|
Indiabulls Housing Finance has posted 7% decline in the net profit to Rs 1006.15 crore for the quarter ended March 2019. However, the company has exhibited improvement in its performance over the previous quarter ended December 2018. The margins of the company were healthy, while the asset quality was under control. The company has showed sharp improvement in disbursements in Q4FY2019 to Rs 7300 crore, after sharp decline to Rs 3853 crore in Q3FY2019.
The net interest income of the company improved 6% to Rs 1591 crore in the quarter ended March 2019. The GNPA ratio as well as NNPA showed marginal increase for Q4FY2019, but remained under control at end March 2019.
The company has improved spreads to 3.42% in Q4FY2019 from 3.11% in Q4FY2018, as yield on loans jumped to 12.15% in Q4FY2019 from 10.86% in Q4FY2018. The company has also exhibited marginal decline in cost of funds to 8.73% in Q4FY2019 from 7.75% in Q4FY2018.
Total income increased 3% to Rs 3871.51 crore in the quarter ended March 2019. Interest expense increased 11% to Rs 2374.35 crore, while other expenses (including staff cost, provisions and other expenses) moved up 10% to Rs 231.52 crore. Ensuing Gross Profit declined 2% to Rs 1603.94 crore in Q4FY2019.
Depreciation fell 12% to Rs 12.01 crore, while provisions dipped 60% to Rs 164.45 crore. PBT moved up 17% to Rs 1427.48 crore.
Effective tax rate was higher at 29.9% in Q4FY2019 from 11.7% in Q4FY2018. The final bottomline of the company declined 7% to Rs 1006.15 crore in the quarter ended March 2019.
The loan portfolio of the company has declined 1% to Rs 120525 crore at end March 2019 over March 2018. The sold down portfolio surged to Rs 28227 crore at end March 2019, showing an increase of 144% over March 2018. The share of mortgage loans increased to 83% at end March 2019 from 79% at end March 2018. On the other hand, the share of corporate mortgage eased to 17% at end March 2019 from 21% at end March 2018.
Gross NPA ratio has increased to 0.88% at end March 2019 from 0.77% at end March 2018. Meanwhile, Net NPA ratio also moved up to 0.69% at end March 2019. The provision coverage ratio for state 3 assets stood at 22% at end December 2018.
Book value of the company stood at Rs 385.64 per share at end March 2019. Adjusted book value (net of net NPAs) was at Rs 366.17 per share at end March 2019.
Annual Financial Performance
For the year ended March 2019 (FY2019), the company has reported 26% rise in total income at Rs 13061.92 crore. Interest expense moved up 25% to Rs 14640.39 crore, while other expenses galloped 20% to Rs 852.58 crore. Ensuing Gross profit increased 34% to Rs 6133.95 crore. Depreciation rose 60% to Rs 37.05 crore and provision moved up 43% to Rs 1121.33 crore. PBT increased 32% to Rs 4975.57 crore. Effective tax rate was steady at 23% in FY2019 compared to 23% for FY2018. The final bottomline of the company improved 32% to Rs 3847.38 crore in FY2019.
|