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ICICI Securities Report
Domestic brokerage firm ICICI Securities highlighted that LIC Housing Finance Ltd. reported a mixed quarter, with healthy business momentum offset by continued pressure on core profitability.
Disbursements increased 14.5% YoY to Rs 15,000 crore, while assets under management growth continued to be subdued at 4% YoY, with FY27 loan growth guidance trimmed to 8-10% vs low double digits guided before.
NIM shrank 22 basis points QoQ to 2.58%, reflecting policy rate transmission and competitive pricing; however, management reiterated its ~2.6% FY27 margin guidance, supported by product diversification, lower funding costs and the commencement of direct assignment and co-lending.
PAT was up 9.4% YoY to Rs 1,490 crore, aided by an Rs 160 crore net impairment write-back supporting overall profitability.
ICICI Securities has maintain its Hold ratingn with a revised target price of Rs 540 from Rs 560, valuing the stock at 0.6x Sep FY27E book-value-per-share.
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