Hold Repco Home Finance; target of Rs 697: Centrum Research

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26 Aug, 2025 12:21

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Centrum Research's research report on Repco Home Finance

Repco Home Finance Ltd (RHFL), for Q4FY18, reported decent set of numbers with net interest income (NII) growing 13.2% YoY, backed by loan growth of 10.3% YoY. Pre-provisioning profit (PPP) and net profit grew 12.0% and 11.9%, respectively. Asset quality improved with gross and net NPAs declining 83bps QoQ to 2.87% and by 76bps QoQ to 1.29%, respectively. Sanctions and disbursements increased 32% and 28%, respectively during Q4. The contribution of loan against property (LAP) book declined to 18.6% at the end of FY18 vs. 20.2% last year.

Outlook
Hence, we maintain our Hold rating on the stock with a revised target price of Rs697 valuing it at 2.5x its FY20E ABV.
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