LIC Housing Finance Q3FY13 Result First-Cut
Rajesh Desai
Dear Sir/Madam,
LIC Housing Finance Ltd has announced its Q3FY13 result on 14th February 2013.
The company’s top line increased by 5.14% QoQ and 23.09% YoY to INR1934.68 crores. Whereas, bottom line decreased by 2.80% QoQ and 22.72% YoY to INR236.24 crores. During the quarter, the company has increased its provisions, which has affected its bottom line. In Q3FY13, provisions stood at INR31.56 crores as against INR6.94 crores in the previous quarter and -INR79.68 crores in the same quarter last year.
The company disbursed loans worth INR6005 crores, registered a growth of 27% YoY. Out of this, individual loan disbursals grew 21% YoY to INR5508 crore. On the margin front, the company has maintained its Net Interest Margin (NIM) at 2.09% as against 2.10% in Q2FY13. On the asset quality front, GNPA and NNPA stood at 0.74% and 0.45% respectively.
Despite challenging environment, the company has maintained its growth rate. Owing to the higher provisioning, the bottom line has been affected. However, we believe the higher provisioning will strengthen the company to tame any time liabilities. Strong visibility in the mid and small segment housing where it has major presence, strong parent, stable margin on the back of better ALM position gives us high conviction in the stock. We maintain a Buy on the stock at a target price of INR317.
|
Q3FY13 (INR Crores) |
Consensus |
Actual |
Variance % |
Operating Profit | 357.9 |
300.22 |
-16.12% |
|
PAT |
265.2 |
236.24 |
-10.92% |
Particulars | Q3FY13 |
Q2FY13 |
Q3FY12 |
QoQ(%) |
YoY(%) |
Net Sales & other operating income | 1934.68 |
1840.04 |
1571.82 |
5.14% |
23.09% |
Operating Profit (Excluding OI) | 300.22 |
310.60 |
385.24 |
-3.34% |
-22.07% |
OPM(%) |
15.52% |
16.88% |
24.51% |
(136)bps |
(899)bps |
PAT | 236.24 |
243.05 |
305.69 |
-2.80% |
-22.72% |
PAT(%) |
12.21% |
13.21% |
19.45% |
(100)bps |
(724)bps |
Diluted EPS | 4.68 |
4.82 |
6.05 |
-2.90% |
-22.64% |
All data are in Crores, Previous quarter's EPS adjusted to current number of shares. | |||||
The company’s outstanding loan portfolio as on December 31, 2012 stood at INR72704 crore as against INR58707 crore in the same period last year, registering a growth of 24%.
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
CA. Rajesh Desai