LIC Housing Finance Ltd. announces its FY2023 results

The Board of Directors of LIC Housing Finance Ltd. (BSE:500253; NSE: LICHSGFIN) announced its standalone audited results for the fourth quarter ended on March 31, 2023

LIC Housing Finance Ltd. announces its FY2023 results
Shri. Y. Viswanatha Gowd, MD & CEO of LIC Housing Finance

Mumbai: The Board of Directors of LIC Housing Finance Ltd. (BSE:500253; NSE: LICHSGFIN) announced its standalone audited results for the fourth quarter ended on March 31, 2023, following its approval by the Board of Directors in a meeting held in Mumbai on May, 16th , 2023.

 

Performance highlights at a glance – Q4 FY2023
(Figures in Rs. Crores)

 

Quarter Ended           March 2023

Quarter Ended March 2022

Variation (%)

Revenue from operations

6415.11

5299.66

21.05%

Net Interest Income

1990.30

1629.87

22.11%

Profit Before Tax

1444.78

1314.41

9.92%

Net Profit after tax

1180.28

1118.64

5.51%

Net Interest Margin

2.93%

2.64%

 

Outstanding Loan Portfolio

275047

251120

9.53%

(1 crore =10 million)

Performance highlights for the quarter ended March 31, 2023
 Total disbursements were at Rs.16027 crs in Q4 FY2023, as against Rs 19315 crs for the corresponding period in FY 2022. Out of this, disbursements in the Individual Home Loan segment at Rs. 12406 crs against Rs 16341 crs in Q4 FY2022, whereas Project loans were at Rs. 1554 crs compared with Rs 428 crs in Q4 FY2022. 

 The company's revenue from operations grew to Rs. 6415.11 crs as against Rs. 5299.66 crs in Q4 FY2022, a growth of 21.05 %.

 Net Interest Income (NII) rose by 22.11 % to Rs 1990.30 crs, as against Rs 1629.87 crs for the same period the previous year. Net Interest Margin (NIM) for the quarter stood at 2.93 % as against 2.64 % for Q4 FY 2022.

 Profit Before Tax for the quarter was Rs.1444.78 crs as against Rs 1314.41 crs in Q4 FY2022, a growth of 9.92%.

 Net Profit After Tax stood at Rs. 1180.28 crs compared with Rs 1118.64 crs during the same period in the previous year, a growth of 5.51 %.

 The Individual Home Loan portfolio stood at Rs. 228730.02 Cr as on March 31, 2023, as against Rs. 204098 cr as on March 31, 2022, up by  12.07 %. The Project loan portfolio stood at Rs. 11738 crs as on March 31, 2023, as against Rs 12978 crs as on March 31, 2022. The total outstanding portfolio grew at 9.53 % to Rs. 275047 crs from Rs 251120 crs 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. 7230.26 crs as on March 31, 2023, as against Rs 5839.11 crs as on March 31, 2022. The Stage 3 Exposure at Default as of March 31, 2023, stood at 4.37 % against 4.64 % as of March 31, 2022.

Read Also : LIC Q4 results: Net profit stood at Rs 13,782 crore

Performance highlights at a glance - FY2023
(Figures in Rs. Crores)

 

Year Ended March 31, 2023

Year Ended March 31,2022

Variation (%)

Revenue from operations

22656.95

19919.07

13.75%

Net Interest Income

6330.26

5511.21

14.86%

Profit before tax

3557.00

2778.15

28.03%

Net Interest Margin

2.41%

2.28%

 

Net Profit after tax

2891.03

2287.28

26.40%

EPS (Share of Rs 2 Face Value)

52.56

43.14

 

(1 crs =10 million)

Performance highlights for the year ended March 31, 2023
 For the year ended March 31, 2023, total disbursements stood at Rs. 64115 crs against Rs. 61847 crs for the same period of the previous year, recording a growth of 4 %. Out of this, the individual home loan segment registered disbursements of Rs. 53459 crs, as against Rs 53662 crs for the  same period of the previous year, whereas total disbursements under project loans stood at Rs. 2697 crs as against Rs 1312 crs for the previous fiscal, growth of 106%.

 The company’s revenue from operations stood at Rs. 22656.95 crs as against Rs 19919.07 crs for the year ended March 31, 2022, up by 13.75%

 Net Interest Income (NII) for 12 months was up by 14.86 % to Rs. 6330.26 crs from Rs 5511.21 crs during the previous year.

 Profit Before Tax (PBT) for FY 2023 was at Rs. 3557.00 crs against Rs 2778.15 crs during the previous year, up by 28.03%.

 Net Profit After Tax for the year ended March 31, 2023, was Rs.2891.03 crs as against Rs 2287.28 crs during the same period in the previous year, up by 26.40%.

 Net Interest Margin (NIM) for FY2023 stood at 2.41 % as against 2.28% for the previous year

Read Also : NALCO surpasses past production records, Net Profit soars to Rs. 2060 crore with an impressive Revenue from Operations at Rs.13149 crore in FY24

Earnings Per Share (EPS) for the full year, FY2023 was at Rs. 52.56 per share (Share of Rs 2 Face  Value) as against Rs 43.14 in FY2022.

 

The Board of Directors has recommended a dividend of 425 %.

Speaking on the performance, Shri Y. Viswanatha Gowd, Managing Director & Chief Executive Officer of LIC Housing Finance Limited said, “We have witnessed a steady growth in our outstanding loan portfolio as well as in the disbursements numbers during the last year.

Asset quality has also shown stability with further improvement.  A lot of initiatives have been taken during the last year and proposed for current year, including opening of new branches, creation of clusters for better turnaround time, implementation of SAP etc.

Also, Government’s infra push will continue to be positive for the Indian real estate market; leading to more buoyancy for the housing finance sector.”

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