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Transcript of 634733728782448750_gruh Housing Finance Ltd.
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7/31/2019 634733728782448750_gruh Housing Finance Ltd.
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GRUH HOUSING FINANCE LTD.
Vikson Research
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Price (Rs) 656.6
52 W
H/L(Rs)
Lat. P/E 19.32
Lat.
EPS(Rs)
Mkt. Cap.(Rs
Cr) 2322
Lat.Eqty (Rs
Cr)
Lat. BV(Rs) 108.86
Div. Yield
(%)
Lat. Face
Value 10 Beta-Sensex
MARKET DATA (AS ON 18 MAY
We initiate a buy rating as on
2012 @ Rs 656.60 first target
target 1000 time frame 6 mont
18%
2%
2%
61%
17%
HOLDING PATTERN
FO
INS
NO
PR
PU
Price Vs Se
751.90 /
340.00
33.97
35.43
1.7
0.5018
2012)
18 May
24 & 2nd
hs.
Holder S
Foreign 6
Institutions
Govt Holding
Non Promoter
Corp. Hold.
Promoters 21
Public & Others 6
Totals 35
Shareholdi
GEIN
ITUTIONS
N PROMOTER
MOTERS
LIC & OTHERS
sex Chart
ares (%)
478600 18.35
735406 2.08
0 0
736885 2.09
307785 60.36
043962 17.12
302638 100
ng Pattern
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Gruh Finance is engaged in providing loans for purchase and construction of residential houses.
Gruh Finance is a subsidiary of housing finance major HDFC, which holds 60.36% stake in the firm
(as per the shareholding pattern on 31 March 2012).
Gruh Finance Ltd (formerly known as Gujarat Rural Housing Finance Corporation) was
incorporated in 1986 to provide financial services mainly for rural housing,
construction/upgradation of dwelling units, and to developers.
The company came out with an FCD issue in 1994-95, which was oversubscribed. Keeping in view
the competitive environment and the emerging challenges, the company has introduced new
loan products like site finance and loans for non-residential premises. It also plans to finance lan
development projects.
Also, during the year 1999-2000, GRUH opened four new retail office in Amravati, Chandrapur,
Modasa and Palanpur and three service centres - one in Pune and two in Surat and hence total
retail network now consists of 28 offices - 17 in Gujarat and 11 in Maharashtra. Due to the stiff
competition, the company has introduced three-tier pricing strategy linked to the duration of th
loan. The company was the first HFC to re-introduce the 20 year home loan product in the
market.
During the year 2000-01, Housing Development Finance Corporation Ltd., (HDFC) the largest
shareholder of the company acquired 68,90,000 equity shares from Gujarat Ambuja Cements
Ltd.,(GACL) in July 2000. As a result, HDFC's shareholding in GRUH currently stands 54.49% and
therefore it is a subsidiary of HDFC. Under the Golden Jubilee Rural Housing Finance Scheme of
the Government of India, GRUH has financed 4,891 dwelling units registering a growth of 35%
over the previous year.
COMPANY BACKGROUND
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Remark
Full Year
201203
Full Year
201103
VAR [%]
FullYear
Full Year
201103
Full Year
201003 VAR [%] FullYear Full Year 201003 Full Year 200903
VAR [%
FullYea
Gross Sales 513.91 361.07 42.3 361.07 275.82 30.9 275.82 261.81 5.4
Excise Duty 0 0 0 0 0 0 0 0 0
Net Sales 513.91 361.07 42.3 361.07 275.82 30.9 275.82 261.81 5.4
Other Operating Income 0 0 0 0 32.37 0 32.37 32.32 0.2
Other Income 0.07 0.2 -65 0.2 0.87 -77 0.87 1.15 -24.3
