PNB Housing Finance: In the Big League

PNB Housing Finance

BSE Sensex

31,160

S&P CNX

9,736

PNB Housing Finance

Initiating Coverage | Sector: Financials

CMP: INR1,412

In the Big League

TP: INR1,675 (+19%)

Buy

A perfect blend of growth with quality

Stock Info

Bloomberg

Equity Shares (m)

52-Week Range (INR)

1, 6, 12 Rel. Per (%)

M.Cap. (INR b)

M.Cap. (USD b)

12M Avg. Val (INR M)

Free float (%)



PNBHF IN

165.6

1715 / 789

-7/19/-

233.9

3.7

690

61.1



Financial Snapshot (INR b)

Y/E Mar

2018E 2019E 2020E

NII

14.8

19.9

26.4

PPP

14.4

19.3

25.9

PAT

8.0

10.8

14.4

EPS (INR)

48.1

65.1

87.2

BV/Sh. (INR)

367.6 419.1 488.1

RoAA (%)

1.5

RoE (%)

13.8

16.6

19.2

Payout (%)

20.9

P/E (x)

29.3

21.7

16.2

P/BV (x)

3.8

3.4

2.9

Shareholding pattern (%)

As On

Jun-17 Mar-17 Dec-16

Promoter

38.9

39.1

DII

4.5

4.1

4.0

FII

14.5

15.4

15.9

Others

42.1

41.5

41.0

FII Includes depository receipts



PNB Housing Finance (PNBHF) is a classic turnaround story. While the company

was incorporated in 1988 as a wholly-owned subsidiary of Punjab National Bank,

the turnaround started two decades later in FY10. This was effected by a change in

shareholding (Destimoney Enterprises, a subsidiary of the Carlyle Group,

purchased 26% stake in PNBHF) as well as a change in management.

Over FY10-15, the company invested in technology, re-jigged its operations and

processes, diversified its loan book, and expanded in new geographies.

Consequently, over FY12-17, PNBHF’s loan book grew from INR40b to INR400b+,

and PAT increased from INR0.8b to INR5.2b.

PNBHF has effectively leveraged on a unique hub-and-spoke model, where

customer acquisition happens at the branch level while underwriting takes place

at a hub. The company has incurred significant technology and branch

infrastructure costs over the past few years and we expect operating leverage

benefits to accrue with strong growth, resulting in a 600bp reduction in the C/I

ratio to 22% over FY17-20.

PNBHF’s asset quality has been one of the best among peers, with a GNPL ratio (2-

year lag basis) of 0.5% as of FY17. However, as the loan book gets more seasoned

and on account of increasing corporate exposure, we expect a modest increase in

GNPA and credit costs. Yet, we expect RoA to remain largely stable at ~1.5%. With

increasing leverage over time, RoE should cross 19% by FY20. We initiate coverage

on PNBHF with a Buy rating and a target price of INR1,675 (22x Sep 2019E EPS),

implying 3.7x Sep2019E BVPS.

Growth potential unlocked with unique business model

Commencing a turnaround in 2011, PNBHF registered strong loan growth across

segments with a loan book CAGR of 60% over FY12-17, driven by increased

market penetration and expansion into new territories. Consequently, its market

share increased from ~0.5% to 2%+, making it the fifth largest HFC in India. With

a hub-and-spoke model and a central processing center (CPC), the company has

ensured that branches focus only on loan sourcing, hubs focus solely on

underwriting and the CPC focuses only on file processing. Unlike other HFCs

which are now focusing more on the affordable housing segment, PNBHF caters

largely to the middle and upper-middle class segment. Its average ticket size of

INR3.2m in home loans is ~30% higher than that of HDFC and IHFL. The company

now has 66 branches in 40 cities, and aspires to achieve at least 8-10% market

share (among HFCs) in every city where it operates. We believe the company has

built the foundation to drive 37% AUM CAGR over FY17-20.

PNB Housing Finance

In the Big League

Piran Engineer

91 22 3980 4393

Piran.Engineer@motilaloswal.com

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Loan mix reached targeted level of 60:40 (Retail and Non retail)

PNBHF has built capabilities in appraising LAP, builder loans and other non-core

loans. With a strong & well-qualified team (60-65% of its underwriters are

Chartered Accountants), the company has developed capabilities to underwrite

28 September 2017

PNB Housing Finance

Stock Performance (1-year)

skillfully based on cash-flow analysis. The non-housing loan book now accounts for

41% of the total loan book, as compared to 25% in FY13. Shift in the loan mix has

helped the company to a) be competitive in the retail segment without impact on

overall company margins b) absorb high opex without denting profitability. Loan mix

has reached targeted level and upside to ROA will be realized by operating leverage

rather than margins.

Asset quality pristine; Factor in high credit cost conservatively

GNPL/NNPL ratio stood at 0.22%/0.15% as of end-FY17, the lowest among peers.

Even on a two-year lag basis, the GNPL ratio stands at ~0.5%. In the construction

finance loan book, the NPA is nil. In fact, 88% of projects funded have witnessed

sales velocity in excess of the company’s assumptions. While the company has

stringent underwriting processes in place, we believe that the loan book is still

largely unseasoned, and thus, the GNPL ratio could increase. PNBHF has a large

corporate loan book (~16% of total loans) and LAP book (~16%). Additionally, nearly

40% of the loan book is from north India, where the real estate market has been

subdued for the past 2-3 years. While the company maintains adequate collateral

cover on its loans (LAP LTV capped at 70% at origination; construction finance loan

cover of 2x), we believe GNPLs should rise to 40-50bp over the next 2-3 years.

