Hold Repco Home Finance; target of Rs 697: Centrum

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26 Aug, 2025 12:21

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Centrum's research report on Repco Home Finance

Repco Home Finance Ltd (RHFL), for Q1FY19, reported muted growth while NPAs remained stable. Net interest income (NII) grew 8.2% YoY, on the back of loan book growing 11.8% YoY despite stress in Tamil Nadu (TN). Pre-provisioning profit (PPP) grew at a muted pace of 2.8% due to an increase of 330bps YoY in cost-income ratio at 18.4%. Net profit grew 8.8% to Rs61 crore. Asset quality remained largely stable YoY with gross NPAs at 3.96% as on 30 Jun’18.

Outlook

Hence, we continue to maintain Hold rating on the stock. Since our last update (Hold @ Rs603 on 30 May’18), the stock of RHFL is flattish (down 2.7%) and with a fair multiple of 2.5x its FY20E ABV, we arrive at a revised target price of Rs697/share.

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