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Motilal Oswal Report
LIC Housing Finance Ltd. reported a profit after tax of Rs 2.48 billion (~60% miss), down ~70% YoY, driven by its overall net interest income miss (down 8% QoQ; 12% miss), higher operating expense (42% miss, led by a one-off of Rs 470 million in employee expenses), and elevated provisions of Rs 6.4 billion (estimate: Rs 4 billion).
Pre-provision operating profit fell 8% QoQ and 15% YoY (20% miss) to Rs 9.5 billion.
LIC Housing Finance's growth was healthy in Individual home loans, up ~15% YoY and 3.4% QoQ.
The overall loan book was up 11% YoY and 2% QoQ. Collection efficiency stood at 99% in September 2021.
In our view, the demand for individual home loans will remain robust in the medium-term which will feed into better disbursements in the wholesale segment as well.
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