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Repco Home Finance surges 14% post Q2 earnings

SI Reporter/Mumbai 14 Nov 17 | 09:52 AM

Repco Home Finance surged 14% to Rs 671 on the BSE in early morning trade after the company reported 22% growth in net profit at Rs 56 crore in September 2017 quarter (Q2FY18). It had reported profit of Rs 46 crore in a year ago quarter.

Net interest income (interest earned minus interest expended) during the quarter under review grew 21% at Rs 109 crore against Rs 90 crore in the corresponding quarter of previous fiscal.

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The company’s assets quality improves sequentially with gross non-performing assets (NPAs) at 3.4% as of Q2FY18 against 4% as of Q1FY18. Net NPA stood at 1.9% in September quarter against 2.6% in June quarter. Gross NPA and Net NPA were at 2.4% and 1.3%, respectively, as on September 2016.

The provision coverage ratio stood at 44.2%, registering a sequential improvement of 9.1%.

“The operating environment has shown meaningful improvement with scope for further improvement being there. Going forward, accelerating the pace of asset book growth and improving the asset quality will form the bedrock of our efforts," said R Varadarajan, commenting on company performance.

At 09:44 AM; the stock was trading 11% higher at Rs 653 on the BSE, as compared to 0.11% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than three-fold with a combined 1.14 million shares changed hands on the BSE and NSE.

Thus far in the calendar year 2017, the stock had underperformed the market by gaining 6% as against 24% rise in the benchmark index till Monday.

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