I am in the same boat. They look cheap, the management has been walking the talk for the last few quarters. I can see stage 2/3 assets being resolved. Are you purely invested based on a discount to book value?
What about the growth prospects going forward? I have a query about the niche IBH operates in. Why would a borrower go to IBH over HDFC/ICICI Bank or a PSU or other housing finance NBFCs? IBH were the largest HF NBFC, so the management has a track record in scaling out, but can they repeat itself? Is it the reach in hinterland (tier 2 and 3 cities) or the reduced documentation ask?
Also on the other avenue of growth their AIF fund, is there a similar opportunity here where banks and NBFCs have vacated the developer financing space. I see similar other platform that builders are using?
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