L&T Finance Holdings

L&T Finance's price/earnings (P/E) fell 37.8% to 13.7 in 2018

By Helgi Analytics - October 15, 2019

L&T Finance Holdings stock traded at INR 152 per share at the end 2018 implying a market capitalization of USD 4,367 mil. Since the...

L&T Finance's net interest income rose 39.7% to INR 47,781 mil in 2018

By Helgi Analytics - October 15, 2019

L&T Finance Holdings generated total banking revenues of INR 64,339 mil in 2018, up 33.6% compared to the previous year. ...

L&T Finance's net interest margin rose 15.5% to 4.93% in 2018

By Helgi Analytics - October 15, 2019

L&T Finance Holdings's net interest margin amounted to 4.93% in 2018, up from 4.27% compared to the previous year. His...

Profit Statement 2016 2017 2018
Net Interest Income INR mil 31,705 34,208 47,781
Net Fee Income INR mil 6,030 12,199 12,771
Other Income INR mil 2,026 1,733 3,787
Total Revenues INR mil 39,761 48,140 64,339
Operating Profit INR mil 25,249 14,428 30,444
Provisions INR mil 14,151 0 0
Net Profit INR mil 10,422 12,547 22,263
Balance Sheet 2016 2017 2018
Interbank Loans INR mil 60,115 53,015 86,408
Customer Loans INR mil 623,145 770,883 913,246
Debt Securities INR mil 788 1,298 1,170
Total Assets INR mil 725,136 877,770 1,060,550
Shareholders' Equity INR mil 92,259 116,302 136,709
Interbank Borrowing INR mil 117,641 141,352 203,256
Customer Deposits INR mil 0 0 0
Issued Debt Securities INR mil 480,470 611,131 711,814
Ratios 2016 2017 2018
ROE % 11.8 12.0 17.6
ROA % 1.53 1.57 2.30
Costs (As % Of Assets) % 2.13 4.21 3.50
Costs (As % Of Income) % 36.5 70.0 52.7
Net Interest Margin % 4.65 4.27 4.93
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 3,195 4,329 4,367
Share Price (End Of Period) INR 122 151 152
Price/Earnings (P/E) 20.8 22.0 13.7
Price/Book Value (P/BV) 2.35 2.37 2.23
Earnings Per Share (EPS) 5.86 6.88 11.1
Book Value Per Share 51.9 63.7 68.2

