Avanse Financial Services FY21 PAT jumps nearly 73 pc to Rs 38 cr; loan disbursement falls
Total loan disbursed during this financial year is nearly Rs 976 crore contributing towards a net worth of Rs 942 crore, Avanse Financial Services said.The non-banking finance company achieved an asset under management AUM of nearly Rs 3,103 crore during FY21 with over 52,000 live customers.The education sector witnessed significant transformation that accelerated digital interventions at a pace never witnessed before.
Education focussed non-banking lender Avanse Financial Services on Thursday reported nearly 73 per cent jump in its profit after tax (PAT) at Rs 38 crore for the financial year ended March 2021.
Avanse had posted a net profit of Rs 22 crore in FY20.
However, the loan disbursal fell by 8.2 per cent to Rs 976 crore in FY21, as against Rs 1,063 crore in the year-ago period.
There is a marginal impact on the disbursement number due to the COVID-19 pandemic and its subsequent impact on the education instruction delivery module, the company said on Thursday.
The year gone by was an extremely challenging year, said Amit Gainda, CEO, Avanse Financial Services.
''The organization witnessed a significant growth in its profit after tax (PAT) as compared to FY20. PAT for FY21 stands at about Rs 38 crore. Total loan disbursed during this financial year is nearly Rs 976 crore contributing towards a net worth of Rs 942 crore,'' Avanse Financial Services said.
The non-banking finance company achieved an asset under management (AUM) of nearly Rs 3,103 crore during FY21 with over 52,000 live customers.
''The education sector witnessed significant transformation that accelerated digital interventions at a pace never witnessed before. With our student-centric products, we were able to aid 52,000 plus live customers with the necessary financial assistance and offered them a hassle-free experience throughout,'' he said.
Avanse Financial said it raised a total of Rs 250 crore under various government measures during the year. Of this, Rs 100 crore was raised through the Targeted Long-Term Repo Operation (TLTRO) window 2.0 opened by the RBI through public sector banks.
Remaining Rs 150 crore was raised under the Partial Credit Guarantee (PCG) scheme.
Besides, the company said it raised about USD 15 million from World Business Capital Inc and this was backed by guarantee from US International Development Finance Corporation via external commercial borrowing (ECB) route.
The funds raised were utilized to help more deserving Indian students fulfil their educational aspirations and towards the development of the overall education ecosystem, the company said.
Avanse Financial said it has fulfilled educational funding needs of about 1.2 lakh academic aspirants across 12,000 institutes and courses in 50 countries.
The company has also provided growth and working capital to nearly 1,000 educational institutes catering to over 5-6 lakh students.
Warburg Pincus, the global private equity firm holds 80 per cent of the equity stake in Avanse Financial. International Finance Corporation (IFC), an arm of the World Bank, holds 20 per cent equity stake in the company.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)