Repco Home Finance (REPCOHOME) Q4 12/13 earnings summary

Executive summary

• FY13 loan book grew 26.41% to Rs.3,544.75 crore; PAT rose 30.20% to Rs.80.02 crore, with net NPA at 0.99% of the portfolio.

• Public issue raised Rs.270.23 crore; shares were allotted in March 2013 and listed on NSE and BSE on April 1, 2013.

Financial highlights

• Total income was Rs.405.97 crore vs Rs.318.89 crore in FY12; PBT was Rs.106.80 crore vs Rs.81.63 crore.

• PAT was Rs.80.02 crore vs Rs.61.46 crore; reported EPS was Rs.17.07 vs Rs.13.23 on face value Rs.10.

• Net interest income rose 21.6% YoY to Rs.125.6 crore; total revenue from operations was Rs.405.71 crore vs Rs.318.82 crore.

• Loan sanctions increased 15.59% to Rs.1,284.83 crore and disbursements increased 12% to Rs.1,167.41 crore.

Outlook and guidance

• FY14 plans include cautious branch expansion, with two-thirds of new branches in the South and the balance in other regions.

• Priorities include growing the non-salaried tier 2/3 customer base, maintaining asset quality and low operating costs, diversifying funding, and sustaining stable NIMs and returns.