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ICICI Securities Report
Repco Home Finance Ltd.'s Q4 FY21 earnings exceeded our expectations with profit after tax growth of 33% YoY (3% earnings growth for FY21).
Stage-III pool being contained at 3.7% and credit cost managed sub-1% for Q4 FY21 and 0.7% for FY21 came in as a positive surprise.
However, Covid-19 second wave disruption and extended impact in Tamil Nadu throw in uncertainty for FY22.
Disbursements failed to cheer with a mere 6% YoY growth in Q4 FY21 (down 30% in FY21).
This coupled with elevated balance transfer weighed on assets under management growth (2% for FY21).
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