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Results
30-Jul-21
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Analysis
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LIC Housing Finance
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Asset quality deteriorates sharply
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LIC Housing Finance reported 81% dip in
the net profit to Rs 153.44 crore in the quarter ended June 2021 (Q1FY2022) on
account of sharp 15 times jump in the credit cost wit sharp deterioration in
the asset quality. The company also witnessed jump in the operating expenses in
Q1FY2022. Net interest margin (NIM) declined 2.20% in Q1FY2022 from 2.66% in
the previous quarter and 2.32% in the corresponding quarter last year.
Net interest income (NII) of the
company rose 10% to Rs 1347.83 crore in Q1FY2022. The other income were loss of
Rs 38.76 crore. The net total income rose 8% to Rs 1309.07 crore.
Operating expenses jumped 116% to Rs 273.48
crore, causing 5% dip in the operating profit to Rs 1035.59 crore. Further, the
provisions zoomed 1371% to Rs 830.41 crore in Q1FY2022 from Rs 56.45 crore in
Q1FY2021. Depreciation rose 1% to Rs 12.25 core from Rs 12.16 core. PBT dipped 81%
to Rs 192.93 crore. An effective tax rate rose to 20.47% in Q1FY2022 from 19.67%
in Q1FY2021. The net profit declined 81% to Rs 153.44 crore in Q1FY2022.
Business updates
In the quarter ended June 2021, total
disbursements jumped 143% to Rs 8652 crore from Rs 3560 crore in Q1FY2021. Out
of that, disbursements in the individual home loan segment galloped 177% to Rs 8415
crore, whereas disbursements in project loans surged 49% to Rs 237 crore in
Q1FY2022.
The total loan portfolio rose 11% to Rs
232548 crore end June 2021 as against Rs 209817 crore end June 2020. The
Individual loan portfolio stood at Rs 216947 crore as against Rs 195176 crore,
showcasing a growth of 11%. Developer loan portfolio rose 7% to Rs 15601 crore
end June 2021 as against Rs 14641 crore end June 2020.
The Loan Mix is - retail loans - 78.3%,
developers loans - 6.7% and retail LAP/LRD/etc - 15.0%.
Net Interest margins declined to 2.20% in
Q1FY2022 as against 2.32% in Q1FY2021. The weighted average cost of funds eased
to 6.88% in Q1FY2022 from 6.93% a quarter ago and 7.87% a year ago. The
weighted yield on advances fell to 8.80% in Q1FY2022 from 9.06% a quarter ago,
while eased from 10.15% a year ago.
The asset quality of the company
continued to remain under pressure. The gross stage 3 (GNPA) exposure at
default increased to 5.93% end June 2021 from 4.12% a quarter ago and 1.56% a
year ago. The company has also scaled up provisions to Rs 4613.35 crore end
June 2021 from Rs 3971.42 crore a quarter ago and Rs 2668.63 crore a year ago.
Book value of the company stood at Rs 405.63 per
share and adjusted book value (net of net stage 3 assets and 10% of
restructured loans) stood at Rs 223.78 per share end June 2021.
Financial Performance FY2021
LIC Housing Finance reported 14% rise
in the net profit to Rs 2734.34 crore in the year ended March 2021 (FY2021).
Net interest income (NII) of the company increased 9% to Rs 5244.53 crore in
FY2021. The other income jumped 134% to Rs 150.58 crore. The net total income
moved up 10% to Rs 5395.11 crore.
Operating expenses increased 10% to Rs
679.49 crore. The operating profit improved 10% to Rs 4715.62 crore. However,
the provisions jumped to Rs 1317.61 crore in FY2021 from Rs 952.73 crore in
FY2020. Depreciation rose 3% to Rs 49.44 core from Rs 48.07 core. PBT rose 2%
to Rs 3348.57 crore. An effective tax rate dipped to 18.34% in FY2021 from
26.53% in FY2020. The net profit moved up 14% to Rs 2734.34 crore in FY2021.
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LIC Housing Finance: Standalone Results
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2106 (3)
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2006 (3)
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Var %
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2103 (12)
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2003 (12)
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Var %
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Interest Inc.
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4897.80
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4985.08
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-2
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19697.11
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19605.35
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0
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Interest Exp.
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3549.97
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3764.47
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-6
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14452.58
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14783.86
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-2
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Net Interest Inc.
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1347.83
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1220.61
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10
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5244.53
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4821.49
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9
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Other inc.
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-38.76
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-7.59
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411
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150.58
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64.41
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134
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Total inc.
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1309.07
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1213.02
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8
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5395.11
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4885.90
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10
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Op. Exp.
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273.48
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126.74
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116
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679.49
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616.11
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10
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OP
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1035.59
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1086.28
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-5
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4715.62
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4269.79
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10
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Woff/Prov. of B/D
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830.41
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56.45
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1371
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1317.61
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952.73
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38
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Dep.
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12.25
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12.16
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1
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49.44
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48.07
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3
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PBT
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192.93
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1017.67
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-81
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3348.57
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3268.99
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2
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Total Tax
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39.49
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200.19
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-80
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614.23
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867.15
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-29
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PAT
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153.44
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817.48
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-81
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2734.34
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2401.84
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14
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EPS*(Rs)
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#
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#
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54.2
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47.6
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* On current equity of Rs 100.93 crore. Face Value: Rs 2
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# EPS is not annualised due to seasonality of business
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Figures in Rs crore,
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Source: Capitaline Database
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