LIC Housing finance Q4 FY21 Concall Highlights

Published on 28 June 2021
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Q4 highlights: LIC Housing Finance Review & LIC Housing Finance Valuation

PAT in Q4 FY21 was at Rs. 398.92 Cr as against Rs. 421.43 Cr in Q4 FY20.
Revenue from operations in Q4 FY21 Rs.4968 Cr as against Rs.4920 Cr in Q4 FY20.
Outstanding Loan portfolio up by 10 % to Rs. 232003 Cr.
Individual Loan Portfolio up by 10% to Rs. 216047 Cr.
Loan Disbursements in Q4FY21 was around 197%; It grew to Rs. 22362 Cr against Rs. 11323 Cr in Q4FY20.
Individual Home Loan Disbursements in Q4FY21 was Rs.19010 Cr as against Rs. 8877 Cr in Q4FY20; up by 114%.
Net Interest Income in Q4FY21 was Rs. 1505 Cr against Rs. 1134 Cr for Q4FY20.
Net Interest Margins 2.66 % for Q4 FY21 as against 2.17 % for Q4 FY20.
Stage 3 EAD at 4.12% as against 2.86% as of 31.03.2020.
During Q4 FY21, the Incremental Cost of Funds was 5.15%.
Fresh Tier II Bonds issued during Q3 & Q4 FY 21 – Rs. 1800 Cr.

FY21 highlights: LIC Housing Finance Share Fundamental Analysis

Revenue from operations in FY21 Rs 19847 Cr as against Rs 19697 Cr in FY20.
Net interest income in FY21 Rs 5245 Cr as against Rs 4821 Cr in FY20; 9% YoY growth.
Disbursement grew from Rs 46936 Cr in FY20 to Rs 55223 Cr in FY21; It is growing with a 7% CAGR.
Income grew from Rs 19670 Cr in FY20 to Rs 19848 Cr in FY21; It is growing with a 9% CAGR.
The loan portfolio grew with 7% CAGR; it grew from Rs 210578 Cr in FY20 to Rs 232003 Cr in FY21.
PAT in FY21 was at Rs 2734 Cr as against Rs 2401 Cr in FY20; 9% CAGR growth over last 5 years.
Gross NPA and Net NPA in FY21 were 4% and 2.7%, respectively.
NPA from individual housing loans is around 1.89%, and non-housing individual is approximately 5.82%.
Net profit grew from Rs 2402 Cr in FY20 to Rs 2734 Cr in FY21; 14% YoY growth.
Net Interest Margins 2.37 % for FY21 as against 2.38 % for FY20.
Return on average equity in FY21 was 14%.
Return on average assets in FY21 was 1.18%.
Return on loan average assets in FY21 was 1.24%
During FY21, the Incremental Cost of funds was 5.62%.
The mobile app HOMY has helped garner new loan applications of over Rs 2012 Cr during the year.
Board has recommended a dividend of 425%.
The capital Adequacy Ratio as of Sept 2020 is 14.49.
Regarding asset quality, the stage three exposure at default stood at 4.12% against 2.86% as of 31.03.2020.

COVID-19 impact: LIC Housing Finance Value Research

Though the “first wave” of Covid-19 was contained and economic activities resumed around Q3 FY 21, the resurgence of Covid-19 in the “second wave” was far more devastating, and lockdowns were imposed across the country from April 2021. At present, the outlook continues to be uncertain in terms of its impact on economic recovery
Due to Covid-19, disbursement in Q1FY21 was only 35%.
Total ECL provision stood at Rs. 3971 Cr as of 31.03.2021.
Covid-19 related provision stood at Rs. 520 Cr as of 31.03.2021.
Provisions for impairment stood at Rs.984.81Cr as of 31.03.2021.

Loan book highlights: LIC Housing Finance Stock Price & LIC Housing Finance Share Price

The loan book portfolio size as of 31/03/2021 is Rs 232003 Cr, which grew from Rs 210578 Cr last year.
Retail home loans are 78% of the total loan portfolio, followed by Retail LAP/other 15% and developer loans 7%.
Pure Floating Rate Loans to Outstanding Portfolio as of FY21 is 97%.
Loan to Value Ratio (On Incremental Sanctions) as of FY21 is 48%.
Instalment to Net Income Ratio (On Incremental Sanctions) as of FY21 is 29%.
Outstanding Borrowings as of 31/03/2021 – Rs. 207577 Cr.

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