Capitaline

Results 30-Apr-24

Analysis

PNB Housing Finance

Growth, asset quality and margin improves

PNB Housing Finance has continued to post strong 57% growth in the net profit to Rs 439.25 crore for the quarter ended March 2024 (Q4FY2024) over Q4FY2023.

The loan book of the company expanded 10%, while overall AUM jumped 7% end March 2024 over March 2023. The company has posted strong 23% growth in the disbursement in Q4FY2024. Meanwhile, the margins of the company were healthy, while the company has exhibited an improvement in the asset quality in Q4FY2024.

The net interest margin was healthy at 3.65% in the quarter ended March 2024 up on sequential basis from 3.49% in the preceding quarter, while declined from 3.74% in the corresponding quarter last year. Net Interest Margin stood at 3.74% for FY24 as compared to 3.73% for FY23.

Net interest income for the quarter ended March 2024 increased 7% to Rs 623.20 crore as against Rs 581.18 crore in the same period of the previous year.

Income from operations increased 7% to Rs 1692.90 crore in the quarter ended March 2024. Interest expense moved up 6% to Rs 1069.70 crore, while other expenses (including staff cost of Rs 90.62 crore and other expenses of Rs 73.02 crore) increased 26% to Rs 163.64 crore. Ensuing Gross profit advanced 16% to Rs 580.63 crore.

The depreciation rose to Rs 14.18 crore in Q4FY2024 against Rs 12.63 crore in Q4FY2023. The provision and write offs stood at Rs 6.64 crore against Rs 144.93 crore in same quarter last year. PBT increased 63% to Rs 559.81 crore.

Effective tax rate rose to 21.54% bps on yoy basis from 18.46%. The profit after tax of the company improved 57% to Rs 439.25 crore in the quarter ended March 2024.

Loan book and disbursements

The AUM of the company rose 7% to Rs 71243 crore end March 2024 over March 2023. The loan portfolio of the company increased 10% to Rs 65358 crore. The loans sold outstanding increased dipped 20% to Rs 5885 crore end March 2024 over March 2023.

The disbursements increased 23% to Rs 5541 crore in the quarter ended March 2024.

Retail Loan Asset grew by 14% yoy to Rs 63,306 crore end March 2024, which is 97% of Loan asset. The company has built Rs 1,790 crore of affordable book within 15 months.

The company has strengthened pan India presence to 300 branches & outreaches. It has dedicated 160 branches for affordable segment and 50 branches for emerging Segment.

Capital Risk Adequacy Ratio stood at 29.26% end March 2024 with Tier I at 27.90%.

The deposits with the company have increased 3% to Rs 17798 crore at end March 2024.

India Ratings, ICRA and CARE upgraded the rating to “AA+” from “ AA”; Outlook “Stable.

Asset quality

Gross NPA ratio dipped to 1.50% at end March 2024 from 1.73% a quarter ago and 3.83% a year ago. Meanwhile, Net NPA ratio also fell to 0.95% at end March 2024 from 1.14% a quarter ago.

In absolute terms, GNPA stood at Rs 984.00 crore and NNPA at Rs 616.00 crore at end March 2024.

Book value of the company stood at Rs 576.6 per share, while adjusted book value was at Rs 552.8 per share at end March 2024.

Financial Performance FY2024

For the year ended March 2024 (FY2024), PNB Housing Finance reported 9% rise in Income from operations at Rs 6742.21 crore. Interest expense moved up 9% to Rs 4261.12 crore, while other expenses increased 17% to Rs 619.76 crore. Ensuing Gross profit increased 3% to Rs 2176.21 crore. Depreciation increased 0% to Rs 51.19 crore, while provision and write offs dipped 75% to Rs 171.12 crore. PBT improved 44% to Rs 1953.90 crore. Effective tax rate stood at 22.82% FY2024, compared with 23.14% in FY2023. The PAT of the company improved 44% to Rs 1508.01 crore in FY2024.

PNB Housing Finance: Consolidated Results
Particulars	2403 (3)	2303 (3)	Var %	2403 (12)	2303 (12)	Var %
Income from operations	1692.90	1589.23	7	6742.21	6199.07	9
Other Income	121.07	48.49	150	314.88	330.59	-5
Total Income	1813.97	1637.72	11	7057.09	6529.66	8
Interest Expenses	1069.70	1008.05	6	4261.12	3898.52	9
Other expenses	163.64	129.61	26	619.76	527.51	17
Gross profit	580.63	500.06	16	2176.21	2103.63	3
Depreciation	14.18	12.63	12	51.19	51.44	0
Profit before tax and Provisions	566.45	487.43	16	2125.02	2052.19	4
Provisions and write off	6.64	144.93	-95	171.12	691.28	-75
Profit before tax	559.81	342.50	63	1953.90	1360.91	44
Provision for tax	120.56	63.22	91	445.89	314.91	42
PAT	439.25	279.28	57	1508.01	1046.00	44
EPS*(Rs)	67.6	43.0		58.1	40.3
Adj BV (Rs)	552.8	556.5		552.8	556.5
* Annualized on current equity of Rs 259.72 crore. Face Value: Rs 10, Figures in Rs Crore, Figures as per Ind AS
Source: Capitaline Corporate Database

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