Housing Finance company LIC Housing Finance announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Total disbursements were at Rs 18,232 crore in Q4FY24, as against Rs 16,027 crore for the corresponding period in FY23, up by 14%. Out of this, disbursements in the Individual Home Loan segment were at Rs 14,300 crore against Rs 12,406 crore in Q4FY23,up by 15%, whereas Project loans were at Rs 1,501 crore compared with Rs 1,554 crore in Q4FY23. The company's revenue from operations grew to Rs 6,936.41 crore as against Rs 6,415.11 crore in Q4FY23, a growth of 8%. Net Interest Income (NII) rose by 12% to Rs 2,237.60 crore, as against Rs 1,990.30 crore for the same period the previous year. Net Interest Margin (NIM) for the quarter stood at 3.15% as against 2.93% for Q4FY23. Profit Before Tax for the quarter was Rs 1,476.18 crore as against Rs 1,444.78 crore in Q4FY23, a growth of 2%. Net Profit After Tax stood at Rs 1,090.82 crore compared with Rs 1,180.28 crore during the same period in the previous year. The Individual Home Loan portfolio stood at Rs 2,44,205 crore as on March 31, 2024, as against Rs 2,28,730 crore as on March 31, 2023, up by 7%. The Project loan portfolio stood at Rs 8,036 crore as on March 31, 2024, as against Rs 11,738 crore as on March 31, 2023. The total outstanding portfolio grew at 4 % to Rs 2,86,844 crore from Rs 2,75,047 crore in the earlier year. Under IndAS , asset classification and provisioning changes for future credit loss are reported on an Expected Credit Loss (ECL) basis. As per the same methodology, the provisions for ECL stood at Rs 6,270.06 crore as on March 31, 2024, as against Rs 7,230.26 crore as on March 31, 2023. The Stage 3 Exposure at Default as of March 31, 2024, stood at 3.31% against 4.37% as of March 31, 2023. FY24 Financial Highlights: For FY24, total disbursements stood at Rs 58,937 crore against Rs 64,115 crore for the same period of the previous year. Out of this, the individual home loan segment registered disbursements of Rs 49,103 crore, as against Rs 53,459 crore for the same period of the previous year, whereas total disbursements under project loans stood at Rs 2,560 crore as against Rs 2,697 crore for the previous fiscal. The company’s revenue from operations stood at Rs 27,228.22 crore as against Rs 22,656.95 crore for the year ended March 31, 2023, up by 20% Net Interest Income (NII) for 12 months was up by 37% to Rs 8,650.89 crore from Rs 6,330.26 crore during the previous year. Profit Before Tax (PBT) for FY 2024 was at Rs 6,053.92 crore against Rs 3,557.00 crore during the previous year, up by 70%. Net Profit After Tax for the year ended March 31, 2024, was Rs 4,765.41 crore as against Rs 2,891.03 crore during the same period in the previous year, up by 65%. Net Interest Margin (NIM) for FY24 stood at 3.08% as against 2.41% for the previous year. Earnings Per Share (EPS) for the full year, FY2024 was at Rs 86.63 per share (Share of Rs 2 Face Value) as against Rs 52.56 in FY23. The Board of Directors have recommended a dividend of 450%. Speaking on the performance, Tribhuwan Adhikari, Managing Director & Chief Executive Officer of LIC Housing Finance Limited said, “We have seen a healthy uptick across all home loan segments, especially during the latter half of the year. Our focus on reduction in NPA and control over cost of funds have enabled us to close the year with a record high margins and profits. In the coming year , we are confident of further improvement in all areas of operations.” Result PDF
Conference Call with LIC Housing Finance Management and Analysts on Q4FY24 Performance and Outlook. Listen to the full earnings transcript.