GIC Housing Finance Ltd

GIC Housing Finance is exclusively engaged in the Housing Finance business.

Pros:
Stock is trading at 1.04 times its book value
Company has been maintaining a healthy dividend payout of 18.65%
Cons:
Company has low interest coverage ratio.
Company might be capitalizing the interest cost

Peer Comparison Sector: Finance // Industry: Finance - Housing

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Quarterly Results Figures in Rs. Crores

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
Revenue 235 247 253 267 275 269 276 292 293 302 307 323
Interest 162 168 172 166 169 175 183 187 199 212 224 230
23 26 29 29 43 30 29 24 25 28 33 29
Financing Profit 50 54 53 72 63 65 64 82 69 62 50 65
Financing Margin % 21% 22% 21% 27% 23% 24% 23% 28% 24% 20% 16% 20%
Other Income 0 0 0 0 0 0 0 1 0 0 1 1
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 50 53 53 71 63 64 64 82 69 62 51 66
Tax % 35% 36% 35% 35% 27% 28% 28% 19% 28% 25% 27% 22%
Net Profit 32 34 34 47 46 47 46 66 49 46 37 51
Gross NPA % 0.00% 0.00% 0.00% 2.33% 0.00% 0.00% 0.00% 2.40% 0.00% 0.00% 0.00% 2.61%
Net NPA % 0.00% 0.00% 0.00% 0.29% 0.00% 0.00% 0.00% 0.21% 0.00% 0.00% 0.00% 0.56%
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
Revenue 197 275 312 311 428 439 554 625 733 876 1,002 1,128 1,225
Interest 117 173 212 189 215 311 373 419 509 601 668 713 865
16 23 23 30 67 48 66 70 67 84 106 143 115
Financing Profit 64 78 78 92 146 80 115 135 157 192 228 272 246
Financing Margin % 32% 28% 25% 30% 34% 18% 21% 22% 21% 22% 23% 24% 20%
Other Income 0 0 0 0 0 0 0 0 0 0 0 0 1
Depreciation 1 0 0 1 1 1 2 2 4 1 1 1 1
Profit before tax 63 78 78 92 146 79 113 133 154 191 227 272 247
Tax % 21% 27% 27% 27% 22% 25% 25% 27% 33% 35% 35% 32%
Net Profit 50 56 57 67 114 59 85 98 103 124 148 184 184
EPS in Rs 8.79 9.79 9.93 11.71 20.22 10.23 14.93 17.09 18.09 22.09 27.42 34.23
Dividend Payout % 32% 38% 38% 36% 26% 41% 32% 33% 26% 22% 18% 16%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:15.18%
5 Years:15.29%
3 Years:15.48%
TTM:10.11%
Compounded Profit Growth
10 Years:12.58%
5 Years:16.75%
3 Years:21.45%
TTM:-10.57%
Return on Equity
10 Years:18.09%
5 Years:18.20%
3 Years:19.06%
Last Year:20.17%

Balance Sheet Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
54 54 54 54 54 54 54 54 54 54 54 54 54
Reserves 231 262 294 333 412 443 497 557 606 678 784 936 1,200
Borrowings 1,751 2,111 2,478 2,627 3,086 3,595 3,973 4,652 5,794 7,001 8,237 9,984 11,659
69 81 35 39 174 191 228 256 297 351 329 380 55
Total Liabilities 2,105 2,509 2,861 3,053 3,727 4,283 4,751 5,518 6,751 8,084 9,404 11,355 12,967
3 3 3 3 3 4 6 5 3 2 2 2 3
CWIP 0 0 0 0 0 2 0 0 0 0 0 0 0
Investments 2 1 1 49 28 10 10 10 10 10 26 26 14
2,100 2,505 2,857 3,000 3,696 4,267 4,735 5,503 6,739 8,072 9,376 11,326 12,951
Total Assets 2,105 2,509 2,861 3,053 3,727 4,283 4,751 5,518 6,751 8,084 9,404 11,355 12,967

Cash Flows Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
-213 -394 -193 -168 -328 -372 -262 -662 -1,103 -1,167 -1,178 -1,721
-1 1 1 -48 29 -69 0 0 1 2 -16 2
265 344 345 127 349 477 205 647 1,105 1,174 1,203 1,715
Net Cash Flow 52 -49 154 -89 51 36 -57 -14 3 9 10 -5

Ratios Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROE % 23% 19% 17% 18% 27% 12% 16% 17% 16% 18% 19% 20%