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LIC Housing Finance Ltd.’s profit after tax declined by 81% YoY (78% miss) to Rs 1.5 billion in Q1 FY22.
Higher than estimated finance costs of Rs 36 billion led to a 13% miss on our net interest income estimate.
Elevated credit costs of Rs 8.3 billion (estimate – Rs 4.5 billion) added to the large profit after tax miss.
Large wage revisions undertaken in Q1 FY22 have led to a spike in operating expenses, leading to a weak operating performance.
LIC Housing Finance delivered a healthy loan growth in home loans.
However, loan against property and developer book growth has slowed down. Collection efficiency improved to 98% in June 2021.
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