reports
- Abhijit Tibrewal
MOSL: LIC HOUSING FINANCE: Earnings beat, but incremental slippages fr...
LIC HOUSING FINANCE: Earnings beat, but incremental slippages from the restructured pool can keep credit costs elevated (LICHF IN, Mkt Cap USD2.6b, CMP INR379, TP INR440, 16% Upside, Buy) LICHF reported a PAT of INR9.25b (~18% beat), up 5x YoY, but down 17% QoQ, led by contained OPEX (CIR of ~12%) and lower than estimated credit costs of INR3.1b (est. INR4.5b). Asset quality exhibited deterioration, with GS3/NS3 increasing by ~30bp QoQ each to 5%/3%. The ~90bp increase in GS2 was predominan...
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