Sammaan Capital Ltd · NSE:SAMMAANCAP
Sammaan Capital — Indiabulls Housing Finance — Q2 FY2023-24 Earnings Presentation
46 slides from Sammaan Capital's earnings presentation, Nov 14, 2023
Slide 1: Unaudited Financial Results – Q2 FY2023-24
Unaudited Financial Results – Q2 FY2023-24 November 14, 2023
Slide 2: Contents
Contents Pg. No. 1. Performance Highlight 03 2. Path Ahead: Positive ALM to Accelerate AUM Growth 04 3. Retail Lending 05 4. Consolidation and Prudent ALM Management 06 5. Proactive ALM Management 07 6. Ongoing Institutionalization 08 7. Stable Asset Quality 09 8. Appendix 10 9. Key Ratios, Valuatio
Slide 3: Performance Highlights
Performance Highlights Particulars Q2FY24 Q2FY23 H1FY24 H1FY23 Net Worth 18,428 16,928 18,428 16,928 NII 893 821 1,454 1,404 PBT 422 393 818 779 PAT 298 289 594 576 NIM 4.8% 4.2% RoA 1.6% 1.5% Spread 3.3% 3.1% Net Gearing 1.6 2.3 CRAR% 35.7% 33.5% Tier 1 Capital% 31.2% 27.6% Stage 2 3,083 13,510 Sta
Slide 4: Path Ahead: Positive ALM to Accelerate AUM Growth
Path Ahead: Positive ALM to Accelerate AUM Growth Particular Total • We have entered a phase of positive ALM, where loan portfolio inflows will exceed Term Loans 10,665 debt repayment outflows ECB 824 NCD 13,920 • From repayment of ₹ 5,067 Cr in Jul-Aug-Sep quarter, repayments in next 12 months: ~₹
Slide 5: Retail Lending: Manpower and Branch Network Capacitised for Disbursing
Retail Lending: Manpower and Branch Network Capacitised for Disbursing over ~₹ 1,200 Cr/month from Present ~₹ 700 Cr/month • Branch Count: 221 [up from 136 branches in March 2021] • Manpower: 5,423 [up from 3,480 employees in March 2021] • Technology-leveraged processes: Expanding — Common, standard
Slide 6: Consolidation and Prudent ALM Management
Consolidation and Prudent ALM Management Parameters H1FY24 FY23 FY18 Amount Debt Repayments * Proactive Management [₹ Cr] Balance Sheet 72,908 74,945 131,903 Repurchased ₹ 4,340 Cr of NCDs ahead NCDs [Sep 21] 6,575 AUM 63,569 67,020 1,22,578 of scheduled repayment Repurchased ahead of schedule Net W
Slide 7: Proactive ALM Management
Proactive ALM Management 65,618 65,618 41,849 38,111 31,927 23,381 16,137 11,422 6,125 2,967 6m 1yr 3yr 5yr ∞ Assets Liabilities • ₹ 6,086 Cr of liquidity on balance sheet [excluding undrawn facilities] • Positive cash of ₹ 10,011 Cr at the end of 1 year Liquidity • Liquidity Coverage Ratio [LCR] as
Slide 8: Ongoing Institutionalization
Ongoing Institutionalization Board of Directors with depth of experience • Mr. S.S. Mundra : Ex-Deputy Governor of the Reserve Bank of India [Chairman, Non-executive, Independent Director] • Mr. Rajiv Gupta [Nominee Director] : Director & CEO of LICHFL Asset Management Company Ltd. • Mr. A Siddharth
Slide 9: Stable Asset Quality: Recoveries Supporting Asset Quality
Stable Asset Quality: Recoveries Supporting Asset Quality Amounts in ₹ Cr Imputed Provisions Q2FY24 FY23 FY20 ₹ Crore % Stage 2 Loans 3,083 5,558 22,601 Existing Provisions 1,238 2.4% Gross NPA Expected Recoveries^ 4,100 1,830 1,918 1,712 [from pool of ~₹ 10,000 Cr+] 8.0% Net NPA 1,056 1,277 1,294 O
Slide 10: Appendix
Indiabulls HOUSING FINANCE Appendix
Slide 11: Financial and Operational Highlights
Financial and Operational Highlights 11
Slide 12: Balance Sheet Assets
Balance Sheet Assets 19% 8% Loan Book Cash & Cash Equivalents Other Assets 73% 12
Slide 13: Asset Composition
Asset Composition 18% 28% 54% Retail Mortgage Loans Commercial Real Estate Loans Business Loans • Book spread expanded to 3.3% at end of Q2FY24 from 3.1% at end of Q2FY23 13
