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Results
28-Jan-22
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Analysis
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LIC Housing Finance
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NII growth healthy at 14%, loan book up 11%
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LIC Housing Finance reported 6% rise in
the net profit to Rs 767.33 crore in the quarter ended December 2021
(Q3FY2022). Net interest income (NII) of the company jumped 14% to Rs 1454.62
crore in Q3FY2022, while snapping 6% decline in the previous quarter. The
growth in NII is supported by rebound in net interest margin (NIM) to 2.42% in
Q3FY2022 from 2.00% in the previous quarter and 2.36% in the corresponding
quarter last year.
The other income increased 46% to Rs
69.82 crore. The net total income moved up 15% to Rs 1524.44 crore.
Operating expenses jumped 17% to Rs
193.82 crore, allowing 14% rise in the operating profit to Rs 1330.62 crore.
However, the provisions zoomed 96% to Rs 355.56 crore in Q3FY2022 from Rs
180.95 crore in Q3FY2021. Depreciation rose 5% to Rs 13.21 core from Rs 12.63
core. PBT declined 1% to Rs 961.85 crore. An effective tax rate eased to 20.22%
in Q3FY2022 from 25.02% in Q3FY2021. The net profit increased 6% to Rs 767.33
crore in Q3FY2022.
Business updates
In the quarter ended December 2021,
total disbursements rose 5% to Rs 17770 crore from Rs 16857 crore in Q3FY2021.
Out of that, disbursements in the individual home loan segment moved up 6% to
Rs 15341 crore, whereas disbursements in project loans dipped 66% to Rs 293
crore and other retail loans increased by 43% to Rs 2136 crore in Q3FY2022.
The total loan portfolio rose 11% to Rs
243412 crore end December 2021 as against Rs 220197 crore end December 2020.
The Individual loan portfolio stood at Rs 229321 crore as against Rs 204444
crore, showcasing a growth of 12%.
Developer loan portfolio declined 11%
to Rs 14091 crore end December 2021 as against Rs 15753 crore end December
2020.
The Loan Mix is - retail loans - 80.5%,
developers loans - 5.8% and retail LAP/LRD/etc - 13.7%
Net Interest margins jumped to 2.42% in
Q3FY2022 as against 2.36% in Q3FY2021. The weighted average cost of funds eased
to 6.69% in Q3FY2022 from 6.76% a quarter ago and 7.25% a year ago. The
weighted yield on advances eased to 8.52% in Q3FY2022 from 8.72% a quarter ago
and 9.51% a year ago.
The gross stage 3 (GNPA) exposure at
default eased to 5.04% end December 2021 from 5.14% a quarter ago and jumped
from 1.34% a year ago. The company has reduced provisions to Rs 4876.37 crore
end December 2021 from Rs 5294.52 crore a quarter ago and while raised from Rs
2948.05 crore a year ago.
Book value of the company stood at Rs 431.02 per
share and adjusted book value (net of net stage 3 assets) stood at Rs 296.73
per share end December 2021.
Financial Performance 9MFY2022
LIC Housing Finance reported 50% decline
in the net profit to Rs 1168.64 crore in the nine months ended December 2021 (9MFY2022).
Net interest income (NII) of the company rose 4% to Rs 3897.32 crore in 9MFY2022.
The other income jumped 73% to Rs 145.22 crore. The net total income increased 6%
to Rs 4042.54 crore.
Operating expenses jumped 62% to Rs 729.26 crore, causing 2% dip
in the operating profit to Rs 3313.28 crore. Further, the provisions zoomed to
Rs 1811.31 crore in 9MFY2022 from Rs 340.42 crore in 9MFY2021. Depreciation rose
3% to Rs 38.23 core from Rs 37.18 core. PBT dipped 51% to Rs 1463.74 crore. An
effective tax rate eased to 20.16% in 9MFY2022 from 22.06% in 9MFY2021. The net
profit declined 50% to Rs 1168.64 crore in 9MFY2022.
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LIC Housing Finance: Standalone Results
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2112 (3)
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2012 (3)
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Var %
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2112 (9)
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2012 (9)
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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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5000.57
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4876.07
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3
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14499.21
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14799.31
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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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3545.95
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3595.05
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-1
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10601.89
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11059.71
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-4
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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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1454.62
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1281.02
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14
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3897.32
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3739.60
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4
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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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69.82
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47.92
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46
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145.22
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84.01
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73
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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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1524.44
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1328.94
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15
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4042.54
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3823.61
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6
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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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193.82
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165.72
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17
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729.26
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449.44
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62
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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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1330.62
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1163.22
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14
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3313.28
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3374.17
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-2
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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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355.56
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180.95
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96
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1811.31
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340.42
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432
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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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13.21
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12.63
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5
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38.23
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37.18
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3
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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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961.85
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969.64
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-1
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1463.74
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2996.57
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-51
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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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194.52
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242.60
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-20
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295.10
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661.15
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-55
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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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767.33
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727.04
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6
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1168.64
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2335.42
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-50
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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 Corporate Database
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