Repco Home Finance - Stable Q3; Asset Quality Surprises Positively: Motilal Oswal
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Motilal Oswal Report
Repco Home Finance Ltd.’s profit after tax grew 14% YoY to Rs 796 million in Q3 FY21, 8% above our estimates.
The profit after tax beat was driven by an net interest income beat, marginally offset by slightly higher provisions.
The quarter gone by was characterized by a recovery in disbursements, improvement in margin, and maintenance of asset quality.
From 65–70% of YoY levels in Q2 FY21, disbursements improved to ~85% of YoY levels to Rs 5.5b in the quarter. The share of home loans in total disbursements improved 250 basis point YoY to 80%.
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