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Aadhar Housing Finance
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Aadhar Housing Finance Limited was established in 1990 as Vysya Bank Housing Finance Ltd. A separate entity, Aadhar Housing Finance Ltd (AHFL) was established in 2010 with the equity participation of IFC, and it was merged with Vysya Bank HFL in November 2017. The merged entity was renamed as Aadhar Housing Finance Ltd on 4 December 2017. In June 2019, BCP Topco VII Pte. Limited (which is controlled by a private equity fund managed by the Blackstone Group) completed the acquisition of the stake from existing shareholders and now holds 98.72% in the company. AHFL is one of the largest independent affordable housing finance companies with a wide geographic presence across 20 states and union territories with 312 branches, as on 31 March 2021.
AHFL is well-capitalised, with a total CRAR of 44.08% as of 31 March 2021, which is above the RBI's minimum stipulated requirement of 15%. The equity raise of Rs. 1300 Crore in FY20 by the promoter, Blackstone Group, through its private equity funds, strengthened the company's capital position to cover for any asset-side risk and to augment growth.
The capital infusion and retention of profits has also resulted in the gearing levels reducing to 3.85 times as at the end of FY21 vis-a-vis 4.10 times as at the end of FY20. The company has proposed an IPO of equity shares for an amount upto Rs. 7300 Crore, of which a primary infusion of Rs. 1500 Crore is expected into the company.
The company's asset quality is also comfortable, with the gross NPA and net NPA ratio at 1.21% and 0.81%, respectively, as on 31 March 2021 as against 1.29% and 0.78%, respectively, as on 31 March 2020.
AHFL has a comfortable resource profile, with the funding mix comprising Term Loans (62%), NCDs (21%), NHB refinance (16%) and subordinated debt (1%). Over the years, the company has diversified its funding mix, with the proportion of NCDs and NHB refinance increasing from 27% at the end of FY20 to 37% as at the end of FY21. Given its parentage and track record of performance, the company is well-placed in terms of raising funds for its growth.
During FY21, the company has raised Rs 1695 Crore of bank loans, Rs 1091 Crore from NHB, Rs.815 Crore of NCDs and commercial paper of Rs 50 Crore. The company has been able to take advantage of the prevailing interest rates and has been able to reduce its incremental cost of borrowings to 6.76% in FY21 from 8.89% in FY20.
AHFL is a retail-focused mortgage financier, with 80% of total AUM comprising home loans, as on 31 March 2021. The company had approximately 1.80 lakh live accounts as on 31 March 2021 with an average ticket size of Rs 8.50 lakh. Around 20% of the total AUM comprises retail loans against property (LAP) with an average ticket size of Rs. 7.17 lakhs.
The company also has a wide geographical presence across 20 states and union territories. The top two states, viz., Uttar Pradesh and Maharashtra, constitute 31% of the loan book. AHFL had a network of 312 branches as on 31 March 2021 with a total AUM of Rs 13,327 Crore.
In June 2019, BCP Topco VII Pte. Ltd., an entity controlled by private equity funds managed by the Blackstone Group, acquired a 98.72% stake in AHFL, held by the erstwhile shareholders. It has already infused Rs 1300 Crore of equity into the company to bring down the gearing and is committed to infusing capital as and when required. With the equity infusion and profit retention, the company's net worth stood at Rs.2693 Crore as on 31 March 2021, with the gearing at 3.85 times.
The debt securities of AHFL are listed in the BSE under the debt segment.
Aadhar Housing Finance share price reflects investor sentiment toward the company and is impacted by various factors such as financial performance, market trends, and economic conditions. Share price is an indicator which shows the current value of the company's shares at which buyers or sellers can transact.
Market capitalization of Aadhar Housing Finance indicates the total value of its outstanding shares. Marketcap is calculated by multiplying share price and outstanding shares of the company. It is a helpful metric for assessing the company's size and market Valuation. It also helps investors understand how Aadhar Housing Finance is valued compared to its competitors.
Aadhar Housing Finance PE ratio helps investors understand what is the market value of each stock compared to Aadhar Housing Finance 's earnings. A PE ratio higher than the average industry PE could indicate an overvaluation of the stock, whereas a lower PE compared to the average industry PE could indicate an undervaluation.
