REPCO Home Finance LTD

Retail Research
Housing Finance
Q3FY14 Result Review
13 February 2014
Repco Home Finance Ltd.
BUY
Key takeaways of Q3FY14 result
Current Price
Rs
309
Numbers in line with estimates, growth tempo expected to be

maintained: The Company during the quarter has reported robust 62
and 63 percent Y-o-Y growth in the Net Interest Income (NII) and Net
Profit to Rs47 and Rs27 crore respectively. The 9MFY14 NII and NP
clocked 59 and 50 percent to Rs137 and Rs79 crore respectively.
Target Price
Rs
366
Upside / (Downside)
18
The company has been able to buck housing market slowdown by

registering 55 percent Y-o-Y growth in disbursement during 9MFY14 to
Rs1203 crore versus Rs778 crore same quarter last year. The
outstanding loan book too grew 32 percent Y-o-Y to Rs4319 crore.
The number of loan account also jumped to 47064 versus 45409 during
Sept 2013 quarter. The company has witnessed expansion in both
ticket size and number of loan live accounts. The yield on advances
remains flat whereas there has been some pressure on margin due to
higher operating cost. The above numbers are in line with We have not
revised our estimates and expect that Repco should be able to meet
our estimated numbers for FY14.
Free insurance to client led to higher cost to income ratio: The
NIM for the quarter and 9M FY14 stands above 4 percent level
whereas the spread has declined marginally due to higher cost of fund.
The cost to income ratio jumped 300 bps to above 23 percent due to
free insurance cover to client. The company has also allotted 2.4 Lakh
ESOPs at Rs75 per share and balance in price would be written-off in
next 4 quarters.
STOCK DATA
BSE Code
535322
NSE Code
REPCOHOME
Bloomberg Code
REPCO IN
52 Week High / Low (Rs.)
370 / 158
Face Value (Rs.)
10
Diluted Number of Shares (Crore.)
6.2
Market Cap. (Rs Crore.)
1939
Avg. Yearly Volume (NSE)
66383
SHAREHOLDING PATTERN (%)

Particulars
Promoters
Dec-13 Sep-13 Jun-13 Mar-13

37.4
37.7
37.4
6.4
6.3
6.3
5.5
Other Institution
12.0
12.4
13.8
12.4
Strong asset quality, raised the provision coverage: GNPA as % of

total outstanding loan book for 9MFY14 is improved to 2 percent
versus 2.9 percent for the same quarter last year. The NNPA % is also
improved to 1.3 percent versus 2.3 percent. The provision coverage is
also enhanced to 37 percent versus 21 percent a year ago. The higher
provision coverage is in line with management strategy to gradually
enhance the coverage ratio and reduce NNPA.
Public & Others
44.2
44.0
42.6
44.7
100.0
100.0
100.0
100.0
1M
3M
6M
12 M
The management is expected to maintain their margin due to gradual

shift toward higher LAP segment to 20 percent in next 1-2 years from
current 17 percent.
Repco Home Finance (5.7)
5.2
24.4
NA
Sensex
0.8
7.9
4.5
FII
Total
37.4
RETURNS STATISTICS (%)
(1.5)
FINANCIAL SUMMARY
Particulars
2012
2013
2014e
2015e
NII (Rs Cr)
100.1
125.6
174.2
236.9
PAT (Rs Cr)
61.5
80.0
109.2
151.9
EPS (Rs)
13.2
12.9
17.6
24.4
BV (Rs)
65.3
102.1
118.0
140.7
ABV (Rs)
59.6
96.5
111.8
134.8
P/BV (x)
4.7
3.0
2.6
2.2
23.3
24.0
17.6
12.6
P/ABV (x)
5.2
3.2
2.8
2.3
Div Yield (%)
0.4
0.4
0.5
0.5
ROE (%)
22.3
17.1
16.0
18.9
ROA (%)
2.5
2.4
2.5
2.8
PE (x)
RELATIVE TO SENSEX
Repco Home Finance Ltd
Sensex
250.0
200.0
150.0
100.0
50.0
Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14
Rajesh Gupta - Research Analyst