Total Income 513.98 361.27 42.3 361.27 309.06 16.9 309.06 295.28 4.7
Total Expenditure 38.75 32.95 17.6 32.95 33 -0.2 33 23.56 40.1
PBIDT 475.23 328.32 44.7 328.32 276.06 18.9 276.06 271.72 1.6
Interest 310.11 200.92 54.3 200.92 180.2 11.5 180.2 201.18 -10.4
PBDT 165.12 127.4 29.6 127.4 95.86 32.9 95.86 70.54 35.9
Depreciation 2.36 1.83 29 1.83 1.44 27.1 1.44 0.96 50
Tax 42.42 33.99 24.8 33.99 25.46 33.5 25.46 19.3 31.9
Fringe Benefit Tax 0 0 0 0 0 0 0 0 0
Deferred Tax 0 0.07 0 0.07 0 0 0 0 0
Reported Profit After Tax 120.34 91.51 31.5 91.51 68.96 32.7 68.96 50.28 37.2
Extra-ordinary Items 0 0 0 0 0 0 0 0 0
Adjusted Profit After Extra- ordinary item 120.34 91.51 31.5 91.51 68.96 32.7 68.96 50.28 37.2
Basic:
EPS (Unit Curr.) 34.13 26.19 30.3 26.19 19.89 31.7 19.89 14.51 37.1
Diluted EPS (Unit Curr.) 34.01 26.13 30.2 26.13 19.85 31.6 19.85 14.51 36.8
Dividend Per Share(Rs.) 11.5 11 4.5 11 6.5 69.2 6.5 4.8 35.4
Dividend (%) 115 110 110 65 65 48
PBIDTM(%) 92.47 90.93 1.7 90.93 100.09 -9.2 100.09 103.79 -3.6
PBDTM(%) 32.13 35.28 -8.9 35.28 34.75 1.5 34.75 26.94 29
PATM(%) 23.42 25.34 -7.6 25.34 25 1.4 25 19.2 30.2
PROFIT AND LOSS STATEMENT ANNUAL
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200703 200803 200903 201003 20110
SOURCES OF FUNDS :
Share Capital 34.64 34.65 34.65 34.73 35.1
Reserves Total 129.6 155.62 186.22 229.9 282.7
Total Shareholders Funds 164.24 190.27 220.87 264.63 317.9
Secured Loans 1137.33 1246.57 1954.97 2003.83 2487
Unsecured Loans 167.91 526.47 290.18 319.29 478.7
Total Loan Funds 1305.24 1773.04 2245.15 2323.12 2966.3
Other Liabilities 0 0 0 0
Total Liabilities 1469.48 1963.31 2466.02 2587.75 3284.2
APPLICATION OF FUNDS :
Loan / Non-Current Assets 1376.59 1769.61 2091.43 2453.7 3176.8
Fixed Assets
Gross Block 17.75 18.93 19.77 20.11 24.3
Less: Accumulated Depreciation 9.54 10.26 10.64 10.6 12.1
Less:Impairment of Assets 0 0 0 0
Net Block 8.21 8.67 9.13 9.51 12.2
Lease Adjustment 0 0 0 0
Capital Work in Progress 0 0 0 0
Investments 17.46 16.64 12.77 32.72 34.6
Current Assets,Loans & Advances
Inventories 0 0 0 0
Sundry Debtors 0 0 0 0
Cash and Bank Balance 82.93 159.55 374.88 135.6 123.6
Loans and Advances 64.48 63.65 41.2 26.82 33.1
Total Current Assets 147.41 223.2 416.08 162.42 156.8
Current Liabilities 22.3 23.48 27.76 27.58 36.3
Provisions 60.71 35.47 40.75 52.36 69.2
Total Current Liabilites & Provisions 83.01 58.95 68.51 79.94 105.5
BALANCE SHEET
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200703 200803 200903 201003 201103
Net Current Assets 64.4 164.25 347.57 82.48 51.2
Miscellaneous Expenses not written off 0 0 0 0 0
Deferred Tax Assets 6.98 7.81 8.37 10.21 10.
Deferred Tax Liability 4.16 3.67 3.25 0.87 1.0
Net Deferred Tax 2.82 4.14 5.12 9.34 9.2
Total Assets 1469.48 1963.31 2466.02 2587.75 3284.2
Contingent Liability 16.01 28.79 0 0 0
Key Ratios 200703 200803 200903 201003 20110
Debt-Equity Ratio 9.5 8.68 9.77 9.41 9.0
Long Term Debt-Equity Ratio 6.96 6.66 5.97 5.2 5.1
Current Ratio 3.47 4.07 2.66 2.34 2.4
Loans Turnover 0.12 0.13 0.15 0.14 0.1
Advance / Loans Funds (%) 102.53 102.21 96.09 99.49 106.4
Tot. Income / Capital Employed (%) 11.06 11.85 13.33 12.23 12.2
Interest Expended / Capital Employed (%) 6.53 7.1 9.08 7.13 6.8
PBIDTM (%) 84.94 89.47 92.02 89.32 91.1
PBITM (%) 84.38 89.06 91.7 88.86 90.
PBDTM (%) 25.95 29.55 23.89 31.02 35.3
CPM (%) 20.86 21.23 17.35 22.78 25.
