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GIC HOUSING Announces Quarterly Results (2QFY19); Net Profit Up 10.1%

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GIC HOUSING Announces Quarterly Results (2QFY19); Net Profit Up 10.1%
Wed, 28 Nov

GIC HOUSING has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

GIC HOUSING Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m2,7392,9183,0153.4%10.1%
Other incomeRs m2124-62.4%131.6%
Total revenuesRs m2,7412,9293,0203.1%10.2%
InterestRs m1,7461,9882,1176.5%21.2%
Gross Profit Rs m991928897-3.4%-9.5%
Other expensesRs m35125328211.6%-19.7%
Profit before taxRs m643687615-10.5%-4.2%
TaxRs m223193153-20.5%-31.3%
Profit after taxRs m420495462-6.6%10.1%
Gross profit margin %36.231.829.8
Effective tax rate%34.728.124.9
Net profit margin%15.316.915.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter grew 10.1% on a year-on-year (YoY) basis. The interest expended was up by 21.2% YoY during the same period.
  • The bank's operating profit declined by 9.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 29.8% in 2QFY19 as against 36.2% in 2QFY18.
  • Other income increased by 131.6% YoY during the quarter.
  • Net profit for the quarter increased by 10.1% YoY. Net profit margins during the quarter increased from 15.3% in 2QFY18 to 15.3% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 3.4% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 6.5% QoQ during the same period.
  • The bank's operating profit declined by 3.4% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 29.8% in 2QFY19 as against 31.8% in 1QFY18.
  • Net profit for the quarter declined by 6.6% QoQ, while net profit margins declined from 16.9% in 1QFY18 to 15.3% in 2QFY19.

To see how GIC HOUSING has performed over the last eight quarters, please visit here.

GIC HOUSING Share Price Performance

Over the last one year, GIC HOUSING share price has moved up from Rs 458.9 to Rs 229.3, registering a Loss of Rs 229.6 or around 50.0%.

Overall, the S&P BSE SENSEX is up 5.9% over the year.

Current Valuations

At the current price of Rs 229.3, the price to earnings (P/E) ratio of GIC HOUSING stands at 6.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.0 times.

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