Avanse Fin FY21 PAT jumps 73% to ₹38 cr

New Delhi 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.