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Yes Securities Report
LIC Housing Finance Ltd.'s Q2 FY23 performance was dejecting with profit after tax at Rs 3.05 billion versus our estimate of Rs 9.9 billion.
The key negative was a sharp contraction in net interest margin on sequential basis (from 2.5% to 1.8%) versus expectation of an improvement.
Additional negative was significantly higher credit cost (including write-off) at Rs 5.65 billion versus estimate of Rs 3.2 billion.
Expected credit loss coverage on stage-III assets improved by Rs 5 billion. While collections and non-performing loan recoveries in individual loans segment were strong, there was significant NPL flow from the project loan segment (half being from the restructured book).
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