Regd. Office: SBICAP Securities Limited, Corporate Office: 191, Maker Towers 'F', Cuffe Parade, Mumbai 400 005
For a list of our branches refer to our website: www.sbicapsec.com
Housing Finance
No sign of earning slowdown, growth tempo to be maintained going ahead: Amidst liquidity crunch and overall
slowdown in Indian Economy, Repco's niche presence in relatively underpenetrated market provides an edge over
other HFC's. We believe, the company would be able to deliver 25-30 percent growth in medium term going forward.
Outlook & Valuation
We have not made any changes to our FY14 and FY15 estimates as the numbers are in line with our estimates and
perhaps if the current trend is maintained, it is likely to outperform its own guidance.
At current price of Rs309, the stock is trading at 17.6x and 12.6x of its FY14e and FY15e earning respectively
whereas on P/bv, the same is available at 2.6x and 2.2x respectively. We maintained our buy rating on the stock with
target price of Rs366 valuing 2.6x of its FY15e book thus providing an upside potential of 18 percent.
Q3FY14 result
Particular
Figures in Rs. Crs.

Q3FY14
Q2FY14
Q-O-Q
Q3FY13
% Chg
Revenue from operation
Y-O-Y
9M FY14
9M FY13
% Chg
Y-O-Y
% Chg
132.1
124.4
6.2
99.3
33.0
370.8
281.8
31.6
Finance Cost
84.9
77.1
10.2
70.2
20.9
233.9
195.6
19.6
Net Interest Income
47.2
47.3
(0.3)
29.1
62.3
136.9
86.2
58.9
Fee & Other Income
4.2
5.6
(24.8)
3.8
9.7
14.6
10.2
44.1
Net Revenue
51.4
52.9
(2.9)
32.9
56.2
151.6
96.3
57.3
Total Operating Expenditure
11.0
7.9
39.2
5.8
90.0
26.7
15.6
71.6
Employee Cost
5.6
4.5
24.4
3.2
77.0
14.2
8.9
59.2
Other Exp.
4.7
2.8
65.5
2.4
99.2
10.8
5.8
87.3
Depreciation
0.7
0.6
25.9
0.3
160.7
1.8
0.9
93.4
40.3
45.0
(10.3)
27.1
48.9
124.8
80.7
54.6
3.5
5.3
5.0
(29.4)
18.6
10.9
70.8
36.8
39.7
(7.2)
22.1
66.5
106.3
69.9
52.1
9.7
10.5
(7.8)
5.4
78.9
27.6
17.6
57.5
Net Profit
27.1
29.2
(6.9)
16.7
62.5
78.6
52.3
50.2
Equity (Rs Cr)
62.2
62.2
46.4
62.2
46.4
4.4
4.7
3.6
12.6
11.3
112.1
110.4
74.1
112.1
74.1
Loan book (Rs Cr)
4,319.4
4,035.6
7.0
3,270.9
32.1
4,319.4
3,270.9
32.1
Borrowings (Rs Cr)
3,600.6
3,370.8
6.8
2,915.0
23.5
3,600.6
2,915.0
23.5
443.6
425.8
4.2
281.7
57.5
1,203.3
777.7
54.7
4,401.7
4,107.7
7.2
3,336.3
31.9
4,401.7
3,336.3
31.9
696.7
686.0
1.6
344.2
102.4
696.7
344.2
102.4
2.0
1.7
2.0
2.9
Profit Before Provision and Cont.

Provision & Contingencies
Profit before tax
Tax
EPS (Rs)
BVPS (Rs)
Disbursement (Rs Cr)

Total Assets (Rs Cr)
Net worth (Rs Cr)
Ratios
GNPA (%)
2.9
NPA (%)
1.3
0.9
2.3
1.3
2.3
CAR (%)
25.0
25.6
15.6
25.0
15.60
Provisioning Coverage (%)
36.9
44.9
21.1
36.9
21.1
Other Ratio (Calculated)

