• Growth & Margins of LICHF has emerged unscathed from the liquidity crisis, and is gaining market share in home loan category.

• LICHF grew aggressively in Loan against property (LAP) & developer segment, with its proportion increasing from 11% to 23% over the past 3 years. NPAs have steadily inched up in LAP segment. The developer book asset quality has stabilized as of now but still has 25-27% under moratorium.

• On the positive side, LICHF is among few NBFCs to have emerged unscathed from liquidity turmoil and is gaining market share in home loan space.

• The Valuations at 1x on FY22 book look attractive given the possibility of 15% RoEs.

Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.

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