APATM (%) 20.3 20.81 17.03 22.31 25.3
ROCE (%) 9.34 10.55 12.23 10.87 11.1
RONW (%) 23.58 23.89 24.45 28.41 31.4
Payout (%) 37.32 34.66 35.05 34.61 45.4
EPS (Rs.) 8.04 11.54 13.69 18.78 24.2
KEY FINANCIAL RATIOS
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Trailing 1 Qtr
(Current
Year)
Trailing 1
Qtr (Last
Year)
Trailing 2 Qtr
(Current
Year)
Trailing 2 Qtr
(Last Year)
Trailing 3 Qtr
(Current Year)
Trailing 3 Qtr
(Last Year)
Period 201203 201103 VAR %
201203-
201112 201103-201012 VAR % 201203-201109 201103-201009 VAR %
Gross Sales 165.73 119.19 39 297.65 207.07 43.7 412.43 284.71 44.9
Excise Duty 0 0 0 0 0 0 0 0 0
Net Sales 165.73 119.19 39 297.65 207.07 43.7 412.43 284.71 44.9
Other Operating Income 0 0 0 0 6.2 0 7.46 11.86 -37.1
Other Income 0 0.01 0 0.02 0.31 -93.5 0.17 0.46 -63
Total Income 165.73 119.2 39 297.67 213.58 39.4 420.06 297.03 41.4
Total Expenditure 9.81 8.63 13.7 23.74 21.92 8.3 38.8 31.17 24.5
PBIDT 155.92 110.57 41 273.93 191.66 42.9 381.26 265.86 43.4
Interest 88.26 58.11 51.9 169.83 112.24 51.3 243.84 159.71 52.7
PBDT 67.66 52.46 29 104.1 79.42 31.1 137.42 106.15 29.5
Depreciation 0.66 0.52 26.9 1.24 1.04 19.2 1.79 1.47 21.8
Tax 11.43 10.34 10.5 23.99 19.24 24.7 35.84 29.12 23.1
Fringe Benefit Tax 0 0 0 0 0 0 0 0 0
Deferred Tax 0 0 0 0 0 0 0 0 0
Reported Profit After Tax 55.57 41.6 33.6 78.87 59.14 33.4 99.79 75.56 32.1
Extra-ordinary Items 0 0 0 0 0 0 0 0 0
Adjusted Profit After Extra-ordinary item 55.57 41.6 78.87 59.14 99.79 75.56
PBIDTM(%) 94.08 92.77 92.03 92.56 92.44 93.38
PBDTM(%) 40.83 44.01 34.97 38.35 33.32 37.28
PATM(%) 33.53 34.9 -3.9 26.5 28.56 -7.2 24.2 26.54 -8.8
PROFIT AND LOSS STATEMANT TRAILING QUARTERS
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8Q Growth IndexGRUH Finance IIA
Sales 237 146Operating Profit 180 144
Cash Generated 152 190
Valuation Q-201203 TTM-201203 23/04/2012
OP % OP % Mcap %
GRUH Finance 328.36 1.72 429.92 1.76 2395.81 2.00H D F C 12446.10 65.14 15763.14 64.38 100942.15 84.18
LIC Housing Fin. 4398.13 23.02 5662.57 23.13 12931.66 10.78
Dewan Hsg. Fin. 1277.61 6.69 1922.14 7.85 2715.36 2.26
GIC Housing Fin. 361.13 1.89 414.89 1.69 479.53 0.40
Can Fin Homes 264.39 1.38 264.39 1.08 237.80 0.20
Others 32.20 0.17 29.36 0.12 206.06 0.17
Sector 19107.92 100.00 24486.41 100.00 119908.37 100.00
Sales jumped to Rs. 165.73 crore
The Company also managed to hold on to the margins.
Consequently O P soared up to Rs. 155.92 crore (+41.03 %)
After providing for interest, the company generated cash before depreciation Rs.
67.66 Crore
This works out to around 40.83 paise per sales rupee Gruh Finance board of director
at a meeting held on Tuesday, 24 April 2012, recommended a dividend of Rs 11.50
per share. The board also approved a 5-for-1 stock split.
The stock hit a high of Rs 751.90 so far during the day, which is a record
high for the counter. The stock hit a low of Rs 702.15 so far during the day.
The stock had hit a 52-week low of Rs 340 on 8 June 2011.
SECTORAL COMPARISON
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Disclaimer: The calls made herein are for informational purpocompleteness of any information, and is not responsible for errors of a
is strictly confidential and is meant for the intended recipients. Any alt
prior consent is prohibited. The information and data are derived from
nor its employee are Responsible for the Profits & loss (es) arising du
investors falling under different categories. All futures entail signific
investment.Corp office: SCO 58-59 Sector 17-D, Chandigarh 16
team: Published by Jitinder Chauhan (For your feedback/queries email
0
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200703 200803 200903 20100
ADVANCE TO FUN
RATIO (%)
0
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DIVIDEND PAYOUT RATI
FO
se and report contains only the viewpoints. We make no representation or wa
ny kind though the information obtained from the sources, which is believed to
ration, transmission, photocopied distribution in part or in whole or reproductio
the source that are deemed to be reliable the above calls are based on the theo
to the trades. The commodities and derivatives discussed and opinions expres
nt risk, which should be fully understood prior to trading. Consult your Inve
0017 Ph 0172-2712222, 5087853 .email: [email protected] [email protected] or Call 0172-5013535/9914487777)
201103
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RETURN ON N
O(%)
PAYOUT(%)2
0
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200703 200803 200
EARNINGS P
US CHARTS & TABLES
rranty regarding the correctness, accurac
be reliable. The information contained he
n of any form of the information withou
ry of Technical Analysis. Neither the com
sed in this report may not be suitable fo
stment Advisor / Broker before making
Vikson Securities rese
T WORTH (%)
RONW(%)2
903 201003 201103
R SHARE(%)
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