Shares of LIC Housing Finance rose nearly 5 per cent today after the firm reported a multifold rise in June quarter net profit. LIC Housing Finance stock rose 4.83 per cent to Rs 390.35 against the previous close of Rs 372.35 on BSE. The stock opened with a gain of 2.62 per cent at Rs 382.10 today. It has risen after 2 days of consecutive fall.
Shares of LIC Housing Finance are trading higher than the 20-day, 50-day, 100-day and 200-day moving averages but lower than 5-day moving averages.
Market cap of the firm rose to Rs 21,086 crore on BSE. A total of 2.80 lakh shares of the firm changed hands, amounting to a turnover of Rs 10.78 crore. The stock hit a 52-week high of Rs 462.50 on October 19, 2021 and a 52-week low of Rs 291.75 on June 20, 2022.
In a month, the stock has risen 80 per cent. However, it has lost 24.83 per cent in a year and fallen 24.83 per cent in 2022. The mortgage financier reported a six times growth in net profit at Rs 925.48 crore on lower provisioning and higher loan growth against profit of Rs 153.44 crore in the corresponding quarter of the previous fiscal.
The net interest income of the housing finance company climbed 26 per cent to Rs 1,610.19 crore compared to Rs 1,275.31 crore for the corresponding period in the previous year. Net interest margin for the quarter rose to 2.54 per cent against 2.20 per cent in the previous year.
Revenue rose 8.87 per cent to Rs 5,296.28 crore in the June quarter against Rs 4,864.57 crore in the corresponding quarter of the previous fiscal.
Operating profit excluding other income gained 27.68 per cent to Rs 4,792.05 crore in the last quarter against Rs 3,753.26 crore in the corresponding quarter of the previous fiscal. However, on a sequential basis, net profit fell 16.78 per cent from Rs 1.113.68 crore in the March quarter. Sales fell 0.59 per cent from Rs 5,327.87 crore in the March quarter.
"With the easing of pandemic and better economic activity, there was an overall improvement in our segment. The hybrid work model has been widely accepted across the country, resulting in higher demand for better, larger residential units. This market trend assisted us with higher disbursements and improved financial performance during the current quarter," said Managing Director & Chief Executive Officer Y. Viswanatha Gowd.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today