Monday, January 30, 2012

LIC Housing Finance Limited - QTRLY RESULTS - Q3 FY 2012 - 3rd Q/E DEC,2011 - NPT UP 43% YoY






LIC Housing Finance Limited
NSE Symbol        LICHSGFIN

LIC Housing Finance Q3 net profit rises by 43% to Rs 305.69 crore


Income from operations rises 32%, Outstanding Loan Portfolio up by 27%


Performance Highlights – Q3 FY 2012
   
                                                                                                (Figures in Rs. crore)        


Quarter
 Ended
 December
31, 2011

Quarter
 Ended
 December
31, 2010


Variation
Outstanding Loan Portfolio
58707
46380
Up by 27%
Income from operations
1539
1161
Up by 32%
Total income
1593
1354
Up by 18%
Profit before tax
405.97
256.27
Up by 58%
Profit after Tax
305.69
213.49
Up by 43%
Individual Loan Disbursals
4568
4215
Up by 8%
Gross NPA
0.63%
0.67%
-
                                                                                                           
During 3rd quarter ended December 31, 2011, LIC HF  sanctioned & disbursed loans worth Rs. 6009 crore & Rs 4568 crore in the individual loan segment as compared to Rs 5302 crore & Rs. 4215 respectively for the corresponding period of the previous year. Disbursements in the developer loan segment were Rs. 154 crore as against Rs. 411 crore for the corresponding period in the previous year.

The Net profit for Q3 was Rs 305.69 cr when compared to Rs 213.49 cr in the corresponding period of the previous year, registering a growth of 43%.

Income from operations was Rs 1539 cr against Rs. 1161 cr for the corresponding period of the previous year, a growth of 32%.

The total income for the quarter was Rs 1593 cr as against Rs 1354 cr for the corresponding period of the previous year, recording a growth of 18%. The total income for the third quarter of the previous year, i.e., quarter ended December 31, 2010 included profit on sale of investments of Rs 137 cr.

Hitherto, the Company was making provision on Standard Assets / NPA in excess over National Housing Bank (NHB) norms. Pursuant to the revised NHB prudential norms, which require the provision on Standard Assets also, the Company has aligned its provisioning policy on Standard Assets / NPA to match with revised NHB norms. Due to this change in the provisioning policy, the Company has reversed the excess provision of Rs 78.89 cr (Net of Provisioning required to be made in current quarter).

Net Interest margins for the quarter stood at 2.27%.

Performance Highlights – 9 months FY 2012        
                                           
                                                                                           (Figures in Rs. crore)   


9 months ended
 December 31, 2011

  9 months ended
 December 31, 2010

Variation
Income from operations
4355
3176
Up by 37%
Total Income
4526
3477
Up by 30%
Profit before tax
882
865
Up by 2%
Profit after Tax
660.59
659.72
-
Individual Loan Disbursals
12772
11051
Up by 16%
                                                                                                 
For the nine months ended December 31, 2011, LIC HFL disbursed loans worth Rs 12772 cr in the individual loan segment registering a growth of 16%. Disbursements in the developer loan segment were Rs. 643 cr as against Rs. 2067 cr for the corresponding period in the previous year.

The Net profit for the nine months ended December 31, 2011 was Rs 660.59 cr when compared to Rs 659.72 cr in the corresponding period of the previous year.

Income from operations was Rs 4355 cr against Rs. 3176 cr for the corresponding period of the previous year, a growth of 37%.

 The total income for the nine months ended December 31, 2011 was Rs 4526 cr as against Rs 3477 cr for the corresponding period of the previous year, recording a growth of 30%. The total income for the nine months in the previous year, i.e., 9 months ended December 31, 2010 included profit on sale of investments of Rs 137 cr.

The total outstanding loan portfolio of LIC HFL as on December 31, 2011 was Rs 58707 cr as against Rs 46380 cr as on December 31, 2010;  registering a growth of 27%.

The Gross NPA for the total portfolio stood at 0.63% (or Rs. 368 cr) as on December 31, 2011 as against 0.67% (or Rs 313 cr) as on December 31, 2010. Total Provisions including provisions for Standard Assets stood at Rs. 646 cr as on December 31, 2011 as against Rs. 464 cr as on December 31, 2010.

Net interest margin of the Company for the nine months ended December 31, 2011 stood at 2.48%.


