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ICICI Securities Report
India Shelter Finance Corporation Ltd. FY24 annual report emphasises on its target of sustaining 30-35% YoY growth in the near term with ‘purpose, integrity and technology' -
purpose –commitment to serve underserved customers in tier 2-3 cities (90% of borrowers),
integrity – transparency in serving customers and conducting business and
technology – providing easy and secure access to company's products and services.
Deepening of presence in existing 15 states (94% of the mortgage industry) by adding 30-40 branches every year and on-boarding to sanction turn around time of ~four days versus greater then five days for peers would drive growth.
Steady asset quality with credit cost at ~40 basis points in near term would keep return on assets at greater then 4% in FY24-26E. Maintain 'Buy' with an unchanged target price of Rs 800, valuing the stock at three times on September 25E book value per share.
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