PNB Housing Finance block deal today: PNB Housing Finance share price today fell 2.4 per cent to Rs 775 per share on the BSE in the intraday trade after a large block deal.
At 10:30 AM, PNB Housing Finance share price was trading 1.26 per cent lower at Rs 784.2 per share as against 0.12 per cent rise in the benchmark BSE Sensex.
PNB Housing block deal today
At 9:15 AM, 33,963,385 or 33.96 million shares (13 per cent of total outstanding equity) changed hands on the BSE at Rs 784.55 per share. This translates into a block deal value of Rs 2,664.6 crore. Further, till the time of writing of this report, 38.11 million shares have, together, changed hands on the BSE and NSE.
While the buyers and sellers could not be confirmed, private equity firm Carlyle Group’s Quality Investment Holdings PCC likely sold its partial stake in the housing finance company.
According to reports, Carlyle Group, which was earlier looking to sell 6.4 per cent stake in PNB Housing Finance, could have offloaded a 12.8 per cent stake in the company.
At the end of the June quarter, Quality Investment Holdings Pcc held 32.68 per cent share in PNB Housing Finance, as per the company’s shareholding pattern.
Meanwhile, among other foreign portfolio investors (FPIs), General Atlantic Singapore Fund Fii Pte Ltd held 5.13 per cent stake and Asia Opportunities V (Mauritius) Limited held 5.19 per cent stake as of June 30, 2024.
Promoter and Promoter Group, on the other hand, held 28.13 per cent stake in PNB Housing Finance.
PNB Housing Finance Q1 FY25 Financial Performance
During the April-June quarter of FY25, net profit of PNB Housing Finance increased by 25 per cent year-on-year (Y-o-Y), but declined 1.5 per cent quarter-on-quarter (Q-o-Q) to Rs 433 crore. Its net interest income, meanwhile, grew by 4 per cent Y-o-Y and 3 per cent Q-o-Q to Rs 651 crore.
Net Interest Margin (NIM), PNB Housing Finance said, stood at 3.65 per cent in Q1FY25 as compared to 3.65 per cent in Q4FY24 and 3.86 per cent in Q1FY24.
Operationally, PNB Housing Finance’s Disbursement grew by 19 per cent Y-o-Y to Rs 4,398 crore with retail disbursement constituting 99 per cent of the total disbursements.
Its Retail Loan Asset grew by 14.4 per cent Y-o-Y to Rs 65,157 crore as on June 30, 2024, which is 97.3 per cent of Loan Assets.
The Management expects affordable and emerging market loans to contribute to 40 per cent of the loans by FY25 end from current levels of 22 per cent, and these loans will contribute nearly 2/3rd of the total AUMs in the longer run.
Besides, the company expects retail loans to grow by 17 per cent in FY25. In addition to this, corporate loans are also likely to contribute to growth from the second half of the current financial year.
“We expect loan book growth of 16 per cent CAGR over FY24-26 led by retail loans. In current fiscal, even corporate loans are likely to contribute to growth from the run-down seen in the past. Also, recoveries from the written-off assets are likely to aid the bottom-line and result in overall lower credit costs. With healthy asset growth, better recoveries – we expect PAT to grow by 20 per cent CAGR over FY24-26,” said analysts at Dalal and Broacha Stock Broking.
The brokerage has a ‘Buy’ rating on the stock with PNB Housing Finance target price seen at Rs 970, valuing the stock at 1.4x/1.2x FY25e/FY26e ABV on ROE/ROA of 11 per cent/2.2-2.3 per cent.
First Published: Jul 30 2024 | 11:08 AM IST
