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Results
30-Apr-24
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Analysis
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PNB Housing Finance
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Growth, asset quality and margin improves
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PNB Housing Finance has
continued to post strong 57% growth in the net profit to Rs 439.25 crore for
the quarter ended March 2024 (Q4FY2024) over Q4FY2023.
The
loan book of the company expanded 10%, while overall AUM jumped 7% end March
2024 over March 2023. The company has posted strong 23% growth in the
disbursement in Q4FY2024. Meanwhile, the margins of the company were healthy, while
the company has exhibited an improvement in the asset quality in Q4FY2024.
The
net interest margin was healthy at 3.65% in the quarter ended March 2024 up on
sequential basis from 3.49% in the preceding quarter, while declined from 3.74%
in the corresponding quarter last year. Net Interest Margin stood at
3.74% for FY24 as compared to 3.73% for FY23.
Net
interest income for the quarter ended March 2024 increased 7% to Rs 623.20
crore as against Rs 581.18 crore in the same period of the previous year.
Income
from operations increased 7% to Rs 1692.90 crore in the quarter ended March
2024. Interest expense moved up 6% to Rs 1069.70 crore, while other expenses
(including staff cost of Rs 90.62 crore and other expenses of Rs 73.02 crore)
increased 26% to Rs 163.64 crore. Ensuing Gross profit advanced 16% to Rs
580.63 crore.
The
depreciation rose to Rs 14.18 crore in Q4FY2024 against Rs 12.63 crore in
Q4FY2023. The provision and write offs stood at Rs 6.64 crore against Rs 144.93
crore in same quarter last year. PBT
increased 63% to Rs 559.81 crore.
Effective
tax rate rose to 21.54% bps on yoy basis from 18.46%. The profit after tax of
the company improved 57% to Rs 439.25 crore in the quarter ended March 2024.
Loan
book and disbursements
The
AUM of the company rose 7% to Rs 71243 crore end March 2024 over March 2023. The loan portfolio of the company increased
10% to Rs 65358 crore. The loans sold outstanding increased dipped 20% to Rs
5885 crore end March 2024 over March 2023.
The
disbursements increased 23% to Rs 5541 crore in the quarter ended March 2024.
Retail
Loan Asset grew by 14% yoy to Rs 63,306 crore end March 2024, which is 97% of
Loan asset. The company has built Rs 1,790 crore of affordable book within 15
months.
The company
has strengthened pan India presence to 300 branches & outreaches. It has dedicated
160 branches for affordable segment and 50 branches for emerging Segment.
Capital
Risk Adequacy Ratio stood at 29.26% end March 2024 with Tier I at 27.90%.
The
deposits with the company have increased 3% to Rs 17798 crore at end March
2024.
India
Ratings, ICRA and CARE upgraded the rating to “AA+” from “ AA”; Outlook “Stable.
Asset
quality
Gross
NPA ratio dipped to 1.50% at end March 2024 from 1.73% a quarter ago and 3.83%
a year ago. Meanwhile, Net NPA ratio
also fell to 0.95% at end March 2024 from 1.14% a quarter ago.
In
absolute terms, GNPA stood at Rs 984.00 crore and NNPA at Rs 616.00 crore at
end March 2024.
Book value of the company stood at
Rs 576.6 per share, while adjusted book value was at Rs 552.8 per share at end
March 2024.
Financial
Performance FY2024
For
the year ended March 2024 (FY2024), PNB Housing Finance reported 9% rise in
Income from operations at Rs 6742.21 crore. Interest expense moved up 9% to Rs
4261.12 crore, while other expenses increased 17% to Rs 619.76 crore. Ensuing
Gross profit increased 3% to Rs 2176.21 crore. Depreciation increased 0% to Rs
51.19 crore, while provision and write offs dipped 75% to Rs 171.12 crore. PBT
improved 44% to Rs 1953.90 crore. Effective tax rate stood at 22.82% FY2024,
compared with 23.14% in FY2023. The PAT of the company improved 44% to Rs
1508.01 crore in FY2024.
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PNB Housing Finance:
Consolidated Results
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Particulars
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2403 (3)
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2303 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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Income from operations
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1692.90
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1589.23
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7
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6742.21
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6199.07
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9
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Other Income
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121.07
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48.49
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150
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314.88
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330.59
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-5
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Total Income
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1813.97
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1637.72
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11
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7057.09
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6529.66
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8
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Interest Expenses
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1069.70
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1008.05
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6
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4261.12
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3898.52
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9
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Other expenses
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163.64
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129.61
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26
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619.76
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527.51
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17
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Gross profit
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580.63
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500.06
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16
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2176.21
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2103.63
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3
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Depreciation
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14.18
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12.63
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12
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51.19
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51.44
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0
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Profit before tax and
Provisions
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566.45
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487.43
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16
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2125.02
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2052.19
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4
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Provisions and write
off
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6.64
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144.93
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-95
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171.12
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691.28
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-75
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Profit before tax
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559.81
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342.50
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63
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1953.90
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1360.91
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44
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Provision for tax
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120.56
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63.22
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91
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445.89
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314.91
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42
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PAT
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439.25
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279.28
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57
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1508.01
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1046.00
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44
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EPS*(Rs)
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67.6
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43.0
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58.1
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40.3
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Adj BV (Rs)
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552.8
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556.5
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552.8
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556.5
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* Annualized on
current equity of Rs 259.72 crore. Face Value: Rs 10, Figures in Rs Crore,
Figures as per Ind AS
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Source: Capitaline
Corporate Database
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