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Motilal Oswal Report
PNB Housing Finance Ltd. reported Q4 FY21 profit after tax of Rs 1.3 billion (versus net loss of Rs 2.4 billion year-on-year; 54% miss).
The miss was attributable to higher-than expected credit costs/operating expenses of Rs 3.5 billion/Rs 1.4 billion (73%/38% above our estimate).
FY21 pre-provision operating profit was largely flat, while profit after tax was up 44% YoY to Rs 9.3 billion.
We upgrade our earnings per share estimates for FY22E on account of lower credit costs – as we believe the bulk of the provisioning has already been upfronted.
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