Q3 2024 Indiabulls Housing Finance Ltd Earnings Call Transcript
Key Points
- Sammaan Capital Ltd (BOM:535789) successfully raised INR 7,500 crores through a rights issue, which was over 2x subscribed.
- The company reported a profit after tax of INR 303 crores for Q3 FY 2024, up from INR 291 crores in the same quarter last year.
- Net interest margin remained stable at 4.9%, and ROA increased marginally to 1.6% from 1.5%.
- Retail disbursals under the asset-light model grew to INR 7,200 crores in 9 months, with cumulative disbursals of over INR 18,000 crores in the last 2 years.
- The Honorable Delhi High Court dismissed a PIL against the company, which had previously caused significant market cap and value destruction.
- The company has faced significant litigation and allegations, which have impacted its market cap and shareholder value.
- Despite the positive results, the company had to dip into additional reserves to the tune of INR 700 crores to manage provisions.
- The net worth showed a reduction of about INR 200 crores due to the provisions made for AIF investments.
- The company has a high gross NPA ratio, although it has materially declined year-on-year.
- There is ongoing uncertainty regarding future provisions and credit costs, as the company is still deciding on its strategy for managing the wholesale book.
Ladies and gentlemen, good day, and welcome to the Q3 FY 2024 Earnings Conference Call for Indiabulls Housing. We have with us on the call today, Mr. Gagan Banga, Vice Chairman, Managing Director and the Chief Executive Officer; Mr. Sachin Chaudhary, Chief Operating Officer; and Mr. Ramnath Shenoy, Head IR and Analytics. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Gagan Banga, MD and CEO. Thank you, and over to you, sir.
Thank you. A very good day to all of you, and welcome to the quarter 3 FY'24 Earnings Call. Perhaps our last call as Indiabulls Housing Finance. I'm quite hopeful that by the next quarter, the name of the company would have formally changed to Sammaan Capital. And here on, you will be getting updates from Sammaan Capital, hopefully by the end of quarter 4.
To start off, I'm very pleased to inform you that the bidding for a rights issue, which
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