NIM (%)
4.4
4.7
3.6
4.2
3.5
12.2
12.3
12.1
11.4
11.5
Cost of Fund (%)
9.4
9.1
9.6
8.7
8.9
Spread (%)
2.8
3.2
2.5
2.8
2.5
ROE (%)
15.6
17.0
19.4
15.0
20.3
ROA (%)
2.5
2.8
2.0
2.4
2.1
23.4
16.8
20.0
19.5
18.1
Yield on Advances (%)
Cost to Income Ratio (%)
Source: SSL Research
2 February 13, 2014
SBICAP Securities Limited
Housing Finance
LOAN BOOK COMPOSITION BASED ON CUSTOMER CLASS
Non Salaried (%)
LOAN BOOK COMPOSITION BASED ON ASSET CLASS (%)
Salaried (%)
Individual Home Loan
1 00%
100%
80%
45.5
46.0
47.3
60%
40%
40%
54.5
54.0
52.7
1 4.9
15.3
16.3
17.5
8 5.1
84.7
83.7
82.5
Mar 2013
Jun 2013
Sept 2013
Dec 2013
80%
60%
20%
LAP
20%
0%
0%
Dec- 13
Dec-12
Sep-13
Source: SSL Research, Company
ASSET QUALITY
GNPA (%)
NNPA (%)
3.5
3.0
2.5
2.0
1.5
1.0
0.5
Q3FY14
Q2FY14
Q1 FY14
Q4FY13
Q3FY13
Q2FY13
Q1 FY13
Q4FY12
Q3FY12
Q2FY12
Q1FY12
Q4FY11
Q3FY11
Q2FY11
Q1FY11
BORROWING PROFILE
NHB
100%
STATE-WISE RETAIL NETWORK
Bank Loan
Repco Bank Ltd

State
9.3
7.2
80%
Jun-13
Sep-13
Dec-13
Tamil Nadu
51.6
51.0
63.7
Karnataka
16.1
15.7
11.9
Andh. Pradesh
15.1
14.7
12.9
Kerala
7.5
6.9
3.7
40%
Maharashtra
5.4
7.8
4.5
20%
Others
4.3
3.9
3.3
60%
64.7
62.7
26.0
30.0
Dec-2013
Sep-13
0%
February 13, 2014 3
Housing Finance
Financial Statements:
Income Statement
Figures in Cr.
Balance Sheet
Particulars
2012
2013
2014e
2015e
Particulars
Interest Income
302.4
391.2
506.0
661.4
Equities & Liabilities
Total Finance Cost
202.3
265.6
331.8
424.5
Net Interest Income
100.1
125.6
174.2
236.9
Fee & Other Income
16.4
14.8
19.1
26.6
116.6
140.3
193.3
263.5
19.4
24.5
32.1
41.9
Net Revenue
Total Expenditure
Employee Cost
10.5
14.1
18.2
23.8
As % of Net Revenue
9.0
10.0
9.4
9.0
Other Operating Cost
8.9
10.4
13.8
18.1
As % of Net Revenue
7.7
7.4
7.2
6.9
Operating Profit Before Prov. 97.1
115.8
161.2
221.6
Provisioning
15.5
9.0
13.6
16.4
PBT
81.6
106.8
147.6
205.2
Tax
20.2
26.8
38.4
53.4
Net Profit
61.5
80.0
109.2
151.9
Equity Share Capital

Pref. Share Capital
Particulars
2014e
2015e
ROE (%)
ROA (%)
NIM (%)
Op. Profit Margin (%)
PAT to Interest Income (%)
Cost to Income (%)
22.3
2.5
4.1
83.3
20.3
6.1
17.1
2.4
3.9
82.5
20.5
6.0
16.0
2.5
4.2
83.4
21.6
6.1
18.9
2.8
4.4
84.1
23.0
6.1
Earnings Ratios
Yield on Advances (%)
Cost of Borrowing (%)
Spread (%)
12.4
9.4
3.0
12.3
9.6
2.7
12.3
9.5
2.8
12.2
9.3
2.9
CAR
Tier-I (%)
Tier-II (%)
Total (%)
Leverage (Asset / Net Worth)
16.5
16.5
9.4
25.5
25.5
6.0
23.8
23.8
6.5
21.5
21.5
7.1
Asset Quality
GNPA (Rs Cr)
GNPA (%)
Provisioning (%)
38.2
1.4
30.6
52.5
1.5
33.7
65.5
1.4
40.8
74.0
1.2
50.2
Valuation Ratios
PE (x)
P/BV (x)
P/ ABV (x)
Div. Yield (%)
23.3
4.7
5.2
0.4
24.0
3.0
3.2
0.4
17.6
2.6
2.8
0.5
12.6
2.2
2.3
0.5
2014e
2015e
46.4
62.2
62.2
62.2
572.4
671.5
812.5
Total Shareholder's Fund
303.3
634.5
733.6
874.7
1,770.2
2,177.2
2,673.4
3,441.9
24.6
33.5
47.1
63.5
752.7
947.2
1,323.8
1,864.7
2,850.8
3,792.4
4,778.0
6,244.8
Net Fixed Assets
3.3
4.5
5.7
7.2
Non-current investments
8.1
8.1
8.1
8.1
Deff. Tax Assets (Net)
7.9
11.2
15.2
19.8
Long-term loans and adv.
2,629.1
3,320.5
4,371.8
5,761.9
Total Non-Current Assets
2,648.4
3,339.7
4,395.0
5,789.8
Non-current liabilities
Long-term borrowings
Other Non-Current Liabilities
Current liabilities
Total Liabilities
Assets
Current Assets
Current Investment
Cash and bank balances
17.5
210.1
60.2
29.9
Short-term loans and adv.
178.0
229.5
306.0
403.3
6.9
8.6
11.1
14.6
Total Assets
2013
2013
256.8
Total Current Assets

