th, 2018 DEWAN HOUSING FINANCE CORPORATION LTD …...Best Performing Primary Lending Institution...

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DEWAN HOUSING FINANCE CORPORATION LTDResult Update (PARENT BASIS): Q1 FY19

CMP: 670.25 AUG 18th, 2018

Overweight ISIN:INE202B01012

Index DetailsSYNOPSIS

Dewan Housing Finance Corporation Ltd (DHFL)was incorporated in India on April 11, 1984 and hasbeen carrying on, as its main business of providingloans to Retail customers for construction orpurchase of residential property.

DHFL has achieved a turnover of Rs. 31496.70million for Q1 FY19 as compared to Rs. 24959.40million in Q1 FY18, an increase of 26.19%.

During the quarter, EBIDTA stood at Rs. 28399.20million as against Rs. 22775.30 million in thecorresponding period of the previous year, up by24.69%.

PBT stood at Rs. 6382.20 million in Q1 FY19 asagainst Rs. 4457.10 million in the correspondingquarter of the previous year, grew by 43.19%.

During the quarter, net profit increased by 34.92%to Rs. 4350.20 million from Rs. 3224.20 million inthe corresponding quarter ending of previous year.

EPS of the company stood at Rs. 13.87 in Q1 FY19as against Rs. 10.28 in the corresponding quarter ofthe previous year.

The Company Loan Book Outstanding grew 33% toin Rs. 1009805.00 million YOY for the quarterended June 30, 2018.

Net Interest Margin stood at 3.44%.

Net Sales and PAT of the company are expected togrow at a CAGR of 19% and 29% over 2017 to2020E, respectively.

Stock DataSector Housing FinanceBSE Code 511072Face Value 10.0052wk. High / Low (Rs.) 680.00/438.00Volume (2wk. Avg.) 330000Market Cap (Rs. in mn.) 210230.62

Annual Estimated Results(A*: Actual / E*: Estimated)

Years(Rs in mn) FY18A FY19E FY20ENet Sales 104501.60 123834.40 144143.24EBITDA 93491.70 110713.69 128955.61Net Profit 11721.30 15369.57 19958.81EPS 37.37 49.00 63.63P/E 17.94 13.68 10.53

Shareholding Pattern (%)

As on Jun 2018 As on Mar 2018

PROMOTER 39.23 39.23

PUBLIC 60.77 60.77

OTHERS -- --

1 Year Comparative Graph

DHFC LIMITED S&P BSE SENSEX

PEER GROUPS CMP MARKET CAP EPS(TTM) P/E (X)(TTM) P/BV(X) DIVIDEND

Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

Dewan Housing Finance Corp Ltd. 670.25 210230.62 42.94 15.61 2.39 55.00GIC Housing Finance Ltd. 343.50 18497.80 34.25 10.03 1.87 55.00LIC Housing Finance Ltd. 558.35 281778.60 - - 2.20 340.00GRUH Finance Ltd. 314.85 230293.90 5.54 56.83 16.68 165.00


QUARTERLY HIGHLIGHTS (PARENT BASIS)

Results updates- Q1 FY19,

(Rs in million) Jun-18 Jun-17 % Change

Revenue 31496.70 24959.40 26.19%

Net Profit 4350.20 3224.20 34.92%

EPS 13.87 10.28 34.88%

EBITDA 28399.20 22775.30 24.69%

Dewan Housing Finance Corporation Ltd has achieved a turnover of Rs. 31496.70 million for the 1st quarter of the

financial year 2018-19 as against Rs. 24959.40 million in the corresponding quarter of the previous year, up by 26.19%.

EBITDA was Rs. 28399.20 million in Q1 FY19 as against Rs. 22775.30 million in the corresponding period of last year,

an increase of 24.69%. In Q1 FY19, net profit stood at Rs. 4350.20 mn as compared to Rs. 3224.20 mn in the

corresponding quarter ending of previous year. The company has reported an EPS of Rs. 13.87 for the 1st quarter.

Break up of Expenditure

Break up of Expenditure

Value in Rs. Million

Q1 FY19 Q1 FY18 %Chng

Employee BenefitsExpenses 1069.80 780.80 37%

Other Expenses 946.10 722.30 31%

Depreciation 85.90 64.00 34%


Highlights of Q1 FY19 for Quarter ended June 30, 2018 on Y-o-Y basis

Loan Book Outstanding grew 33% to in Rs. 1009805.00 million YOY for the quarter ended June 30, 2018.

Asset Under Management (AUM) grew 37% to in Rs. 1209395.00 million for the quarter ended June 30, 2018.

