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LICHF: Advances growth on track

Dec 16, 2003

LIC Housing Finance Limited (LICHF), the second largest housing finance company in the country, had reported improved performance for 2QFY04 as compared to the June quarter. The company achieved a topline growth of 5% YoY, while it reported a strong 23% rise in its bottomline for the September quarter. Operating margins, too, have improved in this period. For 1HFY04, however, the performance has been rather lackluster, mainly due to the its poor performance in the June quarter.

(Rs m) 2QFY03 2QFY04 Change 1HFY03 1HFY04 Change
Income from Operations 2,237 2,339 4.6% 4,426 4,594 3.8%
Other Income 103 145 40.2% 105 206 96.8%
Interest Expenses 1,805 1,624 -10.0% 3,362 3,173 -5.6%
Net interest income 432 715 65.4% 1,064 1,422 33.6%
Other Expenses 151 388 156.1% 338 722 113.6%
Operating Profit 281 327 16.6% 726 700 -3.6%
Operating Profit Margin (%) 12.6% 14.0% 16.4% 15.2%
Provisions and Contingencies 4 4 2.5% 8 9 14.8%
Profit before Tax 380 468 23.1% 823 897 9.0%
Tax 88 108 23.1% 195 197 1.4%
Profit after Tax/(Loss) 292 360 23.1% 628 699 11.3%
Net Profit Margin (%) 13.1% 15.4% 14.2% 15.2%
No. of Shares (m) 75.0 75.0 75.0 75.0
Diluted Earnings per share (Rs) 15.6 19.2 16.8 18.7
P/E Ratio (x) 10.7 11.0

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