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Analyst Research Report Snapshot


L&T Finance Holding Ltd (LTFH) – Q3FY13 Result Update




IndiaNivesh Securities Pvt Ltd


29 Jan 2013





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L&T Finance Holding Ltd (LTFH) – Q3FY13 Result Update | Healthy loan growth has come in at a cost of Asset quality…. Stretched valuation leaves limited upside… maintain HOLD with target price of Rs 81 …. Valuation: LTFH’s Q3FY13 results were disappointing on margins and asset quality front, however loan book momentum remains intact driven by sequential increase in disbursals in both financing subsidiaries. NIMs surprised negatively with contraction of 12 bps as against our expectation of stable margins mainly due to decline in yields higher than that of contraction in cost of funds. Asset quality deteriorated with increase in delinquencies however aggressive provisioning remains a key positive. At CMP of Rs 85, the stock is trading at P/ABV of 2.9x and 2.6x for FY13E and FY14E respectively. We maintain HOLD on stock target price of Rs 81.

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