PNB Housing Finance Ltd's Q4FY18 standalone net profit rises 43.7% yoy to Rs219cr : Misses Estimates

The company’s standalone NII stood at Rs451.80cr, up 35.8% yoy but down 12.01% qoq.

May 04, 2018 13:45 IST India Infoline Research Team

PNB Housing Finance Ltd Q4FY18 Standalone Results Q4FY18: (Rs. in cr)
Q4FY18 YoY (%)
NII 451.80 35.8
Net Profit (adjusted) 219 43.7

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PNB Housing Finance's Q4FY18 NII grew by 35.8% yoy to Rs451.8cr against Rs332.7cr in Q4FY17. It has reported NIM at 3% for the quarter, which has declined by 38bps yoy. The housing finance company’s net profit was below estimates, which is up by ~44% yoy to Rs219cr against Rs152cr. Its GNPA for FY18 stood at 0.33%, up by 10bps yoy.
NII for FY18 came at Rs1,592.6cr vs. Rs1,034.8cr registering a growth of 54% yoy. Disbursements in FY18 has increased by 61% yoy to Rs33,195cr from Rs20,639cr in FY17. Disbursements towards housing loan accounted for 69% and non-housing loan at 31%. Disbursement for Q4FY17-18 was Rs8,740cr.  AUM is at Rs62,252cr as on March 31, 2018, which has increased by 50% yoy. Loan outstanding grew by a healthy rate of 48% yoy to Rs57,014cr as on March 31, 2018, of which Housing Loans consists 69.8% and Non Housing is 30.2%. The company will look to increase fee income on securitization pool. Securitization of 8-10% of AUM is the company strategy. Total borrowings as on FY18 end stood at Rs54,268.3cr, registering a growth of 52% yoy. The deposit portfolio for FY18 grew by 16% yoy to Rs11,586.2cr. The total outstanding loans sold/assigned amounted to Rs5,237.6cr as on March 31, 2018. GNPA stood at 0.33% of the Loan Assets as on March 31, 2018 against 0.22% as on March 31, 2017. Not sold any loan to ARC in history of the company. During the quarter, yield decline has been lower than cost of borrowing. Net Interest Margin for FY18 increased to 3.07% vs. 2.97% for FY17. Management is confident of passing interest rates rise to customers. It has guided for NIMs in the region of 3.05-3.1% for FY19E. It will look to maintain spread between 2-2.1% The CRAR as on March 31, 2018 stood at 16.69%, of which Tier I capital was 12.77% and Tier II capital was 3.92%. The Bank, during the quarter sold loans worth Rs3,128.5cr under direct assignment route. It added 21 branches in 7 locations in FY18. The Board of Directors recommended final dividend of Rs9 per equity share of Rs10/- for FY18. Dividend Payout ratio for the year inclusive of dividend distribution tax is 21.88%.

Technical View:

PNB Housing Finance Ltd ended at Rs. 1,414.35, down by 1.7 points or 0.12% from its previous closing of Rs. 1,416.05 on the BSE.
The scrip opened at Rs. 1,421.05 and touched a high and low of Rs. 1,444 and Rs. 1,361.05 respectively. A total of 1,68,221 (NSE+BSE) shares were traded on the counter. The stock traded below its 200 DMA.


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