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 5.59%.
Company has good consistent profit growth of 25.05% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 27.71%
Company has been maintaining a healthy dividend payout of 55.23%
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 Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
Revenue 2,401 2,372 2,510 2,586 2,931 3,016 3,156 3,420 3,690 3,890 3,980 4,237
Interest 1,362 1,411 1,628 1,633 1,739 1,841 1,911 2,074 2,093 2,335 2,556 2,449
390 307 321 360 509 378 425 608 618 325 301 632
Financing Profit 649 655 561 593 683 798 819 738 979 1,230 1,123 1,155
Financing Margin % 27% 28% 22% 23% 23% 26% 26% 22% 27% 32% 28% 27%
Other Income 246 225 365 419 293 272 297 759 278 181 275 243
Depreciation 5 5 5 6 7 7 8 8 14 8 11 11
Profit before tax 890 875 921 1,006 970 1,062 1,108 1,489 1,243 1,402 1,387 1,388
Tax % 23% 27% 26% 25% 14% 24% 23% 23% 18% 25% 25% 30%
Net Profit 676 630 684 751 841 809 861 1,142 1,030 1,055 1,044 986
Gross NPA % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net NPA % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
Revenue 4,730 5,890 7,243 9,221 11,628 14,632 15,797
Interest 2,599 3,282 3,944 4,971 6,411 7,654 9,434
514 632 816 1,105 1,485 1,973 1,877
Financing Profit 1,616 1,976 2,482 3,145 3,733 5,006 4,487
Financing Margin % 34% 34% 34% 34% 32% 34% 28%
Other Income 48 14 9 4 62 7 977
Depreciation 9 8 19 20 23 37 44
Profit before tax 1,655 1,982 2,473 3,129 3,772 4,976 5,419
Tax % 24% 21% 23% 25% 23% 23%
Net Profit 1,258 1,564 1,901 2,345 2,906 3,847 4,115
EPS in Rs 41.91 48.85 47.04 63.08 81.88
Dividend Payout % 50% 62% 50% 81% 39% 45%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:25.34%
3 Years:26.41%
TTM:26.14%
Compounded Profit Growth
10 Years:%
5 Years:25.05%
3 Years:26.49%
TTM:12.62%
Return on Equity
10 Years:%
5 Years:28.30%
3 Years:27.71%
Last Year:30.13%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
62 67 71 84 85 85 85
Reserves 5,006 5,639 6,561 10,610 12,037 13,338 15,384
Borrowings 31,286 35,540 47,487 61,085 85,301 110,257 102,654
2,788 3,242 3,346 4,260 6,722 8,848 21,681
Total Liabilities 39,141 44,487 57,465 76,039 104,145 132,529 139,804
58 115 123 136 169 169 128
CWIP 0 0 0 0 0 0 0
Investments 2,308 2,947 6,164 10,693 13,617 14,871 17,746
36,776 41,424 51,179 65,211 90,360 117,489 121,929
Total Assets 39,141 44,487 57,465 76,039 104,145 132,529 139,804

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
-3,609 -2,452 -8,892 -11,643 -17,845 -23,954
5,052 -635 -2,093 -4,997 -2,107 473
5,227 3,090 10,699 15,330 22,591 22,599
Net Cash Flow 6,671 3 -286 -1,310 2,638 -883

Ratios Consolidated / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROE % 29% 31% 27% 25% 30%

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