Consequently, credit costs (including standard asset provisions) are expected to rise

from 30bp in FY17 to 40-45bp over the medium term. However, the company has

already built a contingency provision buffer of INR395m.

Growth, asset quality & improving RoE justify valuation premium

We believe PNBHF is at an inflection point. Increasing geographical spread and new

branch openings (110 branches in FY20E v/s 66 in FY17) are expected to result in the

loan book growing to ~INR1t by FY20 (37% CAGR). With the pace of investments

slowing down, coupled with operating leverage benefits kicking in, the expense ratio

is set to decline meaningfully. Credit costs, however, are expected to inch up

marginally on account of portfolio seasoning. All these factors put together are

expected to drive 40% PAT CAGR over FY17-20E, in our view. While RoA is likely to

remain largely stable at ~1.5%, RoE should improve from 14% in FY17 to 19% in FY20

on account of higher leverage. While we expect the company to raise capital in FY19

or FY20, we have not built in any capital raise assumptions in our numbers. We use

RI model with Rf of 7%, CoE of 13.5% and terminal growth rate of 5% to arrive at a

target price of INR1,675 (22x Sep 2019E EPS), implying 3.7x Sep2019E BVPS. We

initiate coverage with a

Buy

rating.

Exhibit 1: Valuation comparison

HDFC

LICHF

IHFL

DHFL

PNBHF

Can Fin

GRUH

REPCO

AUM

(INR b)

3,550

1,471

945

882

468

138

137

Price

(INR)

1,719

607

1,223

526

1,412

2,597

520

601

Market Cap

(INR b)

2,750

307

521

167

234

191

AUM CAGR

(FY17-20E) %

PAT CAGR

(FY17-20E) %

RoA (%)

RoE (%)

P/B

P/E

FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E

1.9

19.3 18.4

4.3

3.1

23.8 18.7

1.4

1.5

18.2 18.5

2.5

2.1

14.6 12.4

3.3

3.2

28.2 31.3

3.8

3.3

14.2 11.3

1.2

1.3

14.1 15.6

1.9

1.6

13.9 11.2

1.5

13.8 16.6

3.8

3.4

29.3 21.7

2.0

23.2 22.6

4.6

3.7

23.1 18.1

2.4

33.0 32.8 15.7 12.9 52.3 43.1

2.2

17.5 17.0

2.8

2.4

17.4 15.3

Source: Company, MOSL; Note: Can Fin Homes numbers are BBG estimates

28 September 2017

PNB Housing Finance

Consistently gaining market share from peers

Turnaround led by change in ownership and management



With a change in management in 2011, PNBHF witnessed an impressive turnaround,

with a robust loan CAGR of 60% over FY12-17. This was driven by a higher branch

count, coupled with increasing branch productivity.

The company has created a niche for itself by targeting the self-employed segment in

the urban areas. With low cost of funds driven by a superior liability profile, it is able

to price its loans at par with the best players in the industry.

Branch count grew from 32 in FY14 to 63 in FY17. Management plans to open 23 new

branches in FY18, and we estimate another 25 branches over FY18-20. New branch

openings, coupled with improving productivity, should drive 37% AUM CAGR over

FY17-20, in our view.

Change in ownership and management key to turnaround

Unlike most state-owned

enterprises, management

does not have a fixed

tenure

PNBHF was incorporated in 1988 as a wholly owned subsidiary of Punjab National

Bank. Subsequently, the company registered as a housing finance company (HFC)

with the National Housing Bank (NHB) in 2001. In 2009, PNB sold 26% stake in the

company to Destimoney Enterprises (DEPL). Further, in 2012, DEPL’s stake increased

to 49% upon conversion of the CCDs issued to it in 2009. DEPL is now owned by

Carlyle Group’s Quality Investments Holdings. Post the stake sale to DEPL, new

management was inducted into the company.

Mr Sanjaya Gupta - Managing Director



Joined the company in 2010 as Managing Director.

Previously served as the Country Head and CEO of the Prospective Mortgage

Guaranty Business in India at AIG United Guarantee

Worked with HDFC Ltd. for 16 years, with his last assignment as Head of

Business Development & Distribution. Was also responsible for establishing the

international housing finance branch operations for HDFC Ltd.

Mr Jayesh Jain - Chief Financial Officer



Joined PNBHF in August 2014.

Previously served as the CFO of GRUH Finance Limited and has over 15 years of

experience in the housing finance industry.

He holds a BCom and is a CA. He is a Fellow Member of the ICAI, and a Certified

Information Systems Auditor and a Certified Information Security Manager from

the Information Systems Audit and Control Association, USA.

Mr Shaji Varghese – Executive Director, Business Development



Joined PNBHF in February 2012.

Previously served as Senior VP at IndusInd Bank. He has more than 17 years of

experience in retail assets, liabilities and wealth management.

He holds a Bachelor’s Degree in Law from the Bharati Vidyapeeth New Law

College, University of Pune. He also holds a Diploma in Business Management.

from the Bharati Institute of Management, University of Pune. He holds a

Master’s Degree in Management Science from the University of Pune.

28 September 2017

PNB Housing Finance

Management initiated a thorough business restructuring program in FY11, which

concluded in FY16. This included:

PNBHF undertook an

exhaustive restructuring

exercise over FY11-16,

resulting in significantly

improved performance



Improvement, centralization and standardization of business processes,

payments and credit policies; changes in origination/sourcing strategy and in

product composition/target customer segments.

