Investor Update March 2018
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- Garey Weaver
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1 Investor Update March 2018
2 Property cost (rs lac) & Affordability Urban population (cr) Urbanization Rate % Indian housing industry: Strong growth drivers Rising population Growing urbanization Population(cr) Improvement in affordability Favorable tax legislations Section 80C IT Act Section 24, IT Act Section 54, IT Act Deduction on account of principal repayment of up to Rs.1.5 lakh on home loans from the borrowers gross total income Deduction on account of annual interest payment of up to Rs. 2 lakh on home loans, where the house is self-occupied. Capital gains from transfer of residential property, if invested is acquiring a residential house, exempt from income tax 1 Crore (cr)=10 million 2
3 Several initiatives to promote housing Real Estate Regulatory Authority RERA Bill in 2016: 24 out of 35 States & Union Territories have notified RERA Incentives for Builders in Affordable Housing-Union Budget 2016 Budget 2017: Infrastructure Status for Affordable Housing Budget 2018: Affordable Housing Fund to be created 3
4 Several initiatives to promote housing Housing For All by 2022 Launch of Pradhan Mantri Awas Yojana in Smart Cities notified Announcement of Interest Subsidy for Loans upto Rs 9 lacs & Rs12 lacs by Hon ble Prime Minister on (MIG-I & MIG-II) 4
5 UK USA Singapore Hong Kong Germany Malaysia Korea Thailand China India India (FY2020E) No. of cities Mortgages: Large scope for improving penetration Indian mortgage market is significantly under-penetrated Mortgage to GDP ratio, March fiscal year-ends, 1HFY18 Cities With population > 1m Source: ICRA Indian Mortgage Finance Market Update for H1FY2018 Creating a Large Addressable Market 100% 80% 4.10% 6.80% 8.20% 8.50% 34.70% 30.10% 27.20% 26.40% Finance penet rat ion is low for housing finance in rural areas Finance penetration in urban and rural areas (housing finance), march fiscal year-ends, (%) Urban penetration Rural penetration 50 60% 40% 20% 0% 61.20% 63% 64.70% 65% E 2016E Working Age(15-59 years) <15 Years >59 years years <20 years E 2013E 2014E 2015E 2016E 2017E Source: NBFC report 5
6 Mortgages: High growth trajectory Mortgage book to witness strong growth going ahead March fiscal year-ends, P (Rs tn) Mortgage loan book LHS) YoY (RHS) (%) Note: E 2018P 2019P 1) Includes the overall portfolio of HFCs and only developer and housing loans of banks. 0 Source: NBFC report Housing loans to witness strong traction as impact of GST and RERA fade away March fiscal year-ends, P (Rs tn) Housing finance (LHS) YoY (RHS) (%) LAP market to pick pace post lowering in last two years March fiscal year-ends, P (Rs tn) LAP loan book (LHS) YoY (RHS) (%) E 2016E 2017E 2018P 2019P E 2014E 2015E 2016E 2017E 2018P 2019P Source: NBFC report Source: NBFC report 6
7 Mortgages: HFCs play a key role HFCs continue to dominate mortgage market March fiscal year-ends P (%) 100 Banks HFC HFC continue to dominate home loan market YoY increase in home loan portfolio of banks and HFCs Banks HFC E 2018P 2019P Source: NBFC report HFY18 Source: ICRA Indian Mortgage Finance Market Update for H1FY2018 7
8 HFCs: Home loans dominate mortgage book Home loans continue to dominate loan book of HFCs Portfolio composition of HFCs, March fiscal year-ends, 2017 (%) Construction finance, 10 LRD, 5 Others, 3 HFCs are growing their non-housing loan portfolio at a fast pace YoY increase in loans, March fiscal year-ends, HFY18 (%) Overall portfolio Home loans Other loans LAP, Home loan, 67 Source: CRA Indian Mortgage Finance Market Update for H1FY HFY18 Source: CRA Indian Mortgage Finance Market Update for H1FY
