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Ujjivan Financial Services, has reported strong set of numbers for the Q1Fy17 quarter.  It has reported  Rs 71 crore net profit for June quarter,  which double of what it had earned a year ago. Sales of the company has also increased 54.77% on an yoy basis.  The complete picture is given below

Ujjivan : Q1Fy17 Results with yoy% and qoq % for various Performance Parameters

Mar-15 Jun-15 Dec-15 Mar-16 Jun-16 yoy% qoq %
Sales/Income 188.17 207.9 265.08 294.05 321.68 54.77 9.40
Other Income 3.93 11.02 2.29 3.92 7.63    
Total Income 192.1 218.9 267.37 297.97 329.32    
Total Expenses 63.42 68.01 81.16 93.63 98.59    
EBITDA 128.68 150.9 186.21 204.34 230.73 52.94 12.91
Depreciation 1.68 1.74 2.09 2.09 2.22    
EBIT 127 149.1 184.12 202.25 228.51 53.24 12.98
Interest 85.53 96.22 109.31 117.95 120.4    
PBT 41.47 52.9 74.81 84.3 108.11 104.37 28.24
Tax 14.24 17.67 26.23 29.39 36.74    
Net Profit 27.22 35.24 48.58 54.91 71.37 102.53 29.98
NPM 14.47 16.95 18.33 18.67 22.19
Equity 86.13 86.13 86.13 101.19 118.24    
Basic EPS 4.04 5.23 4.8 6.23 6.39
PE @MP of 511 *       19.99 
Price / Book Value 3.5
  • annualized on basis of  quarterly EPS.

A head to head comparison with Equitas is as follows

Equitas Quarterly Results with yoy% and qoq % for various Performance Parameters

 

` in Cr. Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 yoy% qoq %
Net Sales Turnover 238.89 263.1 289.4 319.59 348.11 32.33 8.92
Other Income 0.42 0.51 2.42 0.59 0.72    
Total Income 239.3 263.6 291.82 320.17 348.83    
Total Expenses 88.68 95.29 105.6 115.52 126.05    
EBITDA 150.62 168.3 186.22 204.66 222.78 32.38 8.85
Depreciation 2.53 3.63 3.48 4.06 4.9    
EBIT 148.09 164.7 182.74 200.6 217.88 32.32 8.61
Interest 90 102.9 115.35 127.69 121.55    
PBT 58.09 61.73 67.39 72.91 96.33 56.05 32.12
PAT 37.38 39.93 43.05 46.77 61.17
Net Profit 37.38 39.93 43.05 46.77 61.17 53.19 30.79
NPM 15.65 15.18 14.88 14.63 17.57
Equity 268.91 269.9 269.92 269.92 335.74
Earning Per Share 1.39 1.48 1.59 1.73 1.91
PE @MP of 199(annualised on quarterly results) 26.05
Price / Book Value 3.26

Ujjivan is ahead of Equitas on most growth parameters. Ujjivan also enjoys lower NPA’s than Equitas

MD  Mr. Samit Ghosh said in a press statement “We have been successful in improving the productivity and reducing the costs continuously. This has helped us in maintaining the growth momentum”

The company is putting focus on growing  MSME and housing finance segments and both the segments put together comprise 13.4 per cent at present of the total loan book, from 11.6 per cent a year ago.

Net NPA stood at 0.04 per cent, from 0.03 per cent a year ago and the company is confident of meeting this level of NPA in future too. Gross NPA stood at .18%.

The company  plans to start its small bank operations from the first quarter of the next calendar year.(Its peer Equitas plans to start the bank in Sept/oct 2016) The company has added around 2.28 lakh new borrowers during the quarter taking the  total borrowers number to 32.79 lakh.  Ujjivan‘s outstanding loan was Rs 5557 crore at the end of June 2016 up  59% from the same period last year. The company seems capable of posting compounded growth of 20-25 percent over the next few years.
Related Old Links :

Ujjivan Financial : Well Begun is half done http://ipoandmore.com/2016/06/01/ujjivan-financial-well-begun-is-half-done/

Ujjivan: An IPO on Different Note:   http://ipoandmore.com/2016/04/30/ujjivan-financial-services-limited-ujjivan-an-ipo-on-different-note/

 

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