Indiabulls Housing Finance Ltd

Indiabulls Housing Finance Ltd

₹ 185 -3.68%
21 Feb 4:13 p.m.
About

Indiabulls Housing Finance Ltd, incorporated in 2005, is registered with and regulated by National Housing Bank (NHB) and is engaged in the business of providing home loans and loan against property. It also provides corporate mortgage loan - lease rental discounting and residential construction finance. [1]

Key Points

Offerings
Home Loans: The Co focuses on middle-income-affordable housing loans with an average ticket size of Rs. 35 lakhs/25 lakhs for urban/semi-urban loans. [1]
LAP: The average ticket size under LAP is Rs. 73 lakhs with an average term of 7 years. [2]

  • Market Cap 13,654 Cr.
  • Current Price 185
  • High / Low 209 / 81.8
  • Stock P/E 11.8
  • Book Value 249
  • Dividend Yield 0.68 %
  • ROCE 9.79 %
  • ROE 6.62 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Stock is trading at 0.74 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -10.2% over past five years.
  • Company has a low return on equity of 7.12% over last 3 years.
  • Dividend payout has been low at 12.8% of profits over last 3 years
  • Working capital days have increased from 5.69 days to 103 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Finance Industry: Finance - Housing

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
2,513 2,372 2,321 2,233 2,274 2,189 2,075 2,230 2,339 2,075 1,900 2,227 2,143
346 448 386 254 257 256 179 406 522 293 147 448 478
Operating Profit 2,167 1,924 1,935 1,979 2,018 1,933 1,897 1,824 1,817 1,782 1,753 1,779 1,664
OPM % 86% 81% 83% 89% 89% 88% 91% 82% 78% 86% 92% 80% 78%
1 50 5 0 3 2 3 2 1 4 13 15 69
Interest 1,706 1,594 1,552 1,571 1,577 1,543 1,495 1,410 1,389 1,342 1,354 1,350 1,312
Depreciation 25 23 19 19 20 20 18 23 23 22 19 23 23
Profit before tax 437 357 369 390 424 372 386 393 405 422 394 422 399
Tax % 25% 23% 24% 27% 29% 18% 26% 26% 28% 38% 25% 29% 24%
329 276 282 286 303 307 287 289 291 263 294 298 303
EPS in Rs 4.75 3.98 4.06 4.13 4.34 4.36 4.05 4.09 4.11 3.71 4.16 4.14 4.10
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
4,730 5,890 7,243 9,221 11,628 14,952 17,020 13,219 9,998 8,988 8,719 8,346
514 632 816 1,105 1,485 2,033 1,654 2,040 1,429 1,119 1,400 1,367
Operating Profit 4,216 5,258 6,427 8,117 10,144 12,919 15,366 11,179 8,569 7,869 7,319 6,979
OPM % 89% 89% 89% 88% 87% 86% 90% 85% 86% 88% 84% 84%
48 14 9 4 62 6 6 2 29 6 8 101
Interest 2,599 3,282 3,944 4,971 6,411 8,010 9,726 8,512 6,939 6,242 5,636 5,357
Depreciation 9 8 19 20 23 37 43 108 97 77 86 86
Profit before tax 1,655 1,982 2,473 3,129 3,772 4,878 5,604 2,561 1,562 1,556 1,606 1,637
Tax % 24% 21% 23% 25% 23% 21% 28% 15% 23% 24% 30%
1,266 1,569 1,901 2,345 2,906 3,895 4,091 2,200 1,202 1,178 1,130 1,158
EPS in Rs 26.84 31.21 35.65 37.11 45.71 60.88 63.80 34.30 17.33 16.76 15.97 16.11
Dividend Payout % 50% 62% 50% 81% 39% 45% 42% 59% 33% 0% 5%
Compounded Sales Growth
10 Years: 6%
5 Years: -10%
3 Years: -13%
TTM: -6%
Compounded Profit Growth
10 Years: -1%
5 Years: -22%
3 Years: -20%
TTM: -1%
Stock Price CAGR
10 Years: 1%
5 Years: -21%
3 Years: -3%
1 Year: 86%
Return on Equity
10 Years: 18%
5 Years: 12%
3 Years: 7%
Last Year: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 62 67 71 84 85 85 85 84 89 89 90 94
Reserves 5,006 5,639 6,561 10,610 12,038 14,273 16,397 15,454 16,045 16,585 17,272 18,334
31,286 35,540 47,487 61,085 85,301 111,056 105,756 79,674 68,805 61,359 52,403 48,421
2,787 3,172 3,110 3,935 6,274 7,188 7,866 7,660 8,299 3,940 5,180 6,059
Total Liabilities 39,141 44,417 57,229 75,714 103,697 132,603 130,104 102,872 93,238 81,973 74,945 72,908
58 115 123 136 169 169 214 450 295 327 433 456
CWIP 0 0 0 0 0 0 0 0 0 0 0 0
Investments 2,308 2,947 6,164 10,693 13,617 14,792 19,717 12,277 6,146 5,546 5,370 5,780
36,775 41,354 50,942 64,886 89,912 117,642 110,173 90,145 86,796 76,100 69,142 66,672
Total Assets 39,141 44,417 57,229 75,714 103,697 132,603 130,104 102,872 93,238 81,973 74,945 72,908

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-3,609 -2,452 -8,892 -11,643 -17,845 -25,024 21,206 19,331 7,088 657 4,001
5,052 -635 -2,093 -4,997 -2,107 368 -4,220 8,265 3,103 1,649 884
5,227 3,090 10,699 15,330 22,591 23,775 -7,335 -27,934 -10,632 -7,444 -9,142
Net Cash Flow 6,671 3 -286 -1,310 2,638 -881 9,650 -338 -440 -5,138 -4,257

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 0 0 0 0 0 1 1 1 1 0 1
Inventory Days
Days Payable
Cash Conversion Cycle 0 0 0 0 0 1 1 1 1 0 1
Working Capital Days -353 -256 -129 -247 -273 -135 -103 -87 -167 81 103
ROCE % 14% 13% 13% 12% 12% 12% 10% 9% 10% 10%

Shareholding Pattern

Numbers in percentages

87 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
21.70% 21.69% 21.69% 9.72% 9.66% 9.59% 9.60% 9.60% 0.00% 0.00% 0.00% 0.00%
33.61% 33.65% 27.15% 29.07% 26.81% 25.06% 24.04% 21.73% 18.31% 18.53% 22.37% 23.41%
12.74% 12.88% 12.37% 14.21% 13.11% 9.81% 11.09% 13.10% 13.04% 16.12% 16.08% 8.53%
28.27% 28.10% 35.10% 43.35% 45.51% 50.66% 50.41% 50.70% 63.78% 60.47% 59.81% 66.34%
3.68% 3.68% 3.68% 3.66% 4.91% 4.88% 4.88% 4.88% 4.88% 4.88% 1.75% 1.71%
No. of Shareholders 3,33,3063,21,4874,16,6634,70,1045,45,7385,77,5315,51,6915,10,5215,22,0334,99,9574,54,3034,50,141

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

Concalls