BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Repco Home Finance Ltd. reported a Q1 FY23 profit after tax of Rs 808 million (22% beat), driven by lower annualised credit costs of ~80 bps.
Net interest income declined 6% QoQ to Rs 1.33 billion (7% miss) while provisions at Rs 237 million were much below our estimate of Rs 500 million.
Repco's new management team, led by Mr. Swaminathan as the Managing Director/CEO, offers a different strategy and a new ray of hope, and we are indeed seeing early signs of execution and turnaround.
However, we would wait for:
the asset quality outcome of the restructured pool;
further improvement in disbursements; and
decline in balance transfer-out run-rate before turning constructive on the stock again.
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