Changes to the organizational structure, which involved significant changes in

credit underwriting and monitoring functions, and the hiring of in-house sales

teams, fraud prevention specialists, collection experts and in-house legal,

technical and property valuation experts.

Creation and implementation of a new hub-and-spoke model, wherein the

branches were positioned to act as the primary points of sale and collections,

while the processing hubs were positioned to provide loan processing, credit

appraisal and monitoring functions.

Development of a new IT platform, which improved the efficiency of operations.

PNBHF also undertook a marketing program to reposition the ‘PNB Housing’

brand and create a new logo and tagline.

This exercise was instrumental in driving a CAGR of 60% in the loan book (3x of

industry growth) and ~50% in PAT over FY12-17. The company is now the fifth

largest HFC in India. It also has the second largest public deposit base after HDFC

among HFCs. However, the company has higher share of bulk deposit base, with the

top 20 depositors accounting for 35% of all deposits. More than half of the deposits

come from non-retail sources.

Exhibit 2: 60% AUM CAGR over FY12-17

AUM (INRb)

Growth (%)

FY12

FY13

106

FY14

168

FY15

272

FY16

385

FY17

774

FY12

928

FY13

1,297

FY14

1,941

FY15

3,273

FY16

5,237

FY17

Exhibit 3: 48% PAT CAGR over FY12-17

Net Profit (INRm)

Growth (%)

Source: MOSL, Company

Exhibit 4: Key milestones

Year

1988

2003

2009

2010

2012

2015

Details

Incorporation of the Company

Company notified under the SARFAESI Act

PNB sold 26% of its stake in the total issued, subscribed and paid-up share capital

of the Company to DEPL

Launched the business process re-engineering project, “Kshitij”

DEPL increased its shareholding to 49% in the Company, pursuant to the

conversion of CCDs issued to DEPL in 2009

Implemented end-to-end Enterprise System Solution

Source: MOSL, Company

28 September 2017

PNB Housing Finance

Loan sourcing done by an

in-house sales team, off-roll

DST team and DSAs

Well-diversified loan book with hub-and-spoke underwriting

PNBHF caters to both the salaried and self-employed customer segments, but with a

greater focus on the urban self-employed segment. It offers retail home loans, and

non-housing loans in the form of construction finance, loans against property (LAP),

lease rental discounting loans (LRD), non-residential property (NRP) and corporate

term loans (CTL). PNBHF conducts its operations via 66 branches, 18 processing hubs

and a central processing center (CPC) in NCR. The biggest advantage of this model is

that the branch focuses exclusively on loan sourcing, the hub focuses solely on loan

underwriting and the CPC focuses solely on file processing and other back-end

operations. Apart from an in-house sales team, the company has a team of DSTs

(off-roll employees who source loans exclusively for PNBHF) and also relies on DSAs

for loan sourcing.

Exhibit 5: Interesting facts about their hub-and-spoke model

What?

Number of branches associated to a hub

Number of underwriters in a hub

Number of sales managers per branch

Number of DST managers per branch

Home loan approval rate

LAP approval rate

Collection mechanism

Description



4-5

9-10

3-6

20-25

75-80%

60-65%

Completely in-sourced; 2-3 collection guys per branch

Source: MOSL, Company

Fastest AUM CAGR over the

past 5 years compared to

peers

Gaining market share from peers

On account of a low base, coupled with the impact of business re-engineering,

PNBHF registered loan growth significantly better than peers over FY12-17. While

the home loan industry grew at an 18% CAGR over the same time frame, PNBHF

registered 60% growth. As a result, its home loan market share improved from 0.5%

in FY12 to 2%+ in FY17. The company has a target to achieve 8-10% market share

(among HFCs) in every market that it operates in.

Exhibit 7: FY17-20E loan book CAGR (%) – best among peers

Exhibit 6: FY12-17 loan book CAGR (%) – best among peers

HDFC

LICHF

DHFL REPCO GRUH

IHFL

Can Fin PNBHF

PNBHF

IHFL

Repco

GRUH

DHFL

HDFC

LICHF

Source: MOSL, Company; Note: DHFL loan book CAGR over FY13-17

Source: MOSL, Company

28 September 2017

PNB Housing Finance

With falling interest rates, largely stable real estate prices and boost from

government schemes, the housing finance sector remains in a sweet spot over the

foreseeable future. We expect PNBHF to continue with its robust growth trajectory

with expansion into newer geographies, and build in 37% AUM CAGR over FY17-20E.

The company has doubled

its branch count over FY14-

17, leading to strong loan

growth

Exhibit 8: Trend in branch network

100

110

FY14

FY15

FY16

FY17

FY18E

FY19E

FY20E

Source: MOSL, Company

Exhibit 9: Trend in AUM

AUM (INRb)

Growth (%)

FY12

FY13

106

FY14

173

FY15

276

FY16

415

FY17

591

FY18E

800

FY19E

1,061

FY20E

Source: MOSL, Company

28 September 2017

PNB Housing Finance

Diverse product offering across retail and corporate

Mix reached to targeted level



PNBHF is one of the most diversified HFCs, with a mix of retail home loans, LAP,

construction finance, LRD, non-residential property and corporate term loans.

Over the past four years, the company has gradually increased the share of non-

housing loans (including construction finance) from 25% to 41%. The share of the non-

retail home loan book is highest among its large peers after IHFL. However, in both

LAP and CF, the company caters to the lower-risk end of the spectrum.

We expect PNBHF to continue increasing its share of non-housing loans, albeit at a

slower pace than in the past few years.

