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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