9 LICHFL: A Journey of 29 Years IPO Incorporated 2011 AAA Rating 2012 GDR Issue Crossed Rs cr profit & Rs 75,000 Cr assets 2013 Best HFC by CNBC TV 18 Construction Industry Award Crossed Rs. 50,000 Cr loan portfolio Crossed Rs. 500 crs profit Best HFC by ABP News Crosses Rs 1 lakh cr in portfolio Best Housing Finance Co. by BFSI Awards Best data quality in HFC by CIBIL 2016 Business Today- Best CEO Award Business World - Most Respected Co Award Outlook Money-Best HFC Best HFC by ABP News Best Data Quality by CIBIL Asia Pacific Entrepreneurship Award Power Brands Awards by Franchise India 2017 Crosses 150,000 cr in assets Outlook Money-Best HFC Business Today BFSI Best CEO NSE for highest Debt Issuance 9
10 LICHFL: Key highlights Highest ratings (AAA) since 2002 More than 22 lakh customers serviced till date Shareholding Pattern Total assets more than Rs 150,000 cr 96% of loan assets in retail category Cumulative Disbursements > Rs 2,60,000 cr since inception Gross NPAs in retail loans amongst lowest in Industry 10
11 LICHFL: Key highlights Disbursement (Rs. Cr) CAGR 14% Loan Portfolio (Rs.cr) CAGR 17% Income (Rs. cr) CAGR 16% Profit After Tax (Rs. cr) CAGR 17% 11
12 LICHFL: Key highlights Gross & Net NPAs Total Provisions* (Rs cr) Operating Expense to Total Income Profit per employee (Rs. lacs) * Provisions Including Provisions on Std. Assets & Teaser Loans 12
13 LICHFL: Key highlights EPS (Rs) (Rs 2/- pd up) Book Value (Rs)(Rs 2/- pd up) Return on Avg Equity Return on Avg Loan Assets 13
14 Trends in retail disbursements (Rs cr) Disbursements (LHS) YoY (RHS) (%) (Rs lacs) Average ticket size (LHS) YoY (RHS) (%) 45, , ,000 18, , ,230 24,289 29,255 34,529 38,334 29, MFY MFY (%) Share of home loans MFY18 14
15 Low NPLs in retail segment over the years 1,000 (Rs cr) Retail GNPA (LHS) Retail GNPA ratio (RHS) (%) MFY Amongst the lowest GNPAs in the sector with Net Credit losses since inception less than 7 bps 15
16 Large geographic presence Mumbai Vashi Panjim Amritsar Ludhiana Ambala Bhatinda Hisar Patiala Karnal Hubli Bengaluru Mangalore Kannur Thrissur Erode Kozhikode Palghat Ernakulam Kottayam Thiruvananthapuram Kollam Jalandhar Bellary Tirupati Hosur Chennai Mysore Vellore Hassan Nagercoil Warangal Visakapatnam Hyderabad Rajahmundry Gulburga Vijayawada Kurnool Kakinada Anantapur Guntur Salem Coimbatore Shimla Chandigarh Dehradun Noida Meerut Haldwani Tiruchirapalli Pondicherry Thanjavur Madurai Tirumangalam Nellore Corporate office Regional offices Back offices Operating offices Gurgaon New Delhi Faridabad Ghaziabad Gangtok Bareilly Bikaner Siliguri Jaipur Agra Gorakhpur Jodhpur Kota Ajmer Lucknow Udaipur Malda Kanpur Patna Gwalior Varanasi Dhanbad Ahmedabad Behrampur Allahabad Ranchi Durgapur Gandhidham Bhopal Jamshedpur Kolkata Rajkot Vadodara Indore Jabalpur Rourkela Bilaspur Surat Jalgaon Nagpur Raipur Vapi Durg-Bhilai Cuttack Nallasopara Aurangabad Bhubaneshwar Nasik Kalyan Thane Jogeshwari Pune Kolhapur Satara Belgaum Jorhat Guwahati Silchar Year 9 Regional Offices 23 Back Offices 249 Marketing Offices Rep offices in Dubai & Kuwait Coverage of more than 450 centres 2095 Employees Widening footprint improved efficiencies No of Marketing Offices No of Back offices No of Regional Offices No of Employees Lon Portfolio Rs cr * (Dec 2017) 23 New Marketing Offices proposed to be opened in FY
17 Distribution Network HOME LOAN AGENTS (HLAs) (Agents of LIC) 249 Marketing Offices Total No of Agents > 12300: growth of over 20% y-o-y DIRECT SALES AGENTS (DSAs) (Small Firms/Companies etc) CUSTOMER RELATIONS ASSOCIATES (CRAs) (Individual Agents of the Company) 49 branches of LICHFL Financial Services (100% subsidiary of LICHFL) 17
18 Loan Book Composition O/s Portfolio Rs cr O/s Portfolio Rs cr O/s Portfolio Rs cr 18