Greater focus on the self-

employed segment, with

higher ticket size than peers

like HDFC & IHFL in home

loans

Increasing share in non-retail loans

PNBHF caters to both the salaried and self-employed customer segments, but with a

greater focus on the urban self-employed segment. It offers retail home loans, and

non-housing loans in the form of construction finance, loans against property (LAP),

lease rental discounting loans (LRD) and corporate term loans. Construction finance

is done to real estate developers for residential projects only. In addition, bulk of the

LRD book is retail.

Since PNBHF operates largely in tier I/II cities, its average ticket size in home loans of

INR3.2m is almost 30% higher than that of its peers like HDFC and Indiabulls. Also,

unlike some of its peers, the company is not focusing a lot on affordable housing

finance. However, in LAP, the company chooses to cater to the lower end of the

spectrum in terms of ticket size, with average ticket size of INR5m. In construction

finance, PNBHF has average ticket size of INR500m, while retail LRD bears average

ticket size of INR30-40m. The company follows stringent underwriting standards,

with retail housing loans originating at an LTV of 66% and retail non-housing loans

(LAP) at an LTV of 46%.

PNBHF has increased the

share of its non-retail book

over the past four years;

however, its CF

Over FY13-17, PNBHF increased the share of its non-housing loans from 25% to 41%.

Majority of this increase was on account of construction finance. The share of

construction finance now stands at 11% v/s 2% in FY13. This was accompanied by a

decline in the share of retail home loans from 75% to 59% over the same time

period. As of June 2017, the share of individual home loans/construction

finance/other non-housing loans stood at 59%/11%/30% of its total loan portfolio.

Within the construction finance segment, PNBHF caters to the lower-risk end of the

spectrum in terms of quality of the developer and the project. This is evident from

the incremental yields of <12%, which is lower than what other HFCs make on their

construction finance portfolio.

28 September 2017

PNB Housing Finance

Exhibit 10: Loan mix trend over FY13-17 (%)

Individual loans

LAP

NRP

LRD

CF , 11%

FY14

FY15

FY16

FY17

Source: MOSL, Company

CTL

Exhibit 11: Loan mix with break-up of non-housing loans

Corp term

loan, 5%

LRD, 6%

NRPL, 4%

LAP, 16%

Home loan,

59%

Around 66% of incremental

loans are sourced in-house

PNBHF has a network of 66 branches across the northern, western and southern

regions, through which it sources loans. In addition to its in-house teams, it has a

large network of DSAs for loan sourcing (largely for LAP). It also has 18 processing

offices and one central support office (CSO). The branches act as the primary point

of sale, assisting with the origination of loans, collection processes, sourcing

deposits and enhancing customer service, while the processing hubs and zonal

offices provide support functions such as loan processing, credit appraisal and

monitoring. The CSO supervises operations nationally.

Within its peer group, PNBHF has a relatively low share of retail home loans (59% as

of FY17). It also has a high proportion of loans to self-employed customers, similar

to peers like Repco Home Finance, GRUH Finance and DHFL.

Exhibit 12: Share of retail home loans in total loan book (FY17, %)

The company has a lower

share of retail home loans

compared to peers

IHFL

PNBHF

DHFL

HDFC

REPCO

GRUH

LICHF

Can Fin

Source: MOSL, Company

Exhibit 13: Customer segment mix (%)

Loans to

corporates

Salaried

Self Employed

Source: MOSL, Company

28 September 2017

PNB Housing Finance

Ticket size at INR3.2m for

retail home loans is higher

than competitors

PNBHF has the highest average ticket size of INR3.2m in retail home loans in its peer

group.

Exhibit 14: Average ticket size (INR m, FY17)

3.2

2.5

1.4

1.7

2.1

2.5

0.8

1.2

GRUH

Repco

DHFL

Can Fin

LICHF

HDFC

IHFL

PNBHF

Source: MOSL, Company

28 September 2017

PNB Housing Finance

Factor in stable margins

Diversified liability profile – an added advantage



Among all the companies under our coverage, PNBHF has the one of the most

diversified liability profiles. We attribute this to its strong parentage and credit rating.

The company has a healthy mix of retail and wholesale borrowings. Over FY14-17,

PNBHF reduced the share of bank borrowings from 30%+ to 7%. At the same time, it

started accessing the CP market, which now accounts for 12% of total borrowings.

PNBHF is the second largest HFC in terms of public deposits, which account for 28% of

total borrowings. However, more than half of its deposits come from non-retail

sources.

Over the past four years,

the company significantly

diversified its liability mix,

maintaining stable margins

despite yield pressure

Strong liability franchise makes PNBHF a ‘low-cost producer’

One of PNBHF’s biggest strengths is its well-diversified liability franchise, which

makes its cost of funds competitive versus the largest players in the industry. The

company significantly reduced the share of bank borrowings from 34% in FY14 to 7%

in FY17. It is a deposit-accepting HFC, with deposits comprising ~30% of its total

borrowings. However, ~35% of its deposits come from the top 20 accounts. With the

reduction in the share of bank borrowings and the corresponding increase in the

share of market borrowings, the company has managed to reduce its cost of funds

significantly.

