GIC HOUSING Announces Quarterly Results (3QFY19); Net Profit Down 17.0%

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GIC HOUSING Announces Quarterly Results (3QFY19); Net Profit Down 17.0%
Mon, 4 Feb

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

GIC HOUSING Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m2,8123,0153,0571.4%8.7%
Other incomeRs m34511.4%58.1%
Total revenuesRs m2,8153,0203,0621.4%8.8%
InterestRs m1,8222,1172,2506.3%23.5%
Gross Profit Rs m988897804-10.3%-18.6%
Other expensesRs m34628232414.8%-6.5%
Profit before taxRs m645615486-21.0%-24.6%
TaxRs m223153136-11.5%-39.1%
Profit after taxRs m422462350-24.2%-17.0%
Gross profit margin %35.129.826.3
Effective tax rate%34.624.927.9
Net profit margin%15.015.311.5
* 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 8.7% on a year-on-year (YoY) basis. The interest expended was up by 23.5% YoY during the same period.
  • The bank's operating profit declined by 18.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 26.3% in 3QFY19 as against 35.1% in 3QFY18.
  • Other income increased by 58.1% YoY during the quarter.
  • Net profit for the quarter declined by 17.0% YoY. Net profit margins during the quarter declined from 15.0% in 3QFY18 to 11.5% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 1.4% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 6.3% QoQ during the same period.
  • The bank's operating profit declined by 10.3% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 26.3% in 3QFY19 as against 29.8% in 2QFY18.
  • Net profit for the quarter declined by 24.2% QoQ, while net profit margins declined from 15.3% in 2QFY18 to 11.5% in 3QFY19.

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 405.1 to Rs 230.2, registering a Loss of Rs 174.9 or around 43.2%.

Overall, the S&P BSE SENSEX is up 1.2% over the year.

Current Valuations

At the current price of Rs 230.2, the price to earnings (P/E) ratio of GIC HOUSING stands at 6.5 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.0 times.

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