Motilal Oswal’s analysis file on Larsen and Toubro Finance Holdings
L&T Finance Holdings’ (LTFH) 2QFY19 PAT grew 66% YoY to INR5.6b, in step with our estimate. The quarter used to be marked through a powerful AUM enlargement (+24% YoY), ‘retailization’ of the steadiness sheet and bettering asset high quality for LTFH. LTFH’s targeted mortgage ebook grew 6% QoQ/26% YoY to INR900b. The expansion throughout segments used to be very similar to that within the prior quarters – 71% YoY in rural finance, 40% YoY in housing finance and eight% YoY in wholesale finance. LTFH’s microfinance ebook has now crossed the INR100b mark.
Key dangers to our estimates stem from any trade in regulatory norms for NBFCs. Our TP of INR175 is in keeping with 2.0x Sep 2020E BVPS.
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