Exhibit 15: Significant reduction in share of bank borrowings (%)

NCDs

FY12

CPs

FY13

Deposits

FY14

ECB & Others

FY15

FY16

FY17

Banks

NHB

Source: Company, MOSL

PNBHF has the lowest share

of bank borrowings versus

peers, which gives it an

edge on cost of funds

Exhibit 16: Share of bank borrowings versus peers (FY17, %)

PNBHF

REPCO

DHFL

IHFL

GRUH

Can Fin

HDFC

LICHF

Source: Company, MOSL

28 September 2017

PNB Housing Finance

Exhibit 17: Both yields and CoF trending lower

Yield (%)

Cost of borrowings (%)

Exhibit 18: NIM has ranged close to 3%

Net Interest Margin (%)

11.6

9.3

FY14

11.7

9.4

FY15

3.10

11.3

9.1

FY16

10.8

8.6

FY17

2.93

FY14

FY15

FY16

2.98

2.97

FY17

Source: MOSL, Company

PNBHF lies in the middle of the range in terms of spreads vis-à-vis competitors.

Exhibit 19: Spread v/s peers – FY17 (%)

3.61

3.05

3.00

2.52

2.30

2.21

1.67

Exhibit 20: Margins v/s peers – FY17 (%)

4.41

4.33

4.27

3.37

3.02

2.97

2.61

GRUH

IHFL

REPCO

HDFC

DHFL

PNBHF

LICHF

REPCO

IHFL

GRUH

HDFC

DHFL

PNBHF

LICHF

Source: MOSL, Company

Exhibit 21: Trend in margins (%)

2.95

FY13

2.74

FY14

2.74

FY15

2.91

FY16

2.82

FY17

2.91

FY18E

2.79

FY19E

2.76

FY20E

Source: MOSL, Company

28 September 2017

PNB Housing Finance

Operating leverage benefits to play out gradually

Over 20bp benefit in expense ratio expected over FY17-20



Over the tenure of the business restructuring program, operating expenses remained

elevated as PNBHF incurred several set-up costs, especially on the technology front.

The benefits of the hub-and-spoke model have started to accrue, as is being driven

largely by addition of spokes, with growth in the number of hubs slowing down.

While the expense ratio declined from 120bp in FY15 to 98bp in FY17, we expect it to

fall further to 75bp by FY20, largely driven by operating leverage benefits.

Loan acquisition cost is the

key component of opex,

amounting to 25% of total

opex in FY17

High opex driven by loan acquisition costs

Over FY12-16, PNBHF incurred an opex CAGR of 65%, largely in line with the loan

book CAGR. The company had invested significantly in setting up the front-end and

back-end infrastructure. It also deployed 55 people and incurred INR550m in IT costs

over the past few years. The company still has a long way to go in terms of efficiency

improvement. The cost-to-income ratio (calculated) is elevated at 28%, higher than

most peers. The key component of opex has been loan acquisition cost, which

accounted for 25% of the company’s total opex in FY17.

However, the company has been focusing on curbing other operating expenses and

improving branch productivity. This is evident from the fact that growth in opex,

excluding advertising and loan acquisition, has slowed down meaningfully over the

past two years. In addition, branch productivity has improved, with AUM/branch

doubling from INR3.3b in FY14 to INR6.6b in FY17. Due to this, there has been some

improvement in the expense and C/I ratios over the past few years. We expect

PNBHF to continue improving its cost structure as the benefits of operating leverage

kick in with strong growth.

Exhibit 22: Advertising and loan acquisition cost trend

Growth (%)

Advertising costs (INR m)

903

Exhibit 23: Trend in other opex

Other Opex (INR m)

Growth (%)

497

308

190

FY14

118

219

231

315

FY16

FY17

FY12

539

FY13

849

FY14

1404

FY15

1805

FY16

2439

FY17

FY12

FY13

FY15

Source: MOSL, Company

Source: MOSL, Company; Other opex includes total opex less

advertising and loan acquisition expenses

28 September 2017

PNB Housing Finance

Cost structure elevated

compared to most peers

Exhibit 24: Cost-to-income ratio (calculated, FY17) is elevated compared to peers

26.5

28.3

10.5

13.3

15.9

16.5

16.9

HDFC

IHFL

LICHF

GRUH

Repco

DHFL

PNBHF

Source: MOSL, Company

Exhibit 25: Cost-to-income ratio (calculated) to continue to decline

1.1

1.0

Cost to income (%)

1.2

1.0

Cost to assets (%)

1.0

0.9

0.8

0.7

0.8

23.7

FY12

30.9

FY13

34.3

FY14

35.5

FY15

30.0

FY16

28.3

FY17

24.7

FY18E

23.3

FY19E

22.0

FY20E

Source: MOSL, Company

28 September 2017

PNB Housing Finance

Pristine asset quality, Returns ratios to improve

RoE to reach 19% by FY20



Despite strong growth witnessed in the past five years, PNBHF has not been faced

with any asset quality issues.

The strength of its underwriting practices is evident from the fact that its GNPL in the

corporate segment is nil. The company prefers to sacrifice yield (its incremental yield

in the project finance segments is ~12%), but does not compromise on asset quality.

While we expect the GNPL ratio to inch up marginally as the loan book seasons, we

believe it will not have any material impact on the financials.

We expect strong loan growth, stable margins/asset quality and operating leverage

benefits to drive an improvement in the return ratios. We forecast 40% PAT CAGR over

FY17-20, with RoA/RoE of 1.5%/19% in FY20.

With GNPA of 0.4% on a

two-year lag basis, PNBHF’s

asset quality is best-in-class

Asset quality pristine; credit costs low

With the implementation of the business restructuring program, PNBHF has

delivered superior loan growth relative to peers. Yet, it has not compromised on the

underwriting standards. As a result, with a stable GNPA of 0.2% (FY17), its asset

quality is best-in-class and comparable with private sector peers. However, since the

portfolio has grown at a robust pace over the past few years, there could be a

modest rise in delinquencies as the loan book seasons.