LIC Housing Finance, Director & Chief Executive, Mr. V. K. Sharma, said “Despite strong macro headwinds, the Company could maintain an overall healthy trend in key areas of operations.”

Business Initiatives

·         LICHFL Asset Management Company Limited, a subsidiary of LIC Housing Finance recently announced launch of its first fund called ‘LICHFL Urban Development Fund’. The fund aims to raise up to Rs. 500 crore from Corporates, Institutions & HNIs. 

RESULTS  TABLE
Net Sales at Rs.1538.66 Cr – up by  5.54% from Q2 FY 12; up by 13.3% from Q1 FY 12; and up by   32.47% from Q3 FY 11.

Total Expenditure stands at  Rs(     -)26.32 cr compared to  Rs.260.82 Cr in Q2 FY 12;Rs.75.65 cr in Q1 FY 12; and Rs.288.84 Cr in Q3 FY 11.

Profit from Operations stands at Rs.1614.84 Cr – up by  29.12% from Q2 FY 12; up by  20.7% from Q1 FY 12; and up by        74.71% from Q3 FY 11.

Interest, which is the major expenditure, stands at Rs.1212.90 Cr – up by 7.93% from Q2 FY 12; up by 21.64% from Q1 FY 12; and up by        49.87% from Q3 FY 11.

Profit before tax stands at Rs.405.96 Cr – up by 210.53% from Q2FY12; up by 17.53% from Q1 FY 12; and up by 58.41% from Q3 FY 11.

Tax expense stands at Rs.100.27 Cr – up by 210.07% from Q2 FY 12; up by 12.77% from Q1 FY 12; and up by  134.39% from Q1 FY 11.

Net Profit stands at Rs.305.69 Cr – up by  210.68% from Q2 FY 12; up by 19.18% from Q1 FY 12; and up by 43.19% from Q3 FY 11

Basic EPS before EI stands at Rs.6.44        in Q3 FY 12; Rs.2.08 in Q1 FY 12; and Rs.5.4 in Q1 FY 12.

RESULTS  TABLE

LIC HSG FIN
31-Dec-11
30-Sep-11
%Dif1
30-Jun-11
%Dif2
31-Dec-10
%Dif3
Net Sales
153866.43
145793.49
5.54
135807.25
13.3
116147.88
32.47
Other Oprtng Income
4985.62
5354
-6.88
5546.6
-10.11
5164.12
-3.46
Employees Cost
1798.93
1754.83
2.51
1602.76
12.24
1977.2
-9.02
Depreciation
191.33
183.51
4.26
169.94
12.59
149.95
27.6
Other Expenditure
-4622.3
24144.35
-119.1
5792.12
-179.8
26756.74
-117.28
Total Expenditure
-2632.04
26082.69
-110.1
7564.82
-134.8
28883.89
-109.11
Profit from Operations
161484.09
125064.8
29.12
133789.03
20.7
92428.11
74.71
Other Income
401.92
389.36
3.23
464.42
-13.46
14130
-97.16
Interest
121289.53
112380.84
7.93
99711.4
21.64
80930.88
49.87
Profit before tax
40596.48
13073.32
210.53
34542.05
17.53
25627.23
58.41
Tax expense
10027.12
3233.87
210.07
8891.72
12.77
4277.88
134.39
Net Profit
30569.36
9839.45
210.68
25650.33
19.18
21349.35
43.19
Face Value (In Rs
2
2
0
2
0
0

Paid Up Equity
9493.26
9493.26
0
9493.26
0
-

Basic EPS After EI
6.44
-

-

-

Diluted EPS after EI
6.44
-

-

-

Basic EPS before EI
6.44
2.08
209.62
5.4
19.26
-

Diluted EPS before EI
6.44
2.08
209.62
5.4
19.26
-

Public holding (%)
63.46
63.46
0
63.46
0
63.46
0

ANNOUNCEMENT BY LICHF DT 30-01-2012 l         standalone Results for the quarter ended on 31-DEC-2011 as follows: Net Sales of Rs. 153866.43 lacs for quarter ending on 31-DEC-2011 against Rs. 116147.88 lacs for the quarter ending on 31-DEC-2010. Net Profit / (Loss) of Rs. 30569.36 lacs for the quarter ending on 31-DEC-2011 against Rs. 21349.35 lacs for the quarter ending on 31-DEC-2010.

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