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ICICI Securities Report
Aadhar Housing Finance Ltd. reported strong 21% YoY assets under management growth in Q1 FY25 and maintains leadership position in affordable housing finance space. Diversified presence (no single state accounting for greater then 14% of its AUM) with one of the largest distribution networks of greater then 500 physical branches is key enabler for steady growth despite being the largest Aadhar Housing Finance player with AUM of Rs 217 billion as on June 2024.
Notably, despite stiff competition in Aadhar Housing Finance (thus pressure on yields), it has consistently maintained ~6% spread over the last five quarters. Further, it hiked PLR rate by 25 bps in April 2024 which should support spread going ahead.
Strong operating performance resulted in it sustaining greater then15% return on equity despite fresh capital raise of Rs 10 billion via IPO.
We maintain 'Buy' with target price of Rs 550, valuing the stock at ~3 times FY26E book value per share.
Click on the attachment to read the full report:
Grasim Industries Q1 Results Review – Little To Cheer: ICICI Securities
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