BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
HDFC Securities Report
Repco Home Finance Ltd.’s net interst income grew 13/7% YoY/QoQ and was 6.3% ahead of estimates in Q1 FY21.
While pre-provision operating profit grew 22.7/4.2%, profit after tax dipped 7.4/31.6% on account a sharp rise in provisions.
The asset under management (AUM) growth trend was seen slowing in earlier quarters, and has been exacerbated by Covid-19 to come in at 7.2/1.7%-the slowest ever.
Despite Repco’s small base, we project AUM growth at just approximately 4% over FY21-22E. We believe Covid-19 and intense competition from banks, as suggested by commentary, will limit growth.
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