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Prabhudas Lilladher Report
LIC Housing Finance Ltd.’s growth resumes momentum and incremental provisioning requirement reduces.
Incorporating management’s confidence to clock double digit growth for full year (our estimate 9% FY21) and lower credit costs (our estimate 25 basis points versus 35 basis points earlier), our FY21 earning per share estimates stand higher by 45% and FY22-23 by 14-16%.
While management believes additional Covid-19 related provisioning of Rs 1 billion and expected credit loss Stage three provision at Rs 28 billion stands sufficient, profit and loss provisions remains lower at Rs 0.27 billion (Q4 FY20), Rs 0.57 billion (Q1 FY21) and now upped to Rs 1 billion (Q2 FY21).
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