NEW DELHI: Education loan company Avanse Financial Services Ltd on Thursday said its net profit for fiscal 2020-21 rose to Rs38 crore from Rs22 crore a year ago. Disbursements, however, declined year-on-year due to the pandemic’s impact on education delivery.
“The organisation witnessed a significant growth in its PAT as compared to FY20. PAT for FY21 stands at approximately Rs38 Cr. Total loan disbursed during this financial year is approximately Rs976 Cr,” Avanse Financial said.
In 2019-20, the company had disbursed Rs1,063 crore. It said the “impact on the disbursement number (is) due to the pandemic and its subsequent impact on the education instruction delivery module.”
Private equity major Warburg Pincus-led Avanse Financial had Rs3,103 crore worth of assets under management as of 31 March, 2021.
“The year gone by was an extremely challenging year. It created a volatile, uncertain, complex and ambiguous business environment. Despite all the hindrances, Avanse Financial Services demonstrated resilience in terms of ensuring smooth business continuity even amidst the most difficult phase. Though it was a tough year for most of the sectors, yet education has been one of initial sectors to get back on track. Education is an important aspect of the Indian culture and thus, education financing is a multi-decade secular growth opportunity in India,” said Amit Gainda, chief executive of Avanse Financial.
Never miss a story! Stay connected and informed with Mint.
our App Now!!