Exhibit 26: Pristine asset quality

GNPL (%)

0.56

GNPL - 2-year lag (%)

0.51

0.32

0.20

0.22

0.57

0.51

FY13

FY14

FY15

FY16

FY17

Source: MOSL, Company

Exhibit 27: GNPA as of FY17 (%) – Best-in-class asset quality

2.60

0.79

0.22

PNBHF

0.31

GRUH

0.43

0.85

0.94

LICHF

HDFC

IHFL

DHFL

Repco

Source: MOSL, Company

28 September 2017

PNB Housing Finance

Exhibit 28: FY17 credit costs – comparison v/s peers

0.95

0.62

0.31

0.21

0.22

0.26

0.28

LICHF

HDFC

GRUH

DHFL

PNBHF

Repco

IHFL

Source: MOSL, Company

Reduction in expense ratio

to drive improvement in

return ratios

Triggers in place for improving return ratios

Over FY13-16, PNBHF generated consistent RoA of 1.3-1.5% and RoE of 16-18%. In

FY17, however, RoE declined to 14% due to large capital infusion. With the benefits

of operating leverage kicking in, coupled with higher financial leverage, we expect

RoE to return to pre-IPO levels in the next 2-3 years. We forecast RoA/RoE of

1.5%/19% by FY20. Given the strong growth outlook, we believe the company would

look to raise capital in FY19 or FY20. However, our estimates do not include the

impact of any capital raise.

Exhibit 29: AUM growth to continue remaining strong over the medium term

AUM (INRb)

Growth (%)

FY12

FY13

106

FY14

168

FY15

272

FY16

385

FY17

567

FY18E

781

FY19E

1,046

FY20E

Source: MOSL, Company

Exhibit 30: Margins to remain stable (%)

2.95

2.74

2.91

2.82

2.91

2.79

2.76

Exhibit 31: Opex benefits to accrue

Cost to income (%)

1.1

1.0

1.2

1.0

Cost to assets (%)

0.9

0.8

0.7

30.9

FY13

FY14

FY15

FY16

FY17

FY18E FY19E FY20E

Source: MOSL, Company

FY13

34.3

FY14

35.5

FY15

30.0

FY16

28.3

FY17

24.7

23.3

22.0

FY18E FY19E FY20E

Source: MOSL, Company

28 September 2017

PNB Housing Finance

Exhibit 32: Return ratios poised to pick up

RoA (%)

18.2

16.7

15.4

17.6

13.8

1.5

1.4

1.3

1.4

1.5

0.9

1.3

1.9

3.3

5.2

8.0

10.8

14.4

RoE (%)

16.6

19.2

Exhibit 33: 40% PAT CAGR over FY17-20E

Net Profit (INR b)

Growth (%)

Source: MOSL, Company

Exhibit 34: DuPont Analysis

Interest Income

Interest Expended

Net Interest Income

Other Income

Net Income

Operating Expenses

Operating Profit

Provisions/write offs

PBT

Tax

Reported PAT

Leverage

RoE

2013

10.50

7.64

2.86

0.52

3.38

1.04

2.34

0.21

2.13

0.59

1.54

11.88

18.24

2014

11.00

8.35

2.65

0.67

3.32

1.14

2.18

0.32

1.86

0.51

1.35

12.37

16.71

2015

10.93

8.28

2.66

0.72

3.37

1.20

2.18

0.25

1.93

0.66

1.27

12.16

15.45

2016

10.46

7.64

2.82

0.63

3.45

1.04

2.41

0.34

2.07

0.73

1.35

13.07

17.58

2017

10.03

7.29

2.75

0.74

3.48

0.98

2.50

0.28

2.22

0.77

1.44

9.54

13.78

2018E

9.41

6.57

2.83

0.81

3.64

0.90

2.74

0.40

2.34

0.82

1.52

9.08

13.81

2019E

9.41

6.69

2.72

0.73

3.44

0.80

2.64

0.37

2.27

0.79

1.48

11.22

16.56

2020E

9.49

6.80

2.69

0.70

3.38

0.75

2.64

0.37

2.27

0.79

1.47

13.06

19.22

Source: MOSL, Company

Exhibit 35: DuPont Analysis (FY16) – Higher cost structure a drag on profitability

Interest Income

Interest Expended

Net Interest Income

Non interest Income

Net Income

Operating Expenses

Cost to income (%)

Operating Profits

Provisions/write offs

PBT

Tax

Tax rate

PAT

Leverage

RoE

PNBHF

10.03

7.29

2.75

0.74

3.48

0.98

28.26

2.50

0.28

2.22

0.77

34.86

1.44

9.54

13.78

IHFL

12.28

7.57

4.71

1.54

6.25

0.90

14.35

5.35

0.90

4.45

1.02

22.88

3.44

7.42

25.50

GRUH

11.91

7.61

4.31

0.39

4.69

0.77

16.48

3.92

0.27

3.65

1.20

32.91

2.45

13.24

32.46

LICHFC

10.79

7.96

2.84

0.16

2.99

0.48

15.89

2.52

0.22

2.30

0.80

34.67

1.50

12.95

19.45

Repco

12.07

7.69

4.38

0.38

4.76

0.80

16.91

3.95

0.62

3.33

1.17

34.95

2.17

8.03

17.42

DHFL

HDFC

10.51

9.87

8.57

6.69

1.94

3.18

0.90

0.61

2.84

3.79

0.75

0.43

26.47

11.30

2.09

3.36

0.28

0.14

1.81

3.23

0.61

1.05

14.10

32.56

1.19

2.18

12.03

8.82

14.37

21.00

Source: MOSL, Company

28 September 2017

PNB Housing Finance

Asset-liability management

The company is conservative in maintaining its ALM, with assets exceeding liabilities

comfortably in its 0-3 year bucket. This would help the company maintain

operations smoothly in times of liquidity tightening.