Gross NPA stood at 0.93%

Net Interest Margin stood at 3.44%

Key highlights:

Partnership with USAID to improve Access to Quality, Affordable Healthcare – DHFL’s partnership with

USAID will enable financial support to medical institutions working towards providing quality and affordable

Healthcare to the Urban Poor through its PAHAL program. Through this association USAID and DHFL will make

available up to $10 million in financing for healthcare enterprises across India working towards improving access to

quality and affordable care for the underserved populations in India specifically in maternal and child care.

Best Performing Primary Lending Institution under CLSS for MIG - DHFL was felicitated by the Ministry of

Housing and Urban Affairs, Government of India for providing highest number of credit subsidies for MIG groups

under the Credit Link Subsidy Scheme (CLSS) in its pursuit towards facilitating the government’s mission ‘Housing

for All by 2020’. For FY 2017-18, DHFL has received subsidy for more than 7,104 cases that amount for a total of

Rs. 1559.00 Million. Of this, 3,207 cases fall under EWS/LIG group amounting to Rs. 751.00 million and the

remaining 3,897 cases fall under MIG 1 & 2 groups amounting to Rs. 808.00 million.

DHFL Griha Utsav - Successfully conducted 54 Griha Utsav exhibitions in the financial year 2017- 18, which saw

overwhelming participation from local customers and several affordable housing developers. Planning to host 100

Griha Utsav exhibitions in the new fiscal. Provided attractive offers including discounts on processing fees, spot

sanctions on home loans and attractive interest rate, while introducing the DHFL brand to LMI customers across

India.

Distribution Network:

DHFL is today one of India’s leading housing finance companies reporting steady growth year-onyear. It also has one

of the largest distribution networks in the country, across 352 locations spanning metros, Tier 2 and 3 towns. With the

help of such penetration, in-depth consumer insights, localized talent, focused marketing and sales initiatives; DHFL

has been providing meaningful financial access to customers. To further expand customer outreach, DHFL also

partners with public and private sector banks.

Awards & Recognition:

Best Performing Primary Lending Institution under CLSS for MIG’ - DHFL was felicitated by the Ministry of

Housing and Urban Affairs, Government of India for providing highest number of credit subsidies for MIG groups

under the Credit Link Subsidy Scheme (CLSS) in its pursuit towards facilitating the government’s mission ‘Housing


for All by 2020’. For FY 2017-18, DHFL has received subsidy for more than 7,104 cases that amount for a total of

Rs. 1559.00 Million. Of this, 3,207 cases fall under EWS/LIG group amounting to Rs. 751.00 million and the

remaining 3,897 cases fall under MIG 1 & 2 groups amounting to Rs. 808.00 million.

Awarded The Economic Times Iconic Brand Award for 2018 – The award acknowledges DHFL’s vision and

commitment, as well as marking DHFL’s next phase of higher growth, as a truly ‘iconic brand’ in India’s fast

growing financial services industry.

Leading Housing Finance Company of the Year by Times Network – DHFL was recognized as one of the Leading

Housing Finance Company by the largest media network of the country.

COMPANY PROFILE

DHFL was founded in 1984 by Late Shri Rajesh Kumar Wadhawan, with a vision to provide financial accessibility to

lower and middle income customer segments among semi-urban and rural populace in India. Led by Mr. Kapil

Wadhawan, Chairman and Managing Director, DHFL is one of the leading housing finance companies in India with a

large network across the country that caters to millions of customers in the LMI category. DHFL has been rated CARE

AAA (Triple A) and assigned BWR AAA from Brickworks Rating.

Over the last 34 years, DHFL has provided customers with a vast array of home loan products including loans on homes,

residential plots, construction, LAP or loan against property as also mortgage, non-residential and project loans. The

company’s wide network, deep understanding of customer needs gathered over time, enables DHFL to offer customised

financial access to LMI customers in India’s smallest towns. With strong business fundamentals and proven industry

expertise, DHFL is a highly respected and trusted financial services company with a concerted focus. towards enabling

home ownership to the LMI customer segment in India. DHFL’s CSR efforts are an integral part of the Company’s ethos,

fulfilling critical societal needs through Economic Empowerment through Financial Literacy, Skill Development, Rural

Development with focus on Drought Mitigation and Early Childhood Care and Education (ECCE), implemented with

measurable outcomes. DHFL also has representative offices in Dubai, London and the UAE.


