PNB Housing Finance Limited experienced a 14% increase in rent for Q3FY21 compared to Q3FY20 in the quarterly financial results for December 31, 2020, announced Wednesday.
The company also registered a significant reduction in its borrowing costs which led to an increase of 20 points on Net Interest Margin to 3.2% in Q3 FY21 compared to 3.0% in Q3 FY20.
The company reported a total amount of Rs1,896cr vs Rs2,075cr registering a decrease of 9%. Expenditure decreased by 26% to Rs100cr vs Rs135cr.
Pre-employment Operating Profit increased by 15% to Rs550cr vs Rs479cr. Profit after Taxes is less than Rs232cr in Q3FY21 compared to Rs237cr in Q3FY20, the company said.
The spread stands at 2.90% compared to 2.53%. Net Interest Margin stands at 3.2% compared to 3.0%. Gross Margin, a net acquisition net, stands at 3.5% compared to 3.0%.
After the suspension, the impact on the efficiency of the collection can be seen by the company, but the situation is improving and with the various steps taken, we expect to reach pre-Covid operating standards in the future. The company has developed its new system with a focus on Concentration, Driving Efficiency and Accelerating Growth. These are built on 7 pillars namely Management, Capital Position, Risk Management, Cost Management, Digital Drive, Retail Focused Lending and Grow Affordable Housing, ”said the company.
The total amount for the first nine months of the financial year stood at Rs5,790cr compared to Rs6,538cr which registered a decrease of 11%. Expenditure on Rs311cr vs Rs408cr registers a 24% decrease. Pre-provision of operating benefits has been reduced by 6% to Rs1,530cr from Rs1,635cr. Profit after Taxes is Rs803cr vs Rs. 888 Cr to register a 10% reduction.
Gross Margin, a net acquisition net, is 3.2% compared to 3.3%. Return to Equity at 12.8% with 9MFY21 vis a vis 15.0% of 9MFY20.
At 10.40 am, PNB Housing Finance Ltd was selling Rs340.15 per unit for Rs13.1 or 3.71% on the BSE.