Conservative ALM

Exhibit 36: Maturity pattern of assets and liabilities (INR b)

Assets

137

114

129

Liabilities

< 1 year

1-3 years

3-5 years

> 5 years

Source: MOSL, Company

28 September 2017

PNB Housing Finance

SWOT analysis



Presence in high-growth business segments, with

lower asset quality risk



Highly scalable hub-and-spoke business model.



Strong technology platform



Best-in-class liability franchise with minimal

dependence on bank borrowings

Strength



Dependence of DSAs, although reducing, is still high



Cost structure higher than peers

Weaknesses



Operates in underpenetrated business segments

with huge growth potential



With implementation of GST and RERA, there could

be a shift to more formal sources of financing

Opportunities



High share of corporate loan exposure



Intense competition in the retail home loan segment

causing severe yield pressure

Threats

28 September 2017

PNB Housing Finance

Bull & Bear case

Bull Case



In our bull case, we assume strong AUM CAGR of 41% (v/s base case of 37%).

We believe the CF and LAP segments could surprise on the upside.

We expect margins to increase modestly to 3%.

We expect significant cost control, with cost-to-income ratio declining to 19% by

FY20 (v/s 22% in base case).

Asset quality would be slightly better with GNPA of 0.4% by FY20 (v/s 0.5% in

base case).

This results in PAT CAGR of 50% (vs. 40% in base case) over FY17-20, with

RoA/RoE in FY20 equal to 1.7%/23%.

Based on the above assumptions, our bull case target multiple is 5x FY19 BV,

implying an upside of 52%.

Bear Case



In our bear case, we assume AUM CAGR of 27% (vs. base case of 37%).

Slowdown in the non-core segments could lead to such a scenario.



We expect margins to remain stable at 2.8%.



We expect no cost control, with cost-to-income ratio remaining largely stable at

~27-28% over FY17-20 (v/s 22% by FY20 in base case).



Asset quality would worsen, with GNPA of 1.2% by FY20 (v/s 0.5% in base case).



This results in PAT CAGR of 27% (vs. 40% in base case) over FY17-20, with

RoA/RoE in FY20 equal to 1.3%/15%.



Based on the above assumptions, our bear case target multiple is 3x FY19E BV,

implying a downside of 14%.

Exhibit 37: Scenario Analysis – Bull Case

Bull Case

NII

Opex

Provisions

PBT

PAT

NIM (%)

Cost to assets (%)

RoA (%)

RoE (%)

EPS

Target multiple

Target price (INR)

Upside

FY18E

15,281

4,715

1,934

12,987

8,441

3.0

0.9

1.6

14.6

370

2,152

52%

Source: Company, MOSL

FY19E

22,074

5,737

2,476

19,519

12,687

3.0

0.8

1.7

19.1

430

FY20E

30,261

6,982

3,473

27,233

17,702

2.9

0.7

1.7

22.6

107

515

Exhibit 38: Scenario Analysis – Bear Case

Bear Case

NII

Opex

Provisions

PBT

PAT

NIM (%)

Cost to assets (%)

RoA (%)

RoE (%)

EPS

Target multiple

Target price (INR)

Upside

FY17E

14,140

4,715

2,271

11,007

7,155

2.9

0.9

1.4

12.5

364

1,215

-14%

Source: Company, MOSL

FY18E

17,652

6,033

2,987

13,284

8,635

2.8

0.9

1.3

13.6

405

FY19E

22,097

7,725

3,781

16,339

10,620

2.8

0.9

1.3

14.9

456

28 September 2017

PNB Housing Finance

Valuation and view

Superior execution + Strong growth + Healthy return ratio = Premium

Valuations



Over the past six years, PNBHF has scripted an enviable turnaround, positioning itself

to become the fifth largest player in the HFC segment. Strong underwriting and

execution skills have ensured that growth has not come at the cost of asset quality.

The company has been able to offset the pressure on yields and high opex with

superior liability management and asset mix.

Strong loan growth, stable margins and moderating expense ratio should drive 40%

PAT CAGR over FY17-20. RoE is expected to improve from 13.6% in FY17 to 19% in

FY20.

Stock trades at 3.4x FY19E P/B and 21.7x FY19E P/E. With strong macro factors

supporting and geographical diversification, we expect strong AUM CAGR of 40% over

FY17-20. Strong operating leverage will negate the expected rise in credit cost. Overall

we expect stable ROAs and improving RoEs will rising financial leverage. Superior

execution, strong EPS growth and healthy return ratios/asset quality will ensure

premium valuations to sustain. We thus initiate coverage on the company with a Buy

rating and a target price of INR1,675 (22x Sep 2019E EPS), implying 3.7x Sep2019E

BVPS.

Over the past six years, PNBHF has scripted an enviable turnaround. The company

has registered strong loan growth across segments. Loan book CAGR over FY12-17

was 60%, driven by increased market penetration and expansion into new

territories. Consequently, its market share increased from ~0.5% to 2%+ over the

same time period, making it the fifth largest HFC in India.