19 Individual Loans Portfolio Stats Pure Floating Rate Loans To Outstanding Portfolio As of FY16 47% As of FY17 70% As of Q2FY18 78% As of Q3FY18 76% Loan To Value Ratio On Incremental Sanctions For FY16 47% For FY17 45% For Q2FY18 45% For Q3FY18 44% Prepayment Lump Sum/ opening book For FY % For FY % As of Q2FY % As of Q3FY % Installment to Net Income Ratio On Incremental Sanctions For FY % For FY % For Q2FY % For Q3FY % 19
20 Origination Pattern & Average Ticket Size Data for 9M FY
21 Financial Highlights Q3FY18 9M FY2018 9M FY 2017 Return on Average Equity (%) 17% 19% Return on Average Assets (%) 1.3% 1.5% Earnings per share (on Rs 2 pd up) Capital Adequacy Ratio Tier I Tier II Total Sept Sept
22 Executive Summary Q3/FY18 Q3 FY18 PAT at Rs cr as against Rs cr for Q3FY17 Q3 FY18 Revenue from operations up by 6 % to Rs 3738 cr Outstanding Loan portfolio up by 15% to Rs cr Individual Loan Portfolio up by 15% to Rs cr Q3FY18 Disbursements Rs cr against Rs 9685 cr up by 27 % Individual Loan Disbursements Rs cr against Rs 8555 cr, up by 32% Net Interest Income Rs 898 cr against Rs 915 cr Net Interest Margins 2.33% for Q3 FY18 as against 2.75% for Q3FY17 Gross NPAs at 0.87% as against 0.56% as on Net NPAs 0.49% as against 0.27% on corresponding dates Individual Loans Gross NPAs at 0.47% as against 0.32% on Total Provisions at Rs 1227 cr as against total Gross NPAs of Rs 1360 cr 22
23 Executive Summary Q3/9MFY18 Var Q3 FY18 Q3 FY17 Var 9M FY18 Rs cr 9M FY17 Interest Income on Individual Loans 4% % Interest Income on Project Loans 46% % Total 6% % Processing Fees & Other Fees 67% % Other Income 42% % Gross Income 6% % Interest Expenses 8% % Net Interest Income (2%) % Salary & Other Establishment Exp. 5% % Net Provisions & Diminutions 7% % Profit before Tax (1%) % Income Tax Provision including Deferred Tax (1%) % Net Profit (2%) %
24 Executive Summary Q3/9MFY18 Rs cr Var Q3 FY18 Q3 FY17 Var 9M FY18 9M FY17 Disbursements Individual 32% % Project (13%) % Total 27% % Outstanding Portfolio Individual 15% Project 38% Total 15% Net Interest Margins(%) 2.33% 2.75% 2.39% 2.67% Borrowings during the Qtr Incremental Cost/ytd 7.42% 8.19% Incremental Yield(overall, annualised YTD) 9.86% 10.69% Incremental Spreads (YTD) 2.44% 2.50%
25 Yield & Cost of Funds on portfolio 25
26 Liability Profile as on Source Wtd Avg Cost (%) Outstanding Borrowings Rs cr Banks & Institutions 8.18% Non Convertible Debenture 8.41% National Housing Bank 8.20% Sub. Bonds & Upper Tier II 9.18% Commercial Paper 6.44% Deposits* 8.09% Total 8.32% During Q3FY18, Borrowings were Rs % * Includes Corporate Deposits of Rs 2749 cr 26
27 Change in Liability Mix Bank funding has reduced from 32% in FY12 to 25% in FY14. Retail Deposits increased to 2.2% Wtd. Avg. cost of Funds 8.32% 8.37% 8.50% 8.59% 9.14% 9.48% * Includes Corporate Deposits of Rs 2749 cr 27
28 Net Interest Margins 28
29 Gross & Net NPAs Gross NPA (Rs. cr) Gross NPA (%) 0.87% 0.56% Provisions for NPA (Rs. cr)* Net NPA(%) 0.49% 0.27% Provisions including standard asset provisions Provisions cover including standard asset provisions *Excluding provisions on standard assets % 128% 29
30 Gross & Net NPAs 30
31 Thank you DISCLAIMER This presentation is made purely for information. We have attempted to provide relevant information which we believe will help in knowing the Company. The users may use their own judgment and are advised to make their own calculations before deciding on any matter based on the information given herein. While every care is taken to verify the accuracy of the information given in this presentation, neither the Company nor its officials would in any way be liable for any action taken or not taken by the viewers or the users of this presentation or for any claims, losses etc. 31
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