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Motilal Oswal Report
LIC Housing Finance Ltd. reported Q2 FY23 profit after tax of Rs 3.05 billion, which grew 23% YoY (but declined 67% QoQ), driven by net interest margin compression of ~75 basis points QoQ, elevated cost-income ratio of ~22% (previous quarter: 12%), and annualised credit costs of ~90 bps.
Q2 FY23 net interest income at Rs 11.6 billion was flat YoY (down 28% QoQ), while pre-provision operating profit at Rs 9.45 billion was also flat YoY (but down 35% QoQ).
H1 FY23 profit after tax stood at Rs 12.3 billion and grew 207% YoY (previous year: Rs 4 billion). Disbursements for H1 FY23 stood at Rs 320 billion and grew ~29% YoY.
We have cut our FY23/FY24 earnings per share estimate by ~13%/6%, respectively, to factor in higher opex, lower net interest income, and elevated credit costs in FY23.
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