*Indostar Capital Finance Ltd. - C* | *CMP* Rs. 274 | *M Cap* Rs. 3392 Cr | *52 W H/L* 424/275
(Nirmal Bang Retail Research)
*Result is ok*
NII came at Rs. 147.4 Cr vs YoY Rs. 147.8 Cr, QoQ Rs. 126.1 Cr
PBP came at Rs. 54.7 Cr vs YoY Rs. 50.6 Cr, QoQ Rs. 33 Cr
Provision came at Rs. -2.8 Cr vs YoY Rs. 5.2 Cr, QoQ Rs. 82.3 Cr
PAT came at Rs. 39.4 Cr vs YoY Rs. 31.6 Cr, QoQ Rs. -36.9 Cr
AUM came at Rs. 8117 Cr vs YoY Rs. 9084.2 Cr, QoQ Rs. 7887.7 Cr
Gross NPA (%) came at 4.7% vs QoQ 4.5%
Net NPA (%) came at 2.3% vs QoQ 2.2%
Restructured book increased to Rs. 540 Cr (6.6%) vs Rs. 289 Cr (3.7%)
Restructured book mainly consists of Retail borrowers and thus as % of Retail AUM it stands at 8.2%
Retail AUM mix increased to 80% vs 73% YoY
Despite negative provisions, co posted ROA/ROE of 1.6%/4.3% due to (i) sticky cost/income of 63% (against avg of 31% for Chola, SHTF, MMFS) and (ii) low leverage with networth of Rs. 3665 Cr / CRAR of 35%
Quarter EPS is Rs. 3.2
Share is trading at 0.9x trailing P/BV