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You are here : IndiaNotes >> Research & Analysis >> Companies >> Indiabulls Housing Finance Ltd. >> Research

Indiabulls Hsg Fin Q4FY17: Consolidated net profit up 24% y/y beating market estimates

SMC | 26 Apr, 2017  | Follow Author | Add to my Favourites 
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Indiabulls Housing Finance beats market estimates to post a 24% year-on-year rise in March quarter consolidated net profit, as net interest income grew.


Indiabulls Housing Finance continued to record healthy earnings performance, posting 24% increase in the net profit to Rs 840.53 crore for the quarter ended March 2017 . The company has maintained stable asset quality and margins, while showed acceleration in loans growth in Q4FY2017. The balance sheet size of the company has crossed Rs 1 lakh crore mark at end March 2017.


The net interest income of the company improved 22% to Rs 1360 crore in the quarter ended March 2017 . The spreads of the company moved up to 3.24% in Q4FY2017 from 3.18% in Q4FY2016, as cost of funds eased sharply to 8.39% from 9.34% as against moderate fall in yield on loans to 11.63% from 12.52%.


Total income increased 22% to Rs 2931.40 crore in the quarter ended March 2017 . Interest expense increased 28% to Rs 1739.10 crore, while other expenses (including staff cost, provisions and other expenses) moved up 30% to Rs 509.22 crore. Ensuing Gross Profit increased 9% to Rs 976.55 crore in Q4FY2017.


Depreciation increased 27% to Rs 6.76 crore. PBT moved up 9% to Rs 969.79 crore.


Effective tax rate was higher at 13.7% in Q4FY2017 from 23.4% in Q4FY2016. The final bottomline of the company moved up 24% to Rs 840.53 crore in the quarter ended March 2017.


Loan book and asset quality


The loan portfolio of the company increased at strong pace of 33% to Rs 91300 crore at end March 2017 over March 2016. The sold down portfolio stood at Rs 8690 crore at end March 2017 , showing an increase of 11% over March 2016.


The share of mortgage loans increased to 78% at end March 2017 from 77% at end March 2016. On the other hand, the share of corporate mortgage eased to 22% at end March 2017 from 23% at end March 2016.


Gross NPA ratio was flat at 0.85% at end March 2017 from 0.84% at end March 2016. Meanwhile, Net NPA ratio remained flat at 0.36% at end March 2017. The general and specific provision stood at 0.49% at end March 2017 . The provision coverage ratio was strong at 148% at end March 2017.


Book value of the company stood at Rs 286 per share at end March 2017. Adjusted book value (net of net NPAs) was at Rs 278.2 per share at end March 2017.

 


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