Slide 14: Liabilities Profile
Indiabulls HOUSING FINANCE Liabilities Profile
Slide 15: Liabilities
Liabilities 25% 8% 67% Shareholders' Funds Borrowings* Other Liabilities * Including securitization liability 15
Slide 16: Funding Mix: 41% of AUM Supported by CLM/ Sell Down
Funding Mix: 41% of AUM Supported by CLM/ Sell Down [up from 10% in FY18] 2% 5% 5% 1% 10% 41% of AUM now funded 32% by CLM/sell-downs; up 36% 41% from 10% in FY18 34% 12% 29% 27% 27% 0% 0% 41% 35% 32% 31% Mar-18 Sep-22 Jun-23 Sep-23 Non-Convertible Debentures Commercial Papers Bank Loans Assignment/
Slide 17: Micro ALM Details [Quarter-wise for next 10 years]
Micro ALM Details [Quarter-wise for next 10 years] Particulars Total Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Cash & Investments 6,086 6,086 7,588 8,455 10,092 10,011 10,651 10,888 10,046 Customer Repayments 51,074 2,790 2,546 2,421 2,294 2,261 2,198 2,139 2,121 Non Current Assets 8,4
Slide 18: Micro ALM Details [Quarter-wise for next 10 years]
Micro ALM Details [Quarter-wise for next 10 years] Amount in ₹ Cr Particulars Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q3FY27 Q4FY27 Q1FY28 Q2FY28 Cash & Investments 9,940 10,055 11,113 10,106 8,546 9,099 10,126 10,175 Customer Repayments 1,728 2,531 1,271 1,540 1,603 2,067 1,252 1,145 Non Current Assets - - - -
Slide 19: Micro ALM Details [Quarter-wise for next 10 years]
Micro ALM Details [Quarter-wise for next 10 years] Amount in ₹ Cr Particulars Q3FY28 Q4FY28 Q1FY29 Q2FY29 Q3FY29 Q4FY29 Q1FY30 Q2FY30 Cash & Investments 8,064 8,196 3,636 3,725 3,738 4,355 4,557 5,285 Customer Repayments 1,119 1,005 945 787 906 682 796 701 Non Current Assets - - - - - - - - Total In
Slide 20: Micro ALM Details [Quarter-wise for next 10 years]
Micro ALM Details [Quarter-wise for next 10 years] Amount in ₹ Cr Particulars Q3FY30 Q4FY30 Q1FY31 Q2FY31 Q3FY31 Q4FY31 Q1FY32 Q2FY32 Q3FY32 Cash & Investments 5,374 5,808 6,333 5,740 6,179 5,491 5,821 6,181 5,374 Customer Repayments 1,028 747 636 636 484 492 516 483 1,028 Non Current Assets - - - -
Slide 21: Micro ALM Details [Quarter-wise for next 10 years]
Micro ALM Details [Quarter-wise for next 10 years] Amount in ₹ Cr Particulars Q3FY32 Q4FY32 Q1FY33 Q2FY33 Q3FY33 Q4FY33 Q1FY34 Q2FY34 10+ Years Cash & Investments 6,515 6,954 7,375 7,726 7,541 7,839 8,139 8,436 8,728 Customer Repayments 486 468 398 362 343 345 342 339 4,120 Non Current Assets - - -
Slide 22: Home Loan Profile: Focus on Mid-Income Affordable Housing
Home Loan Profile: Focus on Mid-Income Affordable Housing Urban Semi-Urban Home Loans Home Loans Average Loan Size ₹ 35 Lakhs ₹ 25 Lakhs Maximum Loan to Value 80% 80% Average Loan to Value 73% [at origination] 70% [at origination] Average CIBIL Score 761 Average Loan Term 15 years Average Customer A
Slide 23: Smart City Home Loan: Technology-led Cost-effective
Smart City Home Loan: Technology-led Cost-effective Delivery through eHomeLoans Platform Minimum Loan Size ₹ 7 Lakhs Average Loan Size ₹ 10 Lakhs Maximum Loan Size ₹ 40 Lakhs Maximum Loan to Value 80% [at origination] Maximum Loan Term 20 years Average CIBIL Score 756 Average Customer Age 39 years P
Slide 24: Loan Against Property Product Profile
Loan Against Property Product Profile Average Loan Size ₹ 73 Lakhs Maximum Loan to Value 65% Average Loan to Value 49% [at origination] Average Loan Term 7 years Average CIBIL Score 758 Primary Security Mortgage of property financed Repayment Type Monthly amortizing Average Age of Business 7 years B