2012
2012
Reserves and surplus
Other Current Assets
Important Ratios:
Figures in Cr.
202.4
448.2
377.3
447.8
2,850.8
3,792.4
4,778.0
6,244.8
Source: SSL Research
4 February 13, 2014
Housing Finance
Name
Designation
Alpesh Porwal
Rajesh Gupta
SVP & Head (Retail)

Research Analyst
Corporate Office: SBICAP Securities Limited;

II Floor, `A` Wing, Mafatlal Chambers, N.M.Joshi Marg, Lower Parel, Mumbai -400013
For any information contact us:
Toll Free: MTNL/BSNL Users: 1800-22-3345 / Private Telecom Users: 1800-209-9345 Or E-mail: helpdesk@sbicapsec.com
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February 13, 2014 5

REPCO Home Finance LTD - Q3FY14 Result Updates

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Retail Research

Q3FY14 Result Review

Repco Home Finance Ltd.

Key takeaways of Q3FY14 result

Numbers in line with estimates, growth tempo expected to be

The company has been able to buck housing market slowdown by

52 Week High / Low (Rs.)

Face Value (Rs.)

Diluted Number of Shares (Crore.)

Market Cap. (Rs Crore.)

Avg. Yearly Volume (NSE)

SHAREHOLDING PATTERN (%)

Dec-13 Sep-13 Jun-13 Mar-13

Strong asset quality, raised the provision coverage: GNPA as % of

Public & Others

The management is expected to maintain their margin due to gradual

Repco Home Finance (5.7)

RETURNS STATISTICS (%)

NII (Rs Cr)

PAT (Rs Cr)

Div Yield (%)

Rajesh Gupta - Research Analyst

Repco Home Finance Ltd.

Figures in Rs. Crs.

Net Interest Income

Fee & Other Income

Total Operating Expenditure

Equity (Rs Cr)

Loan book (Rs Cr)

Borrowings (Rs Cr)

Profit Before Provision and Cont.

Disbursement (Rs Cr)

Provisioning Coverage (%)

Other Ratio (Calculated)

Cost of Fund (%)

Yield on Advances (%)

Cost to Income Ratio (%)

Source: SSL Research

2 February 13, 2014

SBICAP Securities Limited

Repco Home Finance Ltd.

LOAN BOOK COMPOSITION BASED ON CUSTOMER CLASS

Non Salaried (%)

LOAN BOOK COMPOSITION BASED ON ASSET CLASS (%)

Individual Home Loan

Source: SSL Research, Company

Source: SSL Research, Company

Source: SSL Research, Company

STATE-WISE RETAIL NETWORK

Repco Bank Ltd

Source: SSL Research, Company

SBICAP Securities Limited

Source: SSL Research, Company

February 13, 2014 3

Repco Home Finance Ltd.

Equities & Liabilities

Total Finance Cost

Net Interest Income

Fee & Other Income

Other Operating Cost

Operating Profit Before Prov. 97.1

Equity Share Capital