I find another strange thing in indiabulls.
Till FY19, Asset stage classification looks pretty normal. Right from FY20, their stage 2 shotup to 30%. Irony is these stage 2 remains in 30% for 3 full year.
Just for comparison, if we take worst performing peers like LIC HF, PNB Housing, Repco, these companies have higher NPA, but their stage 1 is >80% at all these years. Stage 2 is <10% for all years.
Its strange for a company that almost 3 years where 1 in every 3 loan is delinquent for more than a month, but only minuscule loans ended up 3 month delinquent.
Disc: Invested
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