The PEG ratio of Aadhar Housing Finance evaluates its PE ratio in relation to its growth rate. A PEG ratio of 1 indicates a fair value, a PEG ratio of less than 1 indicates undervaluation, and a PEG ratio of more than 1 indicates overvaluation.
Return on Equity (ROE) measures how effectively Aadhar Housing Finance generates profit from shareholders' equity. A higher ROE of more than 20% indicates better financial performance in terms of profitability.
Return on Capital Employed (ROCE) evaluates the profitability of Aadhar Housing Finance in relation to its capital employed. In simple terms, ROCE provides insight to investors as to how well the company is utilizing the capital deployed. A high ROCE of more than 20% shows that the business is making profitable use of its capital.
Total debt of Aadhar Housing Finance shows how much the company owes to either banks or individual creditors. In simple terms, this is the amount the company has to repay. Total debt can be a very useful metric to show the financial health of the company. Total debt more than equity is considered to be a bad sign.
The Debt-to-Equity (DE) ratio of Aadhar Housing Finance compares its total debt to shareholders' equity. A higher Debt to Equity ratio could indicate higher financial risk, while a lower ratio suggests that the company is managing its debt efficiently.
CAGR shows the consistent growth rate of Aadhar Housing Finance over a specific period, whether it is over a month, a year, or 10 years. It is a key metric to evaluate the company’s long-term growth potential. Main metrics for which CAGR is calculated are net sales, net profit, operating profit, and stock returns.
Technical analysis of Aadhar Housing Finance helps investors get an insight into when they can enter or exit the stock. Key components of Aadhar Housing Finance Technical Analysis include:
There are usually multiple support levels, but the main support levels for a stock are S1, S2, S3. Support levels indicate price points where stock might get support from buyers, helping the stock stop falling and rise.
There are usually multiple resistance levels, but the main resistance levels for a stock are R1, R2, R3. Resistance levels represent price points where Aadhar Housing Finance shares often struggle to rise above due to selling pressure.
Dividends refer to the portion of the company’s profits distributed to its shareholders. Dividends are typically paid out in cash and reflect Aadhar Housing Finance ’s financial health and profitability.
Bonus shares are usually given by companies to make the stock more affordable, increase liquidity, boost investor confidence, and more.
Stock split increases the number of its outstanding shares by dividing each existing share into multiple shares. When the company offers a stock split, the face value of the stock reduces in the same proportion as the split ratio.
The financials of Aadhar Housing Finance provide a complete view to investors about its net sales, net profit, operating profits, expenses, and overall financial health. Investors can analyze financial data to assess the company’s stability and also understand how the company has been growing financially.
The profit and loss statement of Aadhar Housing Finance highlights its net sales, net profit, total expenditure, and operating profits in the current financial year. This Profit and Loss statement is crucial for evaluating the profitability and financial stability of Aadhar Housing Finance .
The balance sheet presents a snapshot of Aadhar Housing Finance ’s assets, liabilities, and equity of shareholders, providing insights into the financials of the company.
Cashflow statements track the company's cash inflows and outflows over a period. It is an essential tool for understanding how well the company manages its liquidity and finances.
Aadhar Housing Finance Net Interest Margin (NIM) tells about the profitability earned by all NBFCs and financial institutions. It represents the income generated by the bank from the difference between the interest earned on loans and the interest paid on public deposits. Net Interest Margin (NIM) is a metric that monitors the profitability generated from a bank's lending activities.
Non-Performing Assets (NPA) indicate the ratio of a bank's loans that are classified as non-performing. A lower NPA ratio reflects stronger asset quality and more effective risk management.
Capital Adequacy Ratio (CAR) is a metric to measure the bank's ability to absorb losses and still remain financially stable. A higher CAR shows that the bank is financially sound and can absorb potential losses.
Gross NPA is the percentage of total non-performing loans before provisioning, while net NPA is the percentage after provisioning. Lower gross and net NPA ratios indicate better loan quality.
Net NPA is the actual losses a bank has incurred due to NPA accounts. Lower the NPA, better the banks can maintain stable income from interest on loans.
CASA ratio tells how much of a bank's total deposits are in both current and savings accounts.
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