Aavas Financiers zooms 8% as investors cheer strong Q4 growth

Aavas Financiers reported a 20 percent on year uptick in disbursements to Rs 1,890 crore during the January-March quarter

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Shares of Aavas Financiers surged 8 percent intraday on April 5 after the company reported strong growth in disbursements and assets under management for the quarter ended March.

The non-bank finance company reported a 20 percent on year uptick in disbursements to Rs 1,890 crore during the January-March quarter. Assets under management also rose 22 percent on year to Rs 17,300 crore in the quarter gone by.

The strong quarterly business update triggered hopes of the lender reporting robust earnings for the March quarter. At noon, Aavas Financiers was trading at Rs 1,550.50 on the NSE.

The quarterly updates also ticked off a spike in volumes in the counter. As many as 34 lakh shares changed hands on the exchanges, so far, significantly higher than the one-month daily traded average of 9 lakh shares.

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The lender also expanded its network and added 21 new branches in the entire fiscal year 2024.

In the previous session, Smallcap World Fund INC unloaded a 1.27 percent stake in the lender in two separate open market transactions. It sold 4.23 lakh shares of Aavas Financiers at an average price of Rs 1,421.05 and another 5.82 lakh shares at Rs 1,420.19 a share.

Smallcap World owned 1.92 percent in Aavas Financiers at the end of the December quarter.

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