FINANCIAL HIGHLIGHT (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)

Balance Sheet as of March 31, 2017 -2020E

FY17A FY18A FY19E FY20ESOURCES OF FUNDSShareholder's Funds

Share Capital 3131.50 3136.60 3136.60 3136.60Reserves and Surplus 76826.50 84819.80 100189.37 120148.18

1. Sub Total - Net worth 79958.00 87956.40 103325.97 123284.78Non Current Liabilities

Long term borrowings 667539.10 702143.10 744973.83 782222.52Deferred Tax Liabilities 3094.40 3579.60 4080.74 4529.63Other Long term Liabilities 0.00 0.00 0.00 0.00Long Term Provisions 7141.90 9740.80 12078.59 13769.59

2. Sub Total - Non Current Liabilities 677775.40 715463.50 761133.17 800521.74Current Liabilities

Short term borrowings 42686.60 88124.30 109274.13 122387.03Trade Payables 192.30 508.20 670.82 771.45Other Current Liabilities 122360.80 183609.40 218495.19 249084.51Short Term Provisions 6.70 62.90 74.22 83.50

3. Sub Total - Current Liabilities 165246.40 272304.80 328514.36 372326.49Total Liabilities (1+2+3) 922979.80 1075724.70 1192973.49 1296133.01APPLICATION OF FUNDSNon-Current AssetsFixed Assets

i) Tangible assets 2043.60 8422.80 11202.32 13050.71ii) Intangible assets 45.40 75.10 93.88 110.77iii) Intangible Assets under Development 876.20 1290.50 1651.84 1927.70iv) Capital work-in-progress 5461.50 0.00 0.00 0.00

a) Sub Total- Fixed Assets 8426.70 9788.40 12948.04 15089.18b) Non-current investments 9475.70 20748.60 24898.32 28010.61c) Long Term Housing & property Loans 676017.00 849821.10 941232.72 1022279.94d) Other Long Term Loans and Advances 10361.10 9569.30 8995.14 9498.87e) Other non-current Assets 1904.20 4876.80 6486.14 7459.07

1. Sub Total - Non Current Assets 706184.70 894804.20 994560.36 1082337.66Current Assets

Current Investment 125873.30 60016.50 63617.49 66798.36Trade receivables 33.70 436.90 546.12 625.31Cash and Bank Balances 34299.90 24681.40 26655.91 28735.07Short Term Portion of Housing & Property Loans 44944.80 69502.10 79232.39 87947.96Short-terms loans & advances 10832.20 25447.90 27483.73 28747.98Other current assets 811.20 835.70 877.49 940.66

2. Sub Total - Current Assets 216795.10 180920.50 198413.13 213795.35Total Assets (1+2) 922979.80 1075724.70 1192973.49 1296133.01


Annual Profit & Loss Statement for the period of 2017 to 2020E

Value(Rs.in.mn) FY17A FY18A FY19E FY20E

Description 12m 12m 12m 12mNet Sales 88517.60 104501.60 123834.40 144143.24Other Income 54.70 142.90 228.64 278.94

Total Income 88572.30 104644.50 124063.04 144422.18

Expenditure -7779.30 -11152.80 -13349.35 -15466.57

Operating Profit 80793.00 93491.70 110713.69 128955.61Interest -66536.10 -75649.20 -87299.18 -98648.07

Gross profit 14256.90 17842.50 23414.51 30307.54

Depreciation -233.00 -276.30 -337.09 -384.28

Exceptional Items 19694.30 0.00 0.00 0.00

Profit Before Tax 33718.20 17566.20 23077.43 29923.26

Tax -4753.70 -5844.90 -7707.86 -9964.45

Net Profit 28964.50 11721.30 15369.57 19958.81Equity capital 3131.50 3136.60 3136.60 3136.60

Reserves 76826.50 84819.80 100189.37 120148.18

Face value 10.00 10.00 10.00 10.00

EPS 92.49 37.37 49.00 63.63

Quarterly Profit & Loss Statement for the period of 31st Dec, 2017 to 30th Sep, 2018E

