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Motilal Oswal Report
PNB Housing Finance Ltd. reported a Q3 FY21 profit after tax of Rs 2.3 billion (flat YoY; 13% beat).
The beat was driven by stronger pre-provision operating profit (13% above our estimate).
Opex fell approximately 26%/7% YoY/ QoQ. Credit cost stood at Rs 2.6 billion versus our estimate of Rs 2.3 billion.
In nine months FY21, PPOP/PAT fell 6%/10% YoY to Rs 15.3 billion/Rs 8 billion.
Disbursements remain muted. While they were up ~30% sequentially at Rs 32 billion, they were largely flat on a YoY basis. Note that the base itself was weak.
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