Earnings Call Transcript for the quarter ended March 31, 2025
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Apollo Finvest reported AUM growth of about 74–75% year-on-year, with portfolio quality well ahead of industry averages — 30-day PAR of 2.86% and NPAs below 1% versus an industry average of around 2.4%. The management highlighted that profitability and double-digit ROEs have been consistently delivered over the last 8 years. The book mix currently stands at roughly 60% term loans and 40% retail, with the plan to shift this towards 70% retail and 30% term loans over the coming quarters. The company sees no material impact from the RBI's May 2025 consolidated digital lending guidelines, as its provisioning practices and LSP due diligence are already conservative. Cost of capital is blended sub-12%, while term loans earn XIRR of 16–17% and above; debt-to-equity is very low at around 0.4x, keeping NIMs healthy.
Shareholders get comfort on growth and asset quality, with management explicitly prioritising sustainable ROE-led growth over headline AUM expansion. The mix shift toward retail and planned capital raises could support earnings going forward, but management cautions that AUM will not be chased quarter-on-quarter, which may temper near-term growth expectations.