Value(Rs.in.mn) 31-Dec-17 31-Mar-18 30-Jun-18 30-Sep-18E

Description 3m 3m 3m 3mNet sales 26316.00 28019.30 31496.70 32536.09

Other income 26.40 62.40 64.20 56.18

Total Income 26342.40 28081.70 31560.90 32592.27

Expenditure -2707.80 -3404.20 -3161.70 -3484.62

Operating profit 23634.60 24677.50 28399.20 29107.65

Interest -18944.30 -19801.90 -21931.10 -23115.38

Gross profit 4690.30 4875.60 6468.10 5992.27

Depreciation -72.90 -76.90 -85.90 -93.20

Profit Before Tax 4617.40 4798.70 6382.20 5899.07

Tax -1557.90 -1674.70 -2032.00 -1970.29

Net Profit 3059.50 3124.00 4350.20 3928.78

Equity capital 3136.60 3136.60 3136.60 3136.60

Face value 10.00 10.00 10.00 10.00

EPS 9.75 9.96 13.87 12.53


Ratio Analysis

Particulars FY17A FY18A FY19E FY20E

EPS (Rs.) 92.49 37.37 49.00 63.63

EBITDA Margin (%) 91.27% 89.46% 89.40% 89.46%

PBT Margin (%) 38.09% 16.81% 18.64% 20.76%

PAT Margin (%) 32.72% 11.22% 12.41% 13.85%

P/E Ratio (x) 7.25 17.94 13.68 10.53

ROE (%) 36.22% 13.33% 14.87% 16.19%

ROCE (%) 10.25% 10.68% 11.60% 12.58%

Debt Equity Ratio 8.88 8.98 8.27 7.34

EV/EBITDA (x) 9.41 9.80 8.80 7.90

Book Value (Rs.) 255.33 280.42 329.42 393.05

P/BV 2.62 2.39 2.03 1.71

Charts


OUTLOOK AND CONCLUSION

At the current market price of Rs. 670.25, the stock P/E ratio is at 13.68 x FY19E and 10.53 x FY20E respectively.

Earning per share (EPS) of the company for the earnings for FY19E and FY20E is seen at Rs. 49.00 and Rs. 63.63

respectively.

Net Sales and PAT of the company are expected to grow at a CAGR of 19% and 29% over 2017 to 2020E

respectively.

On the basis of EV/EBITDA, the stock trades at 8.80 x for FY19E and 7.90 x for FY20E.

Price to Book Value of the stock is expected to be at 2.03 x and 1.71 x for FY19E and FY20E respectively.

DHFL holds a leadership position in the affordable housing sector with majority of its home loan portfolio catering to the

Lower and Middle Income (LMI) segment. 80% of DHFL’s home loan disbursements are in the affordable housing

category with majority being first time home buyers availing housing finance to fulfill their homeownership dream.

DHFL’s average loan ticket size at the portfolio level stands at INR 16.1 lakhs. DHFL’s robust performance continues to

be driven by it’s strong focus on the LMI segment in Tier 2 and 3 markets. The company offers a range of home loan

products including home loan, home extension loan, home improvement loan, plot loans, mortgage loan, project loan,

SME Loan and non-residential property loan to all customer segments across India, retaining its concerted focus on the

low and middle income segment. Hence, we say that, we are Overweight in this particular scrip for Medium to Long term

investment.


INDUSTRY OVERVIEW

The Indian financial services sector, comprising of a range of institutions from commercial and co-operative banks,

pension funds and Non-Banking Financial Companies (NBFCs) to Mutual Funds, insurance companies, etc., is diverse

and expanding rapidly. Over the years, the Government of India has initiated several reforms to liberalise this industry and

expand its reach to individuals in the hinterlands and Micro, Small and Medium Enterprises (MSMEs) in need of credit

and other financial services. Adding a further dimension, the Government and RBI have also allowed new entities such as

Payment Banks and Small Finance Banks to enter the financial sector.

The financial sector in India predominantly comprises of the banking sector, with commercial banks accounting for more

than 64% of the total assets held by the financial system. However, the role of the NBFC sector has been growing. The

balance sheet of the NBFC sector expanded by 14.5% during financial year 2016- 17. Despite the growth, NBFCs

managed their asset quality better than the banks. Gross bad loans of the NBFC industry stood at 4.4% in March 2017,

down from 4.9% in September 2016, when banks in general witnessed a rise. Net NPAs as a percentage of total advances

also declined from 2.7% to 2.3%.

Opportunities for Housing Finance Industry

An overall positivity, propelled by a combination of factors, is expected to push growth in the housing finance industry

over the long term. Increased Government support to developers as well as buyers augurs well for the industry. Though

the implementation of Real Estate Regulation Act (RERA) and GST caused a temporary slowdown in the market, these

are not expected to obstruct growth in the long term, with RERA in fact likely to boost transparency to infuse more

dynamism into the sector.

Other favourable factors for the business are the waning impact of demonetisation, low interest rates and rising income

levels, coupled with Government and RBI initiatives to support growth. Among the Government initiatives expected to

steer industry growth are the Credit-Linked Subsidy Scheme (CLSS) in terms of interest rate subsidy, under the Pradhan

Mantri Awas Yojana (PMAY), and grant of infrastructure status to affordable housing.

