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Systematix Research Report
Stocks To Buy: Home First Finance, Muthoot Finance and Shriram Finance are our preferred picks within our coverage universe.
NBFCs within our coverage universe reported an in-line operating performance, while higher provisions resulted in marginal miss in earnings. In terms of business, AUM growth remains healthy, though the pace (Ex- Gold loan segment) has slowed down a bit (19% YoY / 4% QoQ) on account of lower disbursements growth, due to extended impact of heatwaves, unexpected rainfall in few regions and slowdown in the auto industry.
In terms of segmental growth, diversified financiers grew by 30% YoY (6% QoQ), followed by Vehicle (23% YoY / 5% QoQ), Gold (26% YoY / 5% QoQ) and Housing (17% YoY / 4% QoQ).
Asset quality deteriorated across sectors with 6-47bps QoQ increase in GS3 asset ratio (barring HFC segment) which was largely due to seasonality and unexpected rainfall in few regions.
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