Sharekhan's research report on L&T Finance Holdings
LTFH’s earnings were significantly below estimates, led by higher provisions/higher opex in Q4FY2024, but retail business growth was solid.
Higher provisions were on account of the wholesale business (mainly due to run down of security receipts). The company does not expect further higher provisioning. A favourable cycle has helped the company to completely reorient into a retail franchise in the last two years. It is now looking at balancing the business matrices while pursuing growth.
Outlook
We maintain BUY with an unchanged PT of Rs. 185. At the CMP, the stock trades at 1.5x/1.3x its FY2024E/FY2025E BV.
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