The Government is also continuously strengthening its focus on its “Housing for All by 2022” Mission, with the Union

Budget allocating a sizeable amount for the same. According to KPMG estimates, there would be a total requirement of

~48 Million units of urban housing to fulfil urban housing requirements by 2022. A boost to the affordable housing sector

will definitely drive the affordable housing finance industry.

FUTURE OUTLOOK

India holds promising future to its vast population by facilitating widespread development that will ensure better quality

of life and to maintain higher economic growth trajectory giving better income and employment opportunities. The

country is also expected to witness a qualitative shift towards enhanced transparency in governance and greater thrust on

inclusion by taking the benefits of development to the people across its length and breadth into hinterlands and rural areas;

and fulfill the aspirations of the new India which transcends beyond the metros.


In fulfilling the dispersed growth objective, the Government is committed to build world-class infrastructure that links the

hinterlands to the towns and cities and provide “Housing for All by 2022”. There is also a sustained focus on ensuring that

small and medium businesses have access to credit and support from the formal financial sector. These initiatives will go

a long way towards ensuring that growth is built on a firm base and is, therefore, sound and sustainable. The Indian real

estate market is expected to touch USD 180 billion by 2020. Housing sector is expected to contribute around 11% to

India’s GDP by 2020. In the period of financial years 2008-20, the market size of this sector is expected to increase at a

Compound Annual Growth Rate (CAGR) of 11.2%. Retail, hospitality and commercial real estate are also growing

significantly, providing the much-needed infrastructure for India’s growing needs.

Financial year 2018-19 is expected to be positive on the back of various policy initiatives undertaken by the Government

like GST and RERA during the year gone by. Real estate sector will witness more corporate players expanding their area

of operations while small focused players will continue to gain in smaller towns and new suburbs fanning out of major

urban centers. Affordable home will witness better offerings with supply side realignment to potentials of demand, while

new income opportunities in smaller towns will push demand side. Completion of existing projects will be the priority

under the RERA regime over launching new ones, hence, 2019 looks promising for a good supply of houses on a time

based delivery across major Indian markets. In order to achieve this, developers will be remodeling their business

processes to streamline delivery and providing value propositions for home buyers.

The Government’s efforts to boost “affordable housing” by conferring “infrastructure status” to this segment and

announcing various tax incentives will continue to attract more prominent developers to realign their products to compete

in this category.

The Union Cabinet’s decision to increase the carpet area of affordable units to 120 sq.m and 150 sq.m for MIG-I (income

category Rs. 6-12 lakh per annum) and MIG-II (income category of Rs. 12-18 lakh per annum) segments respectively,

coupled with an interest subsidy of upto 4%, will benefit both buyers and sellers as options increase for the former and

inventories are cleared for the latter. Affordable housing will therefore become an important segment in every developer’s

portfolio in financial year 2018- 19. Developers could also be focusing on their niche expertise, specialising in the various

segments of real estate, e.g., plotted developments, residential projects, townships, and commercial spaces; and hence,

specialist service providers could be emerging in each of these categories.


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The information and opinions in Firstcall Research was prepared by our analysts and it does not constitute an offer orsolicitation for the purchase or sale of any financial instrument including any companies scrips or this is not an officialconfirmation of any transaction. The information contained herein is from publicly available secondary sources and dataor other secondary sources believed to be reliable but we do not represent that it is accurate or complete and it should notbe relied on as such. Firstcall Research or any of its affiliates shall not be in any way responsible for any loss or damagethat may arise to any person from any inadvertent error in the information contained in this report. Firstcall Research and/or its affiliates and/or employees will not be liable for the recipients’ investment decision based on this document.

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The following analysts hereby state that their views about the companies and sectors are on best effort basis to the best oftheir knowledge. Unless otherwise stated, the individuals listed on the cover page of this report are research analysts. Theanalyst qualifications, sectors covered and their exposure if any are tabulated hereunder:

Name of the Analyst Qualifications SectorsCovered

Exposure/Interest tocompany/sector UnderCoverage in the CurrentReport

Dr.C.V.S.L. Kameswari M.Sc, PGDCA,M.B.A,Ph.D (Finance)

Pharma &Diversified

No Interest/ Exposure

U. Janaki Rao M.B.A CapitalGoods


B. Anil Kumar M.B.A Auto, IT &FMCG


M. Vijay M.B.A Diversified No Interest/ ExposureV. Harini Priya M.B.A Diversified No Interest/ Exposure

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th, 2018 DEWAN HOUSING FINANCE CORPORATION LTD …...Best Performing Primary Lending Institution...

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