Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

I possess investment research experience across asset classes and geographies, acquired at Investcorp (New York) and Howe & Rusling (Rochester). At Investcorp, an alternative asset manager, I was part of an investment team managing >$1bn in discretionary client assets. I was also a member of investment recommendation, monitoring, cross-asset strategy and macro outlook committees that met periodically for investment decisions and top-down views. At Howe & Rusling, a long-only asset manager, I helped cover US large-cap equity investments across sectors for growth and income focused portfolios as well as assisted in managing a US small-cap growth focused equity portfolio. I possess an MBA in finance and corporate accounting from University of Rochester in US, a CFA Charter, and an Engineering degree from Indian Institute of Technology Bombay in India.  

My current focus is L/S equity fundamental research across market cap and sectors with an eye on corporate governance and forensic accounting. I am currently based in India and my current coverage universe is biased towards India.

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Regulatory Disclosure: Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details -
Address: A-602, Titanium Business Park, Makarba, Ahmedabad - 380051 |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289

Compliance/Grievance Officer -
Name: Ankit Agrawal |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289
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Equity L/S Analyst | Forensic Accounting | India

LICHF: Earnings On Track To Beat Our Prior Projections

LICHF: FY23 NIM Guidance Intact Despite One-Off Impact in Q2FY23

LICHF: OTR 2.0 Upended Q2FY22 Earnings, But the Worst Is Behind Us

HSIE Results Daily: Mphasis, Container Corporation, LIC Housing Finance and More

LIC Housing Finance – No NCOs Whatsoever?

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

<ul>
<li>LICHF reported strong Q3FY22 earnings on the back of improving asset quality leading to limited provisioning and limited interest reversal impact from OTR.</li>
<li>Disbursement in Q3FY22 was 135% of pre-COVID level i.e. vs Q3FY20. This growth momentum has continued from Q2FY22 when also it was 132% that in Q2FY20.</li>
<li>Given our FY23 earnings (PAT) projection of INR 3,600cr+, LICHF with current market cap of around INR 20,000cr is available at an attractive valuation of &lt;6x P/E  on FY23E PAT.</li>
</ul>


LICHF reported strong Q3FY22 earnings on the back of improving asset quality leading to limited provisioning and limited interest reversal impact from OTR.
Disbursement in Q3FY22 was 135% of pre-COVID level i.e. vs Q3FY20. This growth momentum has continued from Q2FY22 when also it was 132% that in Q2FY20.
Given our FY23 earnings (PAT) projection of INR 3,600cr+, LICHF with current market cap of around INR 20,000cr is available at an attractive valuation of &lt;6x P/E  on FY23E PAT.


LICHF: Strong Earnings In Line With Our Thesis