Himalayan Laghubitta Reports 73.87% Surge in Q3 Net Profit; Decrease in Impairment Charges Drives Growth, EPS at Rs. 4.75
Tue, Apr 30, 2024 7:19 AM on Financial Analysis, Company Analysis, Latest,
Himalayan Laghubitta Bittiya Sanstha Limited (HLBSL) has disclosed its third-quarter financial report for the fiscal year 2080/2081, highlighting an impressive 73.87% surge in Net Profit. The company's net profit escalated to Rs. 1.13 crore compared to Rs. 65.55 lakhs in the corresponding quarter of the previous year.
In terms of financial metrics, HLBSL witnessed a 6.49% decrease in deposits, amounting to Rs. 92.94 Crores. Concurrently, loans and advances experienced a 1.65% rise, totaling 3.22 Arba in this quarter.
Core revenue, represented by net interest income, saw a notable 4.46% increase, amounting to Rs. 15.98 Crores compared to Rs. 15.3 Crores in the corresponding quarter of the previous year.
Notably, the growth in net profit was bolstered by a significant decline of 92.34% in impairment charges, which now stand at Rs. 17.60 lakhs.
HLBSL's paid-up capital stood at Rs. 31.98 Crores, complemented by a share premium of Rs. 4.55 Crores, retained earnings of Rs. 62.09 lakhs, and reserves amounting to Rs. 9.87 Crores.
Likewise, there was a decline in the company's Non-Performing Loan (NPL) ratio, which decreased to 4.61% from 4.91%. Meanwhile, the distributable profit stood at Rs. 62.09 lakhs.
HLBSL reported an annualized earnings per share (EPS) of Rs. 4.75 for the third quarter of FY 2080/81, with a net worth per share of Rs. 147.05. Notably, the company traded at a P/E multiple of 152.58 times.
Major Financial Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | Himalayan Laghubitta | ||
|---|---|---|---|
| Q3 2080/81 | Q3 2079/80 | Difference | |
| Paid Up Capital | 319,818.20 | 319,818.20* | 0.00% |
| Share Premium | 45,543.05 | 45,543.05* | 0.00% |
| Retained Earnings | 6,209.37 | 543.71* | 1042.04% |
| Reserves | 98,708.22 | 92,472.17* | 6.74% |
| Deposits | 929,477.10 | 994,026.14* | -6.49% |
| Loans & Advances | 3,222,828.29 | 3,170,440.84* | 1.65% |
| Net Interest Income | 159,870.66 | 153,047.01 | 4.46% |
| Personnel Expenses | 131,436.09 | 112,098.87 | 17.25% |
| Impairment Charges/Reversal for loans and Advances | 1,760.43 | 22,973.34 | -92.34% |
| Operating Profit | 16,267.64 | 9,364.79 | 73.71% |
| Net Profit | 11,397.65 | 6,555.35 | 73.87% |
| Distributable Profit | 6,209.37 | 0.00 | - |
| Capital Adequacy (%) | 9.57 | 9.66 | -0.93% |
| NPL (%) | 4.61 | 4.91 | -6.11% |
| Cost of Fund (%) | 8.69 | 11.46 | -24.17% |
| Annualized EPS (In Rs.) | 4.75 | 2.73 | 73.87% |
| Net Worth per Share (In Rs.) | 147.05 | 143.32 | 2.60% |
| Qtr end PE Ratio (times) | 152.58 | - | - |
| Qtr End Market Price | 725 | - | - |
