Indiabulls Housing Finance Ltd

Indiabulls Housing Finance Ltd. (IBHFL) is the second largest private housing finance company in India and is regulated by the National Housing Bank (NHB).

Pros:
Stock is providing a good dividend yield of 6.61%.
Company has good consistent profit growth of 23.77% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 27.15%
Company has been maintaining a healthy dividend payout of 57.31%
Cons:
Company has low interest coverage ratio.
Promoter's stake has decreased
Promoter holding is low: 21.53%

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

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 2,308 2,397 2,515 2,812 2,853 3,006 3,173 3,991 3,601 3,613 4,051 3,708
Interest 1,386 1,607 1,611 1,711 1,787 1,861 1,996 2,029 2,201 2,378 2,276 2,200
274 295 298 434 337 396 578 865 290 245 416 246
Financing Profit 648 495 605 668 729 750 599 1,097 1,110 990 1,359 1,262
Financing Margin % 28% 21% 24% 24% 26% 25% 19% 27% 31% 27% 34% 34%
Other Income 220 363 413 289 263 293 214 12 188 269 5 2
Depreciation 5 5 5 6 6 7 7 7 8 9 10 10
Profit before tax 863 853 1,013 951 985 1,036 806 1,101 1,291 1,250 1,354 1,253
Tax % 27% 25% 26% 14% 24% 22% 22% 9% 25% 25% 30% 30%
Net Profit 626 641 753 822 750 804 632 1,000 968 933 953 875
Gross NPA % 0.84% 0.00% 0.83% 0.85% 0.80% 0.78% 0.77% 0.77% 0.78% 0.77% 0.79% 0.88%
Net NPA % 0.36% 0.00% 0.35% 0.36% 0.31% 0.31% 0.31% 0.34% 0.59% 0.58% 0.59% 0.69%
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
Revenue 183 179 326 786 4,658 5,685 7,131 8,839 11,241 13,768 14,973
Interest 73 81 135 381 2,604 3,232 3,844 4,842 6,315 7,355 9,055
81 72 87 62 489 557 744 927 1,290 1,810 1,197
Financing Profit 29 27 104 343 1,566 1,895 2,543 3,069 3,637 4,603 4,721
Financing Margin % 16% 15% 32% 44% 34% 33% 36% 35% 32% 33% 32%
Other Income -0 -0 7 3 48 13 8 3 65 14 464
Depreciation 1 1 2 1 9 8 18 19 21 27 37
Profit before tax 28 25 109 345 1,604 1,901 2,533 3,053 3,681 4,590 5,148
Tax % 21% 28% 28% 28% 23% 21% 22% 25% 23% 22%
Net Profit 22 18 79 250 1,228 1,510 1,978 2,294 2,842 3,567 3,729
EPS in Rs 45.20 55.64 54.45 67.06 83.62
Dividend Payout % 0% 0% 0% 0% 51% 64% 49% 83% 40% 49%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:24.20%
3 Years:24.52%
TTM:14.98%
Compounded Profit Growth
10 Years:%
5 Years:23.77%
3 Years:21.71%
TTM:17.08%
Return on Equity
10 Years:%
5 Years:28.23%
3 Years:27.15%
Last Year:28.82%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
135 135 156 156 62 67 71 84 85 85 85
Reserves 201 220 578 799 4,764 5,400 6,421 10,420 11,784 12,806 17,173
Borrowings 570 964 2,408 6,053 31,086 34,490 45,556 59,963 82,512 103,414 91,875
83 122 489 428 2,637 3,191 3,326 4,236 6,346 8,554 10,969
Total Liabilities 989 1,440 3,630 7,436 38,549 43,148 55,375 74,703 100,727 124,860 120,103
4 4 6 6 45 46 52 65 84 97 141
CWIP 0 0 0 0 0 0 0 0 0 0 0
Investments 58 373 131 43 2,494 3,491 6,731 11,248 14,165 15,602 25,926
927 1,063 3,493 7,387 36,010 39,610 48,592 63,390 86,478 109,161 94,036
Total Assets 989 1,440 3,630 7,436 38,549 43,148 55,375 74,703 100,727 124,860 120,103

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
-109 0 -3,406 -2,978 -1,362 -8,459 -12,384 -16,307 -19,685
-0 -1 -91 4,657 -671 -2,092 -4,968 -2,146 186
158 454 3,394 4,887 1,964 10,210 16,080 21,030 18,467
Net Cash Flow 48 453 -103 6,565 -69 -341 -1,272 2,577 -1,032

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROE % 5% 14% 30% 42% 29% 33% 27% 25% 29%

Credit Ratings