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Results
22-Oct-21
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Analysis
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LIC Housing Finance
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Disbursements jumps 29% with improved asset quality, higher provisions impact profitability
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LIC Housing Finance reported 69% dip in the net profit to Rs 247.86
crore in the quarter ended September 2021 (Q2FY2022). Net interest income (NII)
of the company declined 6% to Rs 1167.38 crore in Q2FY2022, driven by dip in
net interest margin (NIM) to 2.00% in Q2FY2022 from 2.20% in the previous
quarter and 2.34% in the corresponding quarter last year. The other income declined 5% to Rs 41.65
crore. The net total income declined 6% to Rs 1209.03 crore.
Operating expenses jumped 67% to Rs 261.96
crore, causing 16% dip in the operating profit to Rs 947.07 crore. Further, the
provisions zoomed 507% to Rs 625.34 crore in Q2FY2022 from Rs 103.02 crore in Q2FY2021.
Depreciation rose 3% to Rs 12.78 core
from Rs 12.39 core. PBT declined 69% to Rs 308.95 crore. An effective tax rate eased
to 19.77% in Q2FY2022 from 21.64% in Q2FY2021. The net profit dipped 69% to Rs 247.86
crore in Q2FY2022.
Business updates
In the quarter ended September 2021,
total disbursements galloped 29% to Rs 16110 crore from Rs 12443 crore in
Q2FY2021. Out of that, disbursements in the individual home loan segment jumped
38% to Rs 14330 crore. The project loans disbursements dipped 56% to Rs 353 crore,
while other retail loans disbursements increased by 13% to Rs 1427 crore in
Q2FY2022.
The total loan portfolio moved up 11% to
Rs 237660 crore as against Rs 213349 crore. The Individual loan portfolio stood
at Rs 222365 crore as against Rs 197986 crore, showcasing a growth of 12%.
Developer loan portfolio was flat at Rs
15295 crore end September 2021 as against Rs 15363 crore end September 2020.
The Loan Mix is - retail loans - 79.3%,
developers loans - 6.5% and retail LAP/LRD/etc - 14.3%.
Net Interest margins plunged to 2.00% in
Q2FY2022 as against 2.34% in Q2FY2021. The weighted average cost of funds eased
to 6.76% in Q2FY2022 from 6.88% a quarter ago and 7.61% a year ago.
The weighted yield on advances eased to
8.72% in Q2FY2022 from 8.80% a quarter ago and 9.82% a year ago.
The asset quality of the company has
improved with gross stage 3 (GNPA) exposure at default moderating to 5.14% end
September 2021 from 5.93% a quarter ago, while remained elevated from 1.49% a
year ago.
The company has also scaled up
provisions to Rs 5294.52 crore end September 2021 from Rs 4613.35 crore a
quarter ago and Rs 2771.74 crore a year ago.
Book value of the company stood at Rs 417.08 per
share and adjusted book value (net of net stage 3 assets) stood at Rs 291.33 per
share end September 2021.
Financial Performance H1FY2022
LIC Housing Finance reported 75%
decline in the net profit to Rs 401.30 crore in the half year ended September
2021 (H1FY2022). Net interest income (NII) of the company declined 1% to Rs 2442.7
crore in H1FY2022. The other income jumped 109% to Rs 75.40 crore. The net
total income rose 1% to Rs 2518.10 crore.
Operating expenses jumped 89% to Rs 535.44
crore, causing 10% dip in the operating profit to Rs 1982.66 crore. Further,
the provisions zoomed to Rs 1455.75 crore in H1FY2022 from Rs 159.47 crore in
H1FY2021. Depreciation rose 2% to Rs 25.03 core from Rs 24.55 core. PBT
declined 75% to Rs 501.88 crore. An effective tax rate eased to 20.04% in
H1FY2022 from 20.65% in H1FY2021. The net profit dipped 75% to Rs 401.3 crore
in H1FY2022.
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LIC Housing Finance: Standalone Results
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2109 (3)
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2009 (3)
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Var %
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2109 (6)
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2009 (6)
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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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4673.35
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4938.16
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-5
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9498.64
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9923.24
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-4
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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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3505.97
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3700.19
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-5
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7055.94
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7464.66
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-5
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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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1167.38
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1237.97
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-6
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2442.70
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2458.58
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-1
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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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41.65
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43.68
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-5
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75.40
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36.09
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109
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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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1209.03
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1281.65
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-6
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2518.10
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2494.67
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1
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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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261.96
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156.98
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67
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535.44
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283.72
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89
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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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947.07
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1124.67
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-16
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1982.66
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2210.95
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-10
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4715.62
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4269.79
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10
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Write offs/Prov. of B/D
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625.34
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103.02
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507
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1455.75
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159.47
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813
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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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12.78
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12.39
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3
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25.03
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24.55
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2
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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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308.95
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1009.26
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-69
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501.88
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2026.93
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-75
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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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61.09
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218.36
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-72
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100.58
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418.55
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-76
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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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247.86
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790.90
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-69
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401.30
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1608.38
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-75
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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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#
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#
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49.7
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43.6
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* On current equity of Rs 110.08 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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