Operating expenses jumped 23% to Rs 156.98 crore, causing -2% dip in the operating profit to Rs 1124.67 crore. However, the provisions dipped to Rs 103.02 crore in Q2FY2021 from Rs 281.47 crore in Q2FY2020. Depreciation rose 2% to Rs 12.94 core from Rs 3.18 core. PBT moved up 18% to Rs 826.72 crore. An effective tax rate galloped to 21.64% in Q2FY2021 from 9.80% in Q2FY2020. The net profit rose 2% to Rs 790.9 crore in Q2FY2021.

Business updates

In the quarter ended September 2020, total disbursements rose 2% to Rs 12443 crore from Rs 12173 crore in Q2FY2020. The company has exhibited healthy rebound in disbursements in Q2FY2021 after sharp decline in the previous qiOut of that, disbursements in the individual home loan segment moved up 2% to Rs 10373 crore, whereas disbursements in project loans jumped 80% to Rs 803 crore and other retail loans declined by -20% to Rs 1267 crore in Q2FY2021.

The total loan portfolio rose at better pace of 5% to Rs 213349 crore as against Rs 194646 crore. The Individual loan portfolio stood at Rs 197986 crore as against Rs 189351 crore, showcasing a growth of 5%. Developer loan portfolio rose 12% to Rs 15363 crore end September 2020 as against Rs 13685 crore end September 2019. The Loan Mix is - retail loans - 76.5%, developers loans - 7.2% and retail LAP/LRD/etc - 16.3%.

Net Interest margins declined to 2.34% in Q2FY2021 as against 2.50% in Q2FY2020, while improved on sequential basis from 2.32% in Q1FY2021.

The weighted average cost of funds eased to 7.61% in Q2FY2021 from 7.87% a quarter ago and 8.36% a year ago.

The weighted yield on advances eased to 9.82% in Q2FY2021 from 10.15% a quarter ago, while declined from 10.34% a year ago.

The asset quality of the company has exhibited an improved on sequential basis in Q2FY2021. The gross stage 3 (GNPA) exposure at default eased to 2.79% end September 2020 from 2.83% a quarter ago, while remained higher compared with 1.35% a year ago.

The collection efficiency has improved 96% in September 2020.

The company has also scaled up provisions to Rs 2771.74 crore end September 2020 from Rs 2668.63 crore a quarter ago and Rs 2083.04 crore a year ago.

Book value of the company stood at Rs 392.29 per share and adjusted book value (net of net stage 3 assets) stood at Rs 329.27 per share end September 2020.

Financial Performance for H1FY2021

During the six months ended September 2020, the total disbursements for the Company stood at Rs16004 crore as against Rs 22434 crore for the same period of the previous year. Out of this Individual Home loan segment registered a disbursement of Rs 13407 crore, as against Rs 18007 for H1FY2020, while project loans were Rs 962 crore as against Rs 1274 crore.

The company's total income was Rs 9959 crore as against Rs 9786 crore during the same period previous year. Revenue from operations were Rs 9973 crore as against Rs 9780 crore.Net Interest Income (NII) for six months was up by 1% to Rs 2459 crore from Rs 2434 crore during the same period previous year.

Profit before tax (PBT) for H1 FY2021 was Rs 2026.93 crore as against Rs 1696.95 crore during the same period previous year, a growth of 19%.Net profit after tax was Rs 1608.38 crorein H1FY2021 as against Rs 1382.88 crore during the same period previous year, a growth of 16%.

Net interest margins (NIM) stood at 2.32% in H1FY2021 as against 2.45% for H1FY2020.