Shares of LIC Housing Finance Ltd. rose over 12%, the biggest intraday gain in a year since Feb. 1, 2021, to Rs 388.4 apiece after the company reported net income for the third quarter that beat the average analyst estimate, post market hours Thursday.
December-Quarter Results (Standalone, QoQ)
- Net profit up 210% at Rs 767.33 crore vs Rs 247.86 crore (Bloomberg Consensus Estimate: Rs 455 crore)
- Revenue up 7.4% at Rs 5,054.29 crore vs Rs 4,708.01 crore
- Total costs at Rs 4,108.54 crore vs Rs 4,406.05 crore
- Other income at Rs 16.10 crore vs Rs 6.99 crore
Of the 39 analysts tracking the company, 24 maintained ‘buy’, seven maintained ‘hold’ and eight maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 23.3%.
- Trading volume on the stock was over 11 times the 30-day average volume at this time of the day.
- Upgrades stock to ‘buy’ from ‘add’; price target maintained at Rs 447; an implied return of 16.39%.
- NIM volatility continued , although it surprised positively in Q3.
- Implications of the RBI circular on revised NPA recognition under IRACP norms would have more than a percentage point impact on stage-3 assets.
- Expects disbursement growth of 21%/27%/15% over FY22E/FY23E/FY24E and loan growth of 10%/14%/15% during the same period.
- Reiterates ‘buy’ with the target price unchanged at Rs 510; an implied return of 47.61%.
- Profit growth in Q3 led by lower than expected opex and credit costs.
- Loan growth was slightly below expectations on account of the fall in project loans.
- Asset quality remains stable with stage-3 loans at 5%.
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