM) witnessed a growth and stood at 1493.2% in FY23 as against 564.5% in FY22.
• Other income increased by 50.5% YoY during the year.
• Net profit for the year increased by 35.9% YoY.
• Net profit margins during the year increased to 46.0% in FY23 from 45.4% in FY22.

APTUS VALUE HOUSING FIN. Income Statement – 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Interest Income	Rs m	8,147	10,934	34.2%
Other Income	Rs m	255	384	50.5%
Interest Expense	Rs m	2,093	2,768	32.2%
Net Interest Income	Rs m	6,054	8,166	34.9%
Operating Expense	Rs m	1,443	1,941	34.5%
Pre-provision Operating Profit	Rs m	4,866	6,609	35.8%
Provisions & Contingencies	Rs m	225	262	16.7%
Profit before tax	Rs m	4,800	6,537	36.2%
Tax	Rs m	1,099	1,507	37.2%
Profit after tax	Rs m	3,701	5,030	35.9%
Minority Interest	Rs m	0	0	0.0%
Net Interest Margin	%	564.5	1493.2
Net profit margin	%	45.4	46.0

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APTUS VALUE HOUSING FIN. Balance Sheet Analysis

• The company's deposits during FY23 stood at Rs 0 m as compared to Rs 0 m in FY22, thereby witnessing an increase of 0.0%.
• Advances for the year stood at Rs 0 m as compared to Rs 0 m during FY22, a rise of 0.0%.
• Cost of deposits for APTUS VALUE HOUSING FIN. rose 0.0% and stood at 0.0%, while yield on advances rose to 0.0%.
• The lender's investments fell to Rs 547 m during the year from Rs 1,072 m in FY22.
• Borrowing stood at Rs 500 m, a fall of 22.9% as compared to previous year.
• Overall, the total assets and liabilities for FY23 stood at Rs 71.6 bn as against Rs 56.6 bn during FY22, thereby witnessing a rise of 26.4%.

APTUS VALUE HOUSING FIN. Balance Sheet – as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	29,118	33,312	14.4%
Advances	Rs m	0	0	0.0%
Deposits	Rs m	0	0	0.0%
Yield on advances	%	0.0	0.0
Cost of Deposits	%	0.0	0.0
Investments	Rs m	1,072	547	-49.0%
Borrowings	Rs m	649	500	-22.9%
Total Assets	Rs m	56,614	71,566	26.4%

Current Valuations for APTUS VALUE HOUSING FIN.

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.1, an improvement from the EPS of Rs 7.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 290.5, stands at 29.1 times its trailing twelve months earnings.
• The price to adjusted book value (P/ABV) ratio at current price levels stands at 4.4 times, while the price to income ratio stands at 13.4 times.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Income per share (Unadj.)	Rs	16.4	22.0
Earnings per share (Unadj.)	Rs	7.4	10.1
Diluted earnings per share	Rs	7.4	10.1
Avg P/E ratio	Rs	45.5	29.1
Avg P/ABV ratio	Rs	5.5	4.4
Avg Market Cap	Rs	168,443	146,408
Dividends per share (Unadj.)	Rs	0.00	4.00

Ratio Analysis for APTUS VALUE HOUSING FIN.

• Efficiency Ratios

  Credit/Deposit Ratio: The company's credit/deposit ratio improved and stood at 0.0x during FY23, from 0.0x during FY22. The credit/deposit ratio tells us how much money a company has raised in the form of deposits and has deployed as loans.

  Debt to Equity Ratio: The company's debt to equity ratio decreased and stood at 0.02x during FY23, from 0.02x during FY22. The debt to equity ratio of a company tells us how much debt a company uses relative to its equity.

• Liquidity Ratios

  Capital Adequacy Ratio (CAR): APTUS VALUE HOUSING FIN.'s capital adequacy ratio (CAR) was at 77.4% as on 31 March 2023 as compared to 85.6% a year ago. This ratio helps measure the financial strength of the company or any finance company to meet their obligations using their assets and capital.

  A company that has a good CAR has enough capital to absorb potential losses. Thus, it has less risk of becoming insolvent and losing depositor's money.

  Provision Coverage Ratio (PCR): Apart from CAR, you also need to take a look at the company's PCR and LCR ratios. Provisioning coverage ratio (PCR) is the percentage of funds that a company sets aside for covering losses due to bad debts.

  So a high PCR ratio means asset quality issues are under control and the company is not vulnerable.

  Liquidity Coverage Ratio (LCR): The LCR is designed to ensure that companies hold a sufficient reserve of high-quality liquid assets to allow them to survive a period of significant liquidity stress lasting 30 calendar days.

• Profitability Ratios

  Return on Equity (ROE): The return on equity (ROE) ratio for the company improved and stood at 15.1% during FY23, from 12.7% during FY22. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

  Return on Assets (ROA): The return on asset (ROA) ratio of the company improved and stood at 7.03% during FY23, from 6.54% during FY22. The ROA measures how efficiently the company uses its assets to generate earnings.

  Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 14.58% during FY23, from 13.62% during FY22. The ROCE measures the ability of a company to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

• NPA Ratios

  Gross NPA Ratio: The gross NPA ratio is the ratio of a company's gross NPAs to gross advances. APTUS VALUE HOUSING FIN.'s gross NPA ratio stood at 1.2% as of 31 March 2023 compared to 1.2% in the same period a year ago.

  A high gross NPA ratio is a bad thing as it indicates how much of a company's loans are in danger of not being repaid.

  Net NPA Ratio: In simple language, net NPAs are simply the total non-performing assets minus the provision left aside. It gives you the exact value of NPAs after the company has made provisions.

  The net NPA ratio of APTUS VALUE HOUSING FIN. was 0.8% in financial year 2023. This compared with 0.9% a year ago.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Credit/Deposit Ratio	x	0.0	0.0
Debt to Equity Ratio	x	0.0	0.0
Loans / Deposits	x	0.0	0.0
Capital Adequacy Ratio	%	85.6	77.4
Return on Equity	%	12.7	15.1
Return on Assets	%	6.5	7.0
Return on Capital Employed	%	13.6	14.6
% of Gross NPAs	%	1.2	1.2
% of Net NPAs	%	0.9	0.8
Yield on Advances	x	0.0	0.0
Yield on Investments	x	0.0	0.0

To see how APTUS VALUE HOUSING FIN. has performed over the last 5 years, please visit here.

APTUS VALUE HOUSING FIN. Share Price Performance

Over the last one year, APTUS VALUE HOUSING FIN. share price has moved down from Rs 319.4 to Rs 290.5, registering a loss of Rs 28.9 or around 9.0%.

Overall, the S&P BSE SENSEX is up 6.7% over the year.

(To know more, you can check out historical annual results for APTUS VALUE HOUSING FIN. here and quarterly results for APTUS VALUE HOUSING FIN. here)