Slide 25: Smart City LAP: Technology-led Cost-effective
Smart City LAP: Technology-led Cost-effective Delivery through eHomeLoans Platform Minimum Loan Size ₹ 10 Lakhs Average Loan Size ₹ 25 Lakhs Maximum Loan Size ₹ 50 Lakhs Maximum Loan to Value 55% [at origination] Average Loan to Value 40% Average CIBIL Score 756 Maximum Loan Term 10 years Average Lo
Slide 26: Beginning of a Long Term Property Market Up-cycle
Beginning of a Long Term Property Market Up-cycle 26
Slide 27: Macros: Tremendous Housing Potential
Macros: Tremendous Housing Potential No. of Households GDP to grow 2.7x [In ₹ Lakh Cr] [Nuclearization & urbanization] [Units in Mn] 662 386 296 2.7x 1.3x 248 FY22 FY31 CY2021 CY2030 Real Estate Market [In ₹ Lakh Cr] Residential Real Estate [In ₹ Lakh Cr] 82.8 46 26% CAGR ~25% CAGR 15 16.6 FY2022 FY
Slide 28: Strong Macro Tailwinds: Residential
Strong Macro Tailwinds: Residential • Housing sales across top 8 cities at 6 year high in Jul-Sep quarter1 with 82,612 units [growth of 12% on YoY and 7% on QoQ basis] 1 • New housing launches in top 8 Indian cities up 23% YoY with 85,549 units 1 The Indian EXPRESS, October 4, 2023 • Premium residen
Slide 29: Strong Macro Tailwinds: Commercial
Strong Macro Tailwinds: Commercial • Office space leasing in the top 9 cities of India is up by 33% YoY in July-Sep quarter 20231 to 15.8 million sq ft1 • The overall office space supply across the 9 cities soared to 19.3 million sq ft marking a The Business Standard, October 8, 2023 94 % YoY increa
Slide 30: Static Credit Performance Analysis of LAP and HL Pools
Static Credit Performance Analysis of LAP and HL Pools 30
Slide 31: Retail Loan Book of Highest Quality
Retail Loan Book of Highest Quality Portfolio performance of all sold down pools of ₹ 84,612 Cr Initial Pool Details of Initial POS Average Sold Down Pool Loan Pool Disbursement Ticket Size Months on Amortisation Principal Principal [On sell down] 90+ dpd % 180+ dpd % Type [₹ Cr] [at disbursement] B
Slide 32: Home Loans Pool Performance Factsheet: Direct Assignments
Home Loans Pool Performance Factsheet: Experian Credit Bureau Direct Assignments [Sold Down] Initial Pool Details of Initial POS Sold Down Disbursement Sold Down Pool Principal Amortisa- Sr. No Investor MPS 90+ dpd % 180+ dpd % CCR MCR QCR Date [₹ Cr] Principal [₹ Cr] [₹ Cr] tion# 1 Bank 22 31 Dec 1
Slide 33: Home Loans Pool Performance Factsheet: Direct Assignments
Home Loans Pool Performance Factsheet: Experian Credit Bureau Direct Assignments [Sold Down] Initial Pool Details of Initial POS Sold Down Disbursement Sold Down Pool Principal Amortisa- Sr. No Investor MPS 90+ dpd % 180+ dpd % CCR MCR QCR Date [₹ Cr] Principal [₹ Cr] [₹ Cr] tion# 29 Bank 18 31 Oct
Slide 34: Home Loans Pool Performance Factsheet: Direct Assignments
Home Loans Pool Performance Factsheet: Experian Credit Bureau Direct Assignments [Sold Down] Initial Pool Details of Initial POS Sold Down Disbursement Sold Down Pool Principal Amortisa- Sr. No Investor MPS 90+ dpd % 180+ dpd % CCR MCR QCR Date [₹ Cr] Principal [₹ Cr] [₹ Cr] tion# 57 Bank 11 14 May
Slide 35: LAP Pool Performance Factsheet: Direct Assignments
LAP Pool Performance Factsheet: Experian Credit Bureau Direct Assignments [Sold Down] Initial Pool Details of Initial POS Sold Down Disbursement Sold Down Pool Principal Amortisa- Sr. No Investor MPS 90+ dpd % 180+ dpd % CCR MCR QCR Date [₹ Cr] Principal [₹ Cr] [₹ Cr] tion# 1 Bank 2 30 Mar 15 1,067.
