Aadhar Housing Finance (AADHARHFC) Q3 24/25 earnings summary

Executive summary

• Achieved 21% YoY AUM growth to INR 23,976 crore (INR 239,759 Mn) as of Dec 2024, with PAT up 22% YoY to INR 667 crore for 9M FY25 and GNPA at 1.36%.

• Expanded branch network to 557 branches across 21 states, serving over 286,000 loan accounts and focusing on low-income housing with a secured retail book.

• Digital transformation with 100% paperless onboarding, advanced data analytics, and scalable digital platform.

• Net worth increased 44% YoY to INR 6,114 crore, supported by INR 1,000 crore IPO proceeds.

• Certified as a Great Place to Work for the sixth consecutive year.

Financial highlights

• Total income for 9M FY25 rose 19% YoY to INR 22,750.7 Mn; standalone revenue for Q3 FY25 was INR 78,510 lakh.

• PAT for 9M FY25 at INR 667 crore, up 22% YoY; Q3 PAT at INR 239 crore.

• Cost to income ratio improved to 34.8%-36.2% YoY; NIM at 9.2% (up 20bps YoY).

• GNPA at 1.36% (down 4bps YoY); collection efficiency stable at 98%-99%.

• Portfolio yield at 13.9%-14.03%; spread at 5.8%-6.19%.

Outlook and guidance

• AUM growth guidance of 20%-22% for FY26, with disbursement growth of 18%-20%.

• Focus on expanding branch network, especially in tier 4 and 5 towns, and leveraging digital processes.

• Credit cost expected to remain in the 25-27 basis points range.

• Spreads expected to be 5.6%-5.7% in the near term, trending to 5.4%-5.5% over 2-3 years.

• Continued growth supported by government initiatives and urbanization.