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Gruh Finance: Demand for Home Loans Moves Up - Views on News from Equitymaster
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Gruh Finance: Demand for Home Loans Moves Up
May 23, 2016

Gruh Finance announced its results for financial year 2015-16 (FY16). The institution grew its income from operations by 21% YoY and the profits by 20.2% YoY during FY16. Here is the detailed analysis of the results.

Performance Summary
  • Income from operations grew 20% YoY in FY16 with a healthy 25% YoY growth in loan book. Consequently, the net interest income grew by 22% YoY.
  • Net interest margins remained stable at around 4.1% despite pressure on yields.
  • Net profit for FY16 increased by 20% YoY despite higher provisioning costs. Other expenses remained in control, with cost to income ratio at around 18%.
  • Gross NPAs have remained stable at 0.3% while the net NPA ratio was at 0.1%.

    Rs (m) 4QFY15 4QFY16 Change FY15 FY16 Change
    Income from operations 3,049 3,669 20.3% 10,603 12,754 20.3%
    Interest Expense 1,827 2,150 17.7% 6,777 8,074 19.1%
    Net Interest Income 1,222 1,519 24.3% 3,826 4,680 22.3%
    Net interest margin (%) 4.2% 4.1%
    Other Income 0 0 0 0
    Other Expense 151 210 39.1% 640 844 31.9%
    Provisions and contingencies 23 61 165.2% 177 219 23.7%
    Profit before tax 1,048 1,248 19.1% 3,009 3,617 20.2%
    Tax 308 369 19.8% 970 1,181 21.8%
    Profit after tax/ (loss) 740 879 18.8% 2,039 2,436 19.5%
    Net profit margin (%) 24.3% 24.0% 19.2% 19.1%
    No. of shares (m) 363.5
    Book value per share (Rs) 23.0
    P/BV (x)* 11.3

    *Book value as on 31st March 2016

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