Slide 36: Home Loans and LAP Pool Performance Factsheet PTC and PCG Pools
Home Loans and LAP Pool Performance Factsheet PTC and PCG Pools HL Pools Initial Pool Details of Initial POS Sold Down Pool Sold Down Disbursement Amortis- 90+ 180+ Sr No Investor Principal MPS Principal [₹ CCR MCR QCR Rating from Date [₹ Cr] ation# dpd % dpd % [₹ Cr] Cr] 1 Bank 9 29 Jun 17 354.5 33
Slide 37: Key Ratios, Valuations, and Shareholding
Key Ratios, Valuations, and Shareholding 37
Slide 38: Productivity Ratios
Productivity Ratios FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 No. of 4,072 4,099 4,840 5,453 6,388 8,111 8,676 5,405 3,480 4,603 5,318 Employees Profit per 0.31 0.38 0.39 0.43 0.46 0.47 0.47 0.41 0.35 0.26 0.21 employee [₹ Cr] Asset per 8.09 10.84 11.82 14.02 16.23
Slide 39: Key Financial Metrics
Key Financial Metrics FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Pre Tax RoAA [%] 4.9% 4.8% 4.9% 4.9% 4.6% 4.3% 4.2% 2.2% 1.6% 1.8% 2.0% Post Tax RoAA [%] 3.8% 3.8% 3.7% 3.7% 3.6% 3.3% 3.0% 1.9% 1.3% 1.3% 1.4% RoE [%] 26% 27% 29% 26% 26% 30% 24% 18% 7% 7% 7% Capital
Slide 40: Valuations and Returns
Valuations and Returns Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Sep-23* Market Price 272 286 558 674 998 1,194 744 228 193 157 112 176 per Share [₹] Dividend per 20 29 35 36 36 42 40 21 9 - 1.25 - Share [₹] Dividend Yield 7.4% 10.2% 6.3% 5.3% 3.6% 3.5% 5.4% 9.2% 4
Slide 41: Shareholding Pattern
Shareholding Pattern 1.7% 22.4% 59.8% 16.1% Foreign Institutional Shareholding MFs/Banks/IFI/ Insurance Companies Public Employee Welfare Trust MF: Mutual Funds; IFI: Indian Financial Institutions As on 30th September, 2023 41
Slide 42: Detailed Financials
Indiabulls HOUSING FINANCE Detailed Financials
Slide 43: Consolidated Income Statement
Consolidated Income Statement (Rupees in Billions) Quarter ended Six Months ended Year ended Particulars 30.09.23 30.06.23 30.09.22 30.09.23 30.09.22 31.03.23 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) 1 Revenue from operations (i) Interest Income 17.31 18.18 21.26 35.49 41.06
Slide 44: Consolidated Balance sheet
Consolidated Balance sheet Statement of Assets and Liabilities: (Rupees in Billions) As at As at Particulars 30.09.23 31.03.23 (Reviewed) (Audited) ASSET S (1) Financial Assets (a) Cash and cash equivalents 50.24 36.98 (b) Bank balance other than Cash and cash 14.84 15.35 equivalents (c) Derivative
Slide 45: Safe Harbour Statement
Safe Harbour Statement This document contains certain forward-looking statements based on current expectations of Indiabulls Housing Finance Ltd. management (“IBH”). These forward looking statements and any other projections contained herein are predictions and involve known and unknown risks, uncer
Slide 46: Thank you
Indiabulls HOUSING FINANCE Thank you
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