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Indiabulls Housing Finance has recorded 14% decline in the net profit to Rs 985.51 crore for the quarter ended December 2018. The moderation in revenue growth with deceleration in loan book growth impacted the performance of the company in Q3FY2019. However, the company has maintained stable asset quality and improved margins.
The net interest income of the company improved 30% to Rs 2026 crore in the quarter ended December 2018. The company has continued to maintain GNPA ratio as well as NNPA steady on sequential basis at end December 2018.
The company has improved spreads to 3.46% in Q3FY2019 from 3.22% in Q3FY2018, as yield on loans jumped to 12.02% in Q3FY2019 from 11.14% in Q3FY2018. Cost of funds increased to 8.56% in Q3FY2019 from 7.92% in Q3FY2018.
Total income increased 24% to Rs 4236.80 crore in the quarter ended December 2018. Interest expense increased 18% to Rs 2449.23 crore, while other expenses (including staff cost, provisions and other expenses) moved up 12% to Rs 324.09 crore. Ensuing Gross Profit declined 6% to Rs 1706.89 crore in Q3FY2019.
Depreciation increased 41% to Rs 11.37 crore, while provisions fell 3% to Rs 308.01 crore. PBT declined 7% to Rs 1387.51 crore. Effective tax rate was higher at 29.9% in Q3FY2019 from 23.4% in Q3FY2018. The final bottomline of the company declined 14% to Rs 985.51 crore in the quarter ended December 2018.
The loan portfolio of the company increased at slower pace of 16% to Rs 124271 crore at end December 2018 over December 2017. The sold down portfolio jumped to Rs 25001 crore at end December 2018, showing an increase of 130% over December 2017.
The share of mortgage loans increased to 81% at end December 2018 from 79% at end December 2017. On the other hand, the share of corporate mortgage eased to 19% at end December 2018 from 21% at end December 2017.
Gross NPA ratio was flat at 0.79% at end December 2018 from 0.77% at end December 2017. Meanwhile, Net NPA ratio stood at 0.59% at end December 2018.
The provision coverage ratio for state 3 assets stood at 25% at end December 2018.
Book value of the company stood at Rs 406.33 per share at end December 2018. Adjusted book value (net of net NPAs) was at Rs 389.04 per share at end December 2018.
YTD Financial Performance
For the nine-months ended December 2018 (9MFY2019), the company has reported 26% rise in total income at Rs 12107.46 crore. Interest expense moved up 17% to Rs 12806.80 crore, while other expenses galloped 20% to Rs 845.68 crore. Ensuing Gross profit increased 5% to Rs 4620.37 crore. Depreciation rose 32% to Rs 30.74 crore and provision declined 42% to Rs 413.13 crore. PBT increased 14% to Rs 4176.50 crore. Effective tax rate stood at 27% in compared to 24%. The final bottomline of the company improved 10% to Rs 3084.38 crore in 9MFY2019.
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