Shares of LIC Housing Finance crashed 10 per cent in early trade today after the firm’s Q2 earnings came below expectations.
LIC Housing Finance reported a 23 per cent on-year growth in net profit at Rs 305 crore for the three months period ending September. Net interest income (NII) in Q2 declined marginally (80 basis points) to Rs 1,163 crore from Rs 1,173 crore, but the management did not give any reason for the same.
Kotak Institutional Equities had pegged the Q2 profit at Rs 893.1 crore and NII at Rs 1,613.8 crore.
Reacting to the lower-than-expected earnings, LIC Housing Finance share tanked 10 per cent to Rs 390.35 against the previous close of Rs 400.40 on BSE. The stock opened 5.86 per cent lower at Rs 360.40 today. LIC Housing Finance shares are trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
ALSO READ: RBI imposes penalty of Rs 5 lakh on LIC Housing Finance
Market cap of the firm dipped to Rs 19,824 crore on BSE. A total of 5.95 lakh shares of the firm changed hands, amounting to a turnover of Rs 21.50 crore.
The stock hit a 52-week high of Rs 443.50 on September 15, 2021 and a 52-week low of Rs 291.75 on June 20, 2022. In a month, the stock has fallen 13.21 per cent. It has lost 15.17 per cent in a year and fallen 2.48 per cent in 2022. Individual loan disbursements fell marginally to Rs 14,300 crore from Rs 14,330 crore in the reporting quarter, taking total disbursements to Rs 16,786 crore up 4 per cent from Rs 16,110 crore, led by a 15 per cent rise in project loans at Rs 407 crore from Rs 353 crore.
ALSO READ: Share Market News Today Live: Sensex, Nifty may start on a lower note; US Fed policy outcome in focus
This pushed the total outstanding loan portfolio up 10 per cent at Rs 2,62,336 crore, helping the company earn 8 per cent more in revenue from operations at Rs 5,086 crore from Rs 4,708 crore. Of the total loan outstanding, individual loans stood at Rs 2,16,771 crore up 15 per cent from Rs 1,88,348 crore.
