Hold LIC Housing Finance; target Rs 160: ICICIdirect.com

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ICICIdirect.com's report on LIC Housing Finance
 
"LIC Housing Finance (LICHF) delivered a strong set of numbers as profitability improved 36 percent YoY to Rs 311 crore, which was above our estimates owing to higher-than-expected NII growth of 29.7 percent YoY and lower credit cost. The asset quality, especially in the retail segment, witnessed some pressure that was in-line with seasonal trends. The developer segment witnessed slippages of merely ~Rs 7 crore. We have lowered our estimates by 20 percent+ for FY14E, FY15E, considering the strained economic scenario, which could impact growth along with quality. Margin improvement may be stalled owing to rise in short to medium term rates."

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