PNB Housing’s share price was wobbly on Monday morning after the company posted its earnings for the quarter ended September.
What Happened: The company recorded a 46% increase in net profit for the quarter, amounting to ₹383 crore, compared to ₹263 crore in the same period of the previous year. This also represents a 10% increase over the net profit of ₹347 crore reported in the preceding June 2023 quarter.
Total income for the quarter under review witnessed a growth of 5.7%, reaching ₹1,779 crore, compared to ₹1,683 crore in the corresponding period of the previous year. The net interest income (NII) – the difference between the income a lender makes from its lending activities and the interest it pays to depositors – of the company improved by 2% year-on-year and 5% quarter-on-quarter, reaching ₹661 crore.
The management highlighted their efforts in successfully resolving and fully recovering a significant corporate account, which contributed to reducing their Gross Non-Performing Assets (GNPA) to 1.78% as of September 30, 2023. Earnings per share for the quarter came in at ₹14.76.
Reacting to the results Morgan Stanley maintained its “overweight” rating for the stock with a price target of ₹880.
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Price Action: PNB Hosuing’s share price was down 0.91% to trade at ₹708.55 at open on Wednesday.
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