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Results
26-Jan-24
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Analysis
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SBFC Finance
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Strong loan growth at 40%
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SBFC
Finance has posted strong 48% surge in the net profit to Rs 52.61 crore in the
quarter ended December 2023 (Q3FY2024). The income from operation of SBFC
Finance increased 37.95% to Rs 256.15 crore in Q3FY2024. Overall OPM eased to 72.6%
in Q3FY2024 from 73.7% in Q3FY2023, leading to 36% rise in operating profit to
Rs 185.93 crore.
The
employee expenses increased 50% to Rs 57.03 crore and other expense moved up
43% to Rs 20.9 crore.
Other
income declined 98.19% to Rs 0.09 crore. Interest cost increased 11.67% to Rs
84.58 crore. Depreciation moved up 7.55% to Rs 3.42 crore. The provisions
increased 20% to Rs 12.28 crore in Q3FY2024. PBT moved up 62.82% to Rs 85.74
crore.
The
effective tax rate declined to 25.33% in Q3FY2024 compared to 25.35% in
Q3FY2023. Provision for tax was expense of Rs 21.72 crore, compared to Rs 13.35
crore. Profit after tax rose 62.86% to Rs 64.02 crore.
Business highlights
The
Asset under management of the company increased 40% to Rs 6266 crore end
December 2023 over December 2022. The disbursements of the company increased
21% to Rs 713 crore in Q3FY2023. The active loan accounts increased 5% on
sequential basis to 1.18 lakh end December 2023.
The
share of secure MSME loan book in the overall asset under management was steady
at 83%, gold loans at 15% and others at 2% end December 2023.
The
share of secured loan book has further increased to 98.4% compared with 97.9%
end September 2023.
The yield on loan book improved to 17.18%,
while the cost of borrowing was steady at 9.5% in Q3FY2023. The spreads have
improved to 7.79% in Q3FY2023.
On
asset quality front, the gross stage 3 asset book remain steady at 2.38,% while
the net stage 3 assets ratio rose slightly to 1.36% from 1.33% a quarter ago.
The
provision coverage ratio was steady at 43.5% and collection efficiency was at
97.47%.
The
capital adequacy ratio was strong at 41.5% end December 2023.
The
company has added 6 branches raising the overall branch network to 177 branches
end December 2023.
The
employee count has increased to 3535 employees end December 2023
Financial performance
9MFY2024
The
income from operation of SBFC Finance increased 41.43% to Rs 718.95 crore in
9MFY2024. Overall OPM has increased to 72.9% in 9MFY2024 from 72.6% in 9MFY2023,
leading to 42% rise in operating profit to Rs 524.01 crore.
Other
income declined 90.05% to Rs 0.64 crore. Interest cost increased 32.66% to Rs
262.34 crore. Depreciation moved up 1.56% to Rs 9.78 crore. Provisions jumped
35% to Rs 33.39 crore. PBT moved up 52.86% to Rs 219.14 crore.
The
effective tax rate increased to 25.35% in 9MFY2024 compared to 25.34% in
9MFY2023. Provision for tax was expense of Rs 55.55 crore, compared to Rs 36.33
crore. Profit after tax rose 52.84% to Rs 163.59 crore.
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SBFC Finance: Results
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Particulars
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2312 (3)
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2212 (3)
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Var %
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2312 (9)
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2212 (9)
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Var %
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2303 (12)
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2203 (12)
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Var %
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Income from Operations
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256.15
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185.68
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38
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718.95
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508.36
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41
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710.21
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516.11
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38
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OPM (%)
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72.59
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73.72
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72.89
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72.60
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72.53
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68.50
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OP
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185.93
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136.88
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36
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524.01
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369.08
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42
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515.12
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353.53
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46
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Other Income
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0.09
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4.97
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-98
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0.64
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6.43
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-90
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7.55
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1.65
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358
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PBDIT
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186.02
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141.85
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31
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524.65
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375.51
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40
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522.67
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355.18
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47
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Interest (Net)
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84.58
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75.74
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12
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262.34
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197.75
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33
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276.45
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220.62
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25
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PBDT
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101.44
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66.11
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53
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262.31
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177.76
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48
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246.22
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134.56
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83
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Provisions
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12.28
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10.26
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20
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33.39
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24.77
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35
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32.06
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36.09
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-11
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Depreciation /
Amortization
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3.42
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3.18
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8
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9.78
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9.63
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2
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12.71
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11.78
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8
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PBT
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85.74
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52.67
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63
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219.14
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143.36
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53
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201.45
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86.69
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132
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Tax Expenses
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21.72
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13.36
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63
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55.55
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36.33
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53
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51.65
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22.17
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133
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PAT
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64.02
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39.31
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63
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163.59
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107.03
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53
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149.80
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64.52
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132
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EPS *
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2.4
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1.5
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2.0
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1.3
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1.4
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0.6
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Adj BV (Rs)
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24.2
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18.0
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24.2
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18.0
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18.7
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15.3
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* Annualized on
current equity of Rs 1069.06 crore. Face Value: Rs 10, Figures in Rs crore
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Source: Capitaline Corporate
Database
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