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Prabhudas Lilladher Report
LIC Housing Finance Ltd. saw a mixed quarter with a beat on disbursals and loan growth although pre-provision operating profit and profit after tax were a miss led by higher opex and provisions.
Retail housing loan continues to drive credit flow with share in closing loans at 82% (versus 78% a year ago). Demand outlook remains healthy despite rising rates and LIC Housing Finance guided that disbursals could grow by 12-15% in FY23 while share of builder loans could reach 7-8% by FY23 end.
Higher proportion of fixed rate liabilities coupled with floating rate loans could support margins. Stage-III saw a blip, rising by 32 basis points QoQ and ~45% of the quantum rise was led by slippages from the one-time restructuring pool. Focus remains on shoring up recoveries which may aid in stress reduction.
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