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summary Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                    
Net Interest Income INR mil       13,978 16,636 21,822 27,732 31,705    
Total Revenues INR mil       16,692 21,658 27,697 36,070 39,761    
Operating Profit INR mil       10,131 11,721 17,035 17,813 25,249    
Net Profit INR mil       7,305 5,969 8,547 8,567 10,422    
balance sheet                    
Interbank Loans INR mil       18,427 27,303 26,492 35,633 60,115    
Customer Loans INR mil       323,750 388,936 460,425 567,117 623,145    
Debt Securities INR mil       294 307 214 267 788    
Total Assets INR mil       365,696 448,609 527,422 638,011 725,136    
Shareholders' Equity INR mil       62,202 68,257 78,402 85,089 92,259    
Interbank Borrowing INR mil       101,301 125,653 126,897 66,955 117,641    
Customer Deposits INR mil       0 0 0 0 0    
Issued Debt Securities INR mil       181,173 232,882 294,009 449,201 480,470    
ratios                    
ROE %       13.3 9.15 11.7 10.5 11.8    
ROA %       2.30 1.47 1.75 1.47 1.53    
Costs (As % Of Assets) %       2.07 2.44 2.18 3.13 2.13    
Costs (As % Of Income) %       39.3 45.9 38.5 50.6 36.5    
Net Interest Margin %       4.40 4.09 4.47 4.76 4.65    
Interest Income (As % Of Revenues) %       83.7 76.8 78.8 76.9 79.7    
Fee Income (As % Of Revenues) % ...     4.65 6.06 8.04 10.4 15.2    
Equity (As % Of Assets) %       17.0 15.2 14.9 13.3 12.7    
Loans (As % Assets) %       88.5 86.7 87.3 88.9 85.9    
valuation                    
Market Capitalisation (End Of Period) USD mil ... ...   2,312 2,045 1,714 1,688 3,195    
Number Of Shares (Average) mil       1,717 1,720 1,721 1,731 1,779    
Share Price (End Of Period) INR ... ...   73.8 73.5 62.8 64.7 122    
Earnings Per Share (EPS)       4.26 3.47 4.97 4.95 5.86    
Book Value Per Share       36.2 39.7 45.6 49.1 51.9    
Price/Earnings (P/E) ... ...   17.3 21.2 12.6 13.1 20.8    
Price/Book Value (P/BV) ... ...   2.04 1.85 1.38 1.32 2.35    
Earnings Per Share Growth % ...     51.2 -18.4 43.1 -0.350 18.4    
Book Value Per Share Growth % ...     23.2 9.53 14.8 7.89 5.52    
income statement Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                    
Interest Income INR mil       37,264 47,375 57,500 68,749 77,650    
Interest Cost INR mil       23,286 30,739 35,678 41,016 45,945    
Net Interest Income INR mil       13,978 16,636 21,822 27,732 31,705    
Net Fee Income INR mil ...     777 1,312 2,228 3,751 6,030    
Other Income INR mil       1,938 3,710 3,647 4,586 2,026    
Total Revenues INR mil       16,692 21,658 27,697 36,070 39,761    
Operating Cost INR mil       6,561 9,937 10,662 18,257 14,513    
Operating Profit INR mil       10,131 11,721 17,035 17,813 25,249    
Provisions INR mil       2,425 3,472 6,635 5,062 14,151    
Extra and Other Cost INR mil       -2,180 0 -1,348 224 308    
Pre-Tax Profit INR mil       9,886 8,249 11,748 12,527 10,789    
Tax INR mil       2,594 2,300 3,241 3,990 364    
Minorities INR mil       0 0 0 0 60.3    
Net Profit INR mil       7,305 5,969 8,547 8,567 10,422    
growth rates                    
Net Interest Income Growth % ...     -8.45 19.0 31.2 27.1 14.3    
Net Fee Income Growth % ... ...   -133 68.9 69.8 68.4 60.8    
Total Revenue Growth % ...     5.96 29.7 27.9 30.2 10.2    
Operating Cost Growth % ...     6.55 51.5 7.29 71.2 -20.5    
Operating Profit Growth % ...     6.55 51.5 71.4 4.57 41.7    
Pre-Tax Profit Growth % ...     44.5 -16.6 42.4 6.63 -13.9    
Net Profit Growth % ...     60.6 -18.3 43.2 0.236 21.7    
market share                    
Market Share in Revenues % ... ...   0.707 0.803 0.912 1.07 0.989   ...
Market Share in Net Profit % ... ...   1.23 1.11 1.57 2.08 ... ... ...
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                    
Cash INR mil       3,719 7,827 8,623 4,015 5,944    
Interbank Loans INR mil       18,427 27,303 26,492 35,633 60,115    
Customer Loans INR mil       323,750 388,936 460,425 567,117 623,145    
Debt Securities INR mil       294 307 214 267 788    
Fixed Assets INR mil       11,309 12,279 13,574 13,351 12,578    
Total Assets INR mil       365,696 448,609 527,422 638,011 725,136    
Shareholders' Equity INR mil       62,202 68,257 78,402 85,089 92,259    
Of Which Minority Interest INR mil       0 0 1,003 1,003 1,186    
Liabilities INR mil       303,494 380,353 449,020 552,922 632,877    
Interbank Borrowing INR mil       101,301 125,653 126,897 66,955 117,641    
Customer Deposits INR mil       0 0 0 0 0    
Issued Debt Securities INR mil       181,173 232,882 294,009 449,201 480,470    
Other Liabilities INR mil       21,020 21,817 28,114 36,766 34,766    
asset quality                    
Non-Performing Loans INR mil ... ... ... 6,596 12,430 10,450 27,558 31,461    
growth rates                    
Customer Loan Growth % ...     76.2 20.1 18.4 23.2 9.88    
Total Asset Growth % ...     35.8 22.7 17.6 21.0 13.7    
Shareholders' Equity Growth % ...     30.9 9.73 14.9 8.53 8.43    
market share                    
Market Share in Customer Loans %       0.586 0.605 0.649 0.711 0.755   ...
Market Share in Total Assets %       0.421 0.443 0.473 0.506 0.510   ...
Market Share in Customer Deposits %       0 0 0 0 0   ...
ratios Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                    
ROE %       13.3 9.15 11.7 10.5 11.8    
ROA %       2.30 1.47 1.75 1.47 1.53    
Costs (As % Of Assets) %       2.07 2.44 2.18 3.13 2.13    
Costs (As % Of Income) %       39.3 45.9 38.5 50.6 36.5    
Net Interest Margin %       4.40 4.09 4.47 4.76 4.65    
Interest Spread % ...     2.87 2.65 3.18 3.61 3.64    
Asset Yield %       11.7 11.6 11.8 11.8 11.4    
Cost Of Liabilities % ...     8.87 8.99 8.60 8.19 7.75    
Interest Income (As % Of Revenues) %       83.7 76.8 78.8 76.9 79.7    
Fee Income (As % Of Revenues) % ...     4.65 6.06 8.04 10.4 15.2    
Other Income (As % Of Revenues) %       11.6 17.1 13.2 12.7 5.10    
Equity (As % Of Assets) %       17.0 15.2 14.9 13.3 12.7    
Loans (As % Assets) %       88.5 86.7 87.3 88.9 85.9    
Cost of Provisions (As % Of Loans) %       0.956 0.974 1.56 0.985 2.38    
other data Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                    
Employees ...     2,555 2,933 ... ... ... ... ...

