Promoters held 37.1 per cent stake in the company as of March 31, 2021, while FIIs held 19.1 per cent, DIIs 20.1 per cent and public and others 23.6 per cent. Investment RationaleOptions to shore up capital buffer amidst underwhelming financial performance, rising stress or approval of its application for universal bank license, might serve as triggers. Assigning some probability to this trigger (though timing is difficult to predict) and stable return profile (in absence of any event), the brokerage believes the stock can command 1.75x FY23E multiple to stressed book. It revises target price to Rs650 (earlier: Rs362) implying 70% return. Key risks: 1) Repco Bank unwilling to sell stake under any circumstances, 2) fundamentally weak performance derailing growth and credit quality amidst covid disruption.
(Disclaimer: Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned. FinancialsFor the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 359.75 Crore, up 2.72 % from last quarter Total Income of Rs 350.22 Crore and up 5.49 % from last year same quarter Total Income of Rs 341.02 Crore. Company reported net profit after tax of Rs 79.60 Crore in latest quarter.
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- Repco Home Finance share price: Buy Repco Home Finance, target price Rs 650: ICICI bonds
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