Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>3QFY21 Result Update</p>
<h2>Repco Home Finance</h2>
<h3>Growth will remain challenged</h3>
<p>Repco Home Finance (RHFL) reported numbers ahead of our estimates with NII/PPOP/PAT coming in 13.6%/15.7%/10.9% better than expectations. NII grew by 17.1% YoY on the back of a sharp improvement in the cost of funds (down 30bps QoQ) coupled with 10bps QoQ increase in loan yields even though the loan book growth was muted at 3.7% YoY (down 0.3% QoQ). While sanctions and disbursements improved significantly, they were below…</p>

<p>2QFY21 Result Update</p>
<h2>Repco Home Finance</h2>
<h3>Asset quality concerns overshadow improved growth outlook</h3>
<p>Repco Home Finance (RHFL) reported NII growth of 12.9% YoY and 9.1% QoQ, driven primarily by NIM expansion (up 30bps YoY and 30bps QoQ) even as advances growth was soft (5.2% YoY, 0.9% QoQ), partially impacted by high balance transfers by banks. Cost of funds improved by 10bps QoQ to 8.2% in 2QFY21 but it is unlikely to come down further. Disbursements during the quarter were up 157.3% QoQ but were…</p>

<p>QFY21 Result Update</p>
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<h2>Repco Home Finance</h2>
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<p><strong>Outlook weak; prefer other franchises with better risk reward</strong></p>
<p>Repco Home Finance (RHFL) reported NII at Rs1,280mn, up 0.7% YoY/down 7% QoQ. Tepid advances growth of 6% YoY/1% QoQ was due to 73% YoY/70% QoQ decline in disbursements. Disbursements were mainly to loans sanctioned before March. Business activity during June/July stood at 50%/60% of normal levels. Drop in YoA exceeded the decline in CoF, leading to NIM decline of 20bps YoY/40bps QoQ at…</p>
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<p>4QFY20 Result Update</p>
<h2>Repco Home Finance</h2>
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<p><strong>Growth and asset quality outlook weak</strong></p>
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<p>Repco Home Finance (RHFL) reported 4QFY20 operational performance above our estimates with NII and PPOP coming 8.4% and 6.6% above our estimates, respectively. The loan book growth was 6.9% YoY (flat QoQ). The disbursals were weak at Rs6bn, down 31.4% YoY and 8.2% QoQ. We expect a weak growth outlook in the near-to-medium term for the company. We think the management’s focus would be on mending the asset…</p>
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India

Repco Home Finance Ltd. (RHFL) provides financing services. The Company offers loans for construction and purchasing of residential and commercial properties including repairs, renovation, and loans against properties. RHFL operates throughout India.

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