Monday, December 19, 2011

LIC HOUSING FINANCE=2ND QUARTER ENDING SEP,2011=RESULTS (Q2 FY 2012) = Addl Provisioning has reduced Profits = Q3 FY 12 to be watched


LIC HOUSING FINANCE

RESULTS ANALYSIS FOR
Q2 FY 2012 ENDING SEP,2011

LIC Housing finance results the second quarter ending Sep,2011 are analysed below.

Net Sales has gone up to Rs.1457.93 Cr – from Rs.1358.07 Cr in Q1 FY 12, an increase of  7.35% - and from Rs.1042.92 in Q2 FY 11, an increase of 39.79%.

Other Expenditure has gone up to Rs.241.44 cr from Rs.57.92 cr in Q1 FY 12 , an increase of Rs.316.85%; and from Rs.32.49 cr in Q2 FY 11, an increase of 642.96%.

Total Expenditure has gone up to Rs.260.83 Cr – from Rs.75.65 Cr in Q1 FY 12, an increase of 244.79%; and from 50.59 Vr in Q2 FY 11, an increase of 415.6 %.

Profit from Operations stands at Rs.1250.65 Cr compared to Rs.1337.89 cr – down by (-)6.52% from Q1 FY 12; and compared to Rs.1049.63 Cr in Q2 FY 11, an increase of 19.15%

Interest  has gone up to Rs.1123.81 Cr, from Rs.997.11 cr, up by 12.71%; and from Rs.737.83 Cr in Q2 FY 11, up by 52.31%.

Profit before tax stands at Rs.130.73 Cr – compared to Rs.        345.42 Cr in Q1 FY 12, down by (-)62.15%; and Rs.319.03Cr in Q2 FY 12, down by (-)59.02%.

Net Profit stands at Rs.98.39 Cr – compared to Rs.256.50 cr in Q1 FY 12, a decrease of (-)61.64%; and rs.234.21 Cr in Q2 FY 12, down by (     -)57.99%.

Basic EPS stands at Rs.2.08 on a FV of Rs.2 – compared to Rs.5.4 in Q1 FY 12 (On FV of Rs.2) and Rs.24.67 in Q2 FY 11 ( on FV of Rs.10).

It is a climb down from the last 2 quarters. Increase in Other expenditure and Interest costs have dealt a heavy blow on Profits.

The company says that - During the current quarter, National Housing Bank vide circular no. NHB.HFC.DIR.3/CMD/2011 dated August 5, 2011 has amended the norms for provisioning on standard and non performing assets. The additional provision of Rs.20530.18 lacs, arising due to revision in provisioning norms has been charged to the profits of the current quarter.

We feel - this is not expected to recur in coming quarters. If this is added back to Net profits to make it comparable, we find decent increase in net profits over the previous quarter and the corresponding quarter of last year.

We may however wait for current quarter results to see the improvement therein. Basically LIC Hsg Fin is a sound company – worth investing for medium to long term.

Its current MP is around Rs.215 on a FV of Rs.2

FINANCIAL RESULTS

LIC HSG FIN
30-Sep-11
30-Jun-11
%Increase
30-Sep-10
%Increase
Net Sales
145793.49
135807.25
7.35
104292.58
39.79
Other Operating Income
5354
5546.6
-3.47
5729.11
-6.55
Employees Cost
1754.83
1602.76
9.49
1652.05
6.22
Depreciation
183.51
169.94
7.99
156.95
16.92
Other Expenditure
24144.35
5792.12
316.85
3249.75
642.96
Total Expenditure
26082.69
7564.82
244.79
5058.75
415.6
Profit from Operations
125064.8
133789.03
-6.52
104962.94
19.15
Other Income
389.36
464.42
-16.16
723.16
-46.16
Interest
112380.84
99711.4
12.71
73782.6
52.31
Profit before tax
13073.32
34542.05
-62.15
31903.5
-59.02
Tax expense
3233.87
8891.72
-63.63
8482.61
-61.88
Net Profit
9839.45
25650.33
-61.64
23420.89
-57.99
Face Value (In Rs
2
2
0
10

Paid Up Equity
9493.26
9493.26
0
9493.26
0
Basic EPS
2.08
5.4
-61.48
24.67
-91.57
Diluted EPS
2.08
5.4
-61.48
24.67
-91.57
Public Shareholding (%)
63.46
63.46
0
63.46
0

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