LIC Housing Finance posted positive results: NII rose 26%
DSIJ Intelligence / 18 Apr 2016
The Life Insurance Corporation (LIC) promoted LIC Housing Finance announced its year ending quarter results on Monday. The company posted positive results but failed to meet expectations.
The Life Insurance Corporation (LIC) promoted LIC Housing Finance announced its year ending quarter results on Monday. The company posted positive results but failed to meet expectations. LICHF provides long term finance for purchase or construction; repair and renovation of house or flat for residential purpose. It provides long term finance to professionals in construction business.
On financial front, the company continued to give consistent quarterly performance wherein its standalone revenues from operations came in at Rs 3205 crore this quarter as against Rs 3101.75 crore in Q3FY16, an increase of 3.32 per cent Q-O-Q (Quarter on Quarter). EBITDA of company stands at Rs 3053 crores this quarter compared to Rs 2986 crores in Q3FY16, an increase of 2.26 per cent QoQ. EBITDA margin stands at 94 per cent this quarter compared to 95.32 per cent last quarter.
The interest earnings of the company stand at Rs 2384 crores in Q4FY16 as compared to 2355 crores in previous quarter, an increase of 1.25 per cent QoQ. The interest burden is 73.44 per cent of sales this quarter compared to 75.92 per cent for the same period last year.
The Net profit (PAT), profit after tax stands at Rs 448 crore in Q4FY16 as against Rs 418.90 crore last quarter, an increase of 6.92 per cent Q-O-Q irrespective of a hike in tax expenses and nearly doubled commission and brokerage expenditure.
On yearly basis the company has posted standalone revenues from operations of Rs 12485 crore for the year ended March 2016 compared to Rs 10798 crore in March 2015, an increase of 15.62 per cent.Net profit too grew from Rs 1386 crore in FY15 to 1660 crore in FY16. The company maintains its profitability amid portfolio growth and healthy margins.Net Interest Income (NII) grew to 822 crore from 650 crore, due to share of loan against properties (Secured Loan).
On valuation front the stock of company is trading at trailing twelve month P/E of 15.39 compared to industry P/E of 26.32. The stock closed at 485.20 on Monday, an increase of 0.92 per cent from the previous close.
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