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L&T Finance's total revenues rose 33.6% to INR 48,140 mil in 2018

By Helgi Analytics - October 15, 2019

L&T Finance Holdings generated total banking revenues of INR 48,140 mil in 2017, up 21.1% compared to the previous year. Indian banking sector banking sector generated total revenues of INR 4,320,359 mil in 2017, up 7.41% when compared to the last...

L&T Finance's customer loans rose 18.5% to INR 770,883 mil in 2018

By Helgi Analytics - October 15, 2019

L&T Finance Holdings's customer loans reached INR 770,883 mil in 2017, up 23.7% compared to the previous year. Indian banking sector provided customer loans of INR 88,362 bil in 2017, up 7.04% when compared to the last year. L&T Finance Holdings a...

L&T Finance's customer deposits remain unchanged at INR 0 mil in 2018

By Helgi Analytics - October 15, 2019

L&T Finance Holdings's customer deposits reached INR 0 mil in 2017, down 0% compared to the previous year. Indian banking sector accepted customer deposits of INR 110,303 bil in 2017, up 3.61% when compared to the last year. L&T Finance Holdings a...

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L&T Finance Holdings Logo

Finance

L&T Finance Holdings has been growing its revenues and asset by 21.3% and 18.5% a year on average in the last 3 years. Its loans and deposits have grown by 17.2% and 0% a year during that time and loans to deposits ratio reached at the end of 2018. The company achieved an average return on equity of 13.8% in the last three years with net profit growing 37.5% a year on average. In terms of operating efficiency, its cost to income ratio reached 52.7% in 2018, compared to 53.1% average in the last three years.

Equity represented 12.9% of total assets or 15.0% of loans at the end of 2018. L&T Finance Holdings's non-performing loans were of total loans while provisions covered some of NPLs at the end of 2018.

Valuation

L&T Finance Holdings stock traded at INR 152 per share at the end of 2018 resulting in a market capitalization of USD 4,367 mil. Over the previous five years, stock price rose by 107% or 15.6% a year on average. That’s compared to an average ROE of 12.7% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 13.7x and price to book value (PBV) of 2.23x in 2018.