External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Repco Home Finance: REPCO's 4QFY21 earnings missed our estimates on account of higher-than-expected charge-offs and higher opex. Business growth gained moderate traction with 16% sequential growth in disbursals (INR 64bn in Q4). Asset quality surprised positively with GNPAs declining to 3.7% (pro-forma 3QFY21: 4.3%) and a steady restructured book at 0.3% of loans. REPCO shored up its early-bucket provisions at 0.95% (3QFY21: 0.75%), higher than our expectations. We revise our FY22/FY23 earnings estimates upward by 3.7/8.8%, on the back of improving loan growth and NIMs and lower provisioning on account of the existing build-up in buffers.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Repco Home Finance: REPCO's 4QFY21 earnings missed our estimates on account of higher-than-expected charge-offs and higher opex. Business growth gained moderate traction with 16% sequential growth in disbursals (INR 64bn in Q4). Asset quality surprised positively with GNPAs declining to 3.7% (pro-forma 3QFY21: 4.3%) and a steady restructured book at 0.3% of loans. REPCO shored up its early-bucket provisions at 0.95% (3QFY21: 0.75%), higher than our expectations. We revise our FY22/FY23 earnings estimates upward by 3.7/8.8%, on the back of improving loan growth and NIMs and lower provisioning on account of the existing build-up in buffers.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Ashok Leyland, JSW Energy, Repco Home Finance