PNB Housing Q2FY23 PAT up 11.7% at Rs262.6 crore on improved interest spreads in the quarter

28 Oct 2022 , 07:06 AM

PNB Housing reported 6.12% growth in total revenues for the September 2022 quarter on consolidated basis at Rs1,683cr. Revenue increase was 19.22% in sequential terms. The company reported higher interest income on yoy basis amid higher yields on loans while the commission and fee income was up nearly 60% on a yoy basis.

The increase in interest income on a yoy basis was accompanied by lower interest costs resulting in improved interest spreads in the quarter.

This more than compensated for the 70% yoy spike in the impairment and financial instrument write-off taken in the latest September 2022 quarter.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 11.66% at Rs262.63cr and it was up 11.78% on sequential basis. The improved interest spreads helped profits to grow at a faster rate than the top line. However, net cash from operations in H1FY23 dipped into negative due to a spike in other financial liabilities.

Gross NPAs stand at 6.05% and net NPAs at 3.59% with provision coverage of 40.68%. Net profit margins at 15.6% in Q2FY23 is higher compared to 14.83% in Q1FY22 and lower than 16.6% in Q1FY23..

Financial highlights for Sep-22 compared yoy and sequentially

	PNB Housing
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 1,683.43	₹ 1,586.41	6.12%	₹ 1,411.99	19.22%
Net Profit (Rs cr)	₹ 262.63	₹ 235.21	11.66%	₹ 234.96	11.78%
Diluted EPS (Rs)	₹ 15.55	₹ 13.92		₹ 13.92
Net Margins	15.60%	14.83%		16.64%