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Indiabulls Housing Finance has recorded 24% dip in the net profit to Rs 801.53 crore for the quarter ended June 2019. The net interest income of the company dipped 13%, while net provisions jumped 128% causing decline in the net profit of the company in Q1FY2020. The company has witnessed marginal decline in the margins, while asset quality deteriorated.
The net interest income of the company declined 13% to Rs 1475 crore in the quarter ended June 2019. The company has witnessed decline in spreads to 3.14% in Q1FY2020 from 3.23% in Q1FY2019, as cost of funds increased to 8.91% in Q1FY2020 from 7.92% in Q1FY2019. The yield on loans also increased to 12.05% in Q1FY2020 from 11.15% in Q1FY2019.
Total income declined 5% to Rs 3884.99 crore in the quarter ended June 2019. Interest expense increased 1% to Rs 2362.68 crore, while other expenses (including staff cost, provisions and other expenses) dipped 8% to Rs 240.82 crore. Ensuing Gross Profit declined 13% to Rs 1282.62 crore in Q1FY2020.
Depreciation increased 244% to Rs 29.04 crore, while provisions galloped 128% to Rs 147.59 crore, causing 21% decline in the PBT to Rs 1105.99 crore.
Effective tax rate was higher at 28.6% in Q1FY2020 from 25.2% in Q1FY2019. The final bottomline of the company dipped 24% to Rs 801.53 crore in the quarter ended June 2019.
The loan portfolio of the company declined 10% to Rs 113189 crore at end June 2019 over June 2018. The sold down portfolio stood at Rs 27501 crore at end June 2019, showing an increase of 100% over June 2018.
The share of mortgage loans increased to 84% at end June 2019 from 79% at end June 2018. On the other hand, the share of corporate mortgage eased to 16% at end June 2019 from 21% at end June 2018.
Gross NPA ratio increased to 1.47% at end June 2019 from 0.78% at end June 2018. Meanwhile, Net NPA ratio also jumped to 1.10% at end June 2019.
Book value of the company stood at Rs 396.25 per share at end June 2019. Adjusted book value (net of net NPAs) was at Rs 367.11 per share at end June 2019.
Annual Financial Performance
For the year ended March 2019 (FY2019), the company has reported 14% rise in total income at Rs 17019.62 crore. Interest expense moved up 14% to Rs 17027.04 crore, while other expenses galloped 18% to Rs 1077.20 crore. Ensuing Gross profit rose mere 3% to Rs 6224.31 crore. Depreciation increased 15% to Rs 42.75 crore and provision dipped 48% to Rs 577.58 crore. PBT increased 15% to Rs 5603.98 crore. Effective tax rate stood at 28% in compared to 21%. The final bottomline of the company moved up 5% to Rs 4090.53 crore in FY2019.
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