Strong growth, diversified

liability franchise and best-

in-class asset quality are

some of the key strengths

of the company

With a diversified liability franchise and minimal dependence on bank borrowings,

the company has been able to offset intense yield pressure and maintain spreads.

Over the past few years, the company has invested significantly in upgrading its

technology. In addition, the company uses a unique hub-and-spoke model, with

which it will be able to deliver strong loan growth with lower opex growth. As a

result, we expect operating leverage benefits to accrue over the medium term. We

expect opex/average assets to decline from 98bp in FY17 to 75bp in FY20.

PNBHF has best-in-class asset quality with GNPL ratio of 0.2% in FY17 (0.5% on a 2-

year lag basis). It has the distinction of being the only HFC with nil NPL in the

construction finance book. Additionally, 88% of projects funded by the company

have witnessed sales velocity in excess of the company’s assumptions.

Strong loan growth, stable margins and moderating expense ratio should drive 40%

PAT CAGR over FY17-20, in our view. RoE is expected to improve from 13.6% in FY17

to 19% in FY20. While the stock trades at a premium valuation of 3.4x FY19E P/B and

21.7x FY19E P/E, we believe this is justified, given its strong earnings growth over

the foreseeable future. We use RI model to value to company, with Rf of 7%, CoE of

13.5% and terminal growth rate of 5%. We initiate coverage with a Buy rating,

valuing the stock at INR1,675 (22x Sep 2019E EPS), implying 3.7x Sep2019E BVPS.

28 September 2017

PNB Housing Finance

Exhibit 39: PNBHF P/B chart

P/B (x)

Min (x)

4.4

3.8

3.2

2.6

2.0

Avg (x)

+1SD

4.2

4.1

3.4

2.7

2.3

Max (x)

-1SD

Exhibit 40: HDFC P/B chart

P/B (x)

8.0

6.5

Min (x)

Avg (x)

+1SD

Max (x)

-1SD

6.4

3.7

5.0

3.5

2.0

4.0

5.5

4.8

5.8

2.4

Source: MOSL, Company

Exhibit 41: IHFL P/B chart

P/B (x)

Min (x)

4.5

3.5

2.5

1.5

0.5

3.0

2.3

1.6

1.0

Avg (x)

+1SD

3.7

Max (x)

-1SD

Exhibit 42: DHFL P/B chart

P/B (x)

Min (x)

3.0

2.3

1.5

0.8

0.0

1.5

1.1

0.7

Avg (x)

+1SD

Max (x)

-1SD

2.8

3.7

2.0

0.3

Source: MOSL, Company

Exhibit 43: GRUH P/B chart

P/B (x)

Min (x)

16.0

12.0

8.0

4.0

0.0

6.3

2.6

1.1

9.9

Avg (x)

+1SD

Max (x)

-1SD

14.8

Exhibit 44: Repco P/B chart

P/B (x)

Min (x)

5.0

4.0

3.0

2.0

1.0

1.4

3.3

2.4

Avg (x)

+1SD

4.6

4.1

Max (x)

-1SD

14.8

2.8

Source: MOSL, Company

28 September 2017

PNB Housing Finance

Key risks

Increasing share of commercial real estate exposure

As per disclosures in the FY17 Annual Report, the exposure to commercial real

estate increased multi-fold from INR46b in FY16 to INR114b in FY17. However, as

per management, this is due to reclassification of construction finance from

residential exposure in FY16 to commercial exposure in FY17. Yet, we believe that

this could pose asset quality issues in the future, especially if the commercial real

estate environment remains subdued.

Operating leverage may not play out with network expansion

Currently, PNBHF operates in the larger towns and cities. However, as it migrates

more into semi-urban areas, the average ticket size is expected to decline. As a

result, to maintain growth, volumes will have to be stronger and in order to support

volumes, there would have to be more investments. Hence, it is possible that

operating leverage does not play out.

Strong AUM growth – Portfolio seasoning a key risk

The company enjoys a superior GNPL ratio of 0.4%. However, one of the reasons for

this is that the portfolio is not fully seasoned. Also, some project loans could be in

the moratorium period. With further seasoning of the loan book, there is a

possibility that the GNPL ratio increases.

Higher share of bulk deposits in Public deposits

The top 20 depositors constitute 35% of the company’s total deposits, implying a

large share of chunky deposits. In addition, deposits are a significant source of

borrowings for the company, constituting 25% of total borrowings. Any contraction

in liquidity in the system could hamper PNBHF’s ability to raise money from

deposits, and thus, impact growth.

28 September 2017

PNB Housing Finance

Company Background

PNBHF is the fifth largest housing finance company (HFC) in India in terms of loan

book size (INR468b as of June 2017). It has a diverse product suite offering retail

home loans, loans against property (LAP), corporate term loans, non-residential

property loans, construction finance, and lease rental discounting (LRD). It conducts

operations from a network of 66 branches and 18 processing units. PNBHF was

incorporated in 1988 as a subsidiary of Punjab National Bank (PNB). In 2009, PNB

sold 26% stake to Destimoney Enterprises (now a Carlyle Group entity). In 2012,

Destimoney Enterprises increased its stake to 49%.

Management details

Mr Sunil Mehta – Non-Executive Chairman

Mr Sunil Mehta is the MD & CEO of Punjab National Bank. He is a seasoned banker

with over 35 years of rich experience in various administrative and functional

capacities at branches, zonal offices and also at the head office level. Prior to

assuming the position of MD & CEO of Punjab National Bank, he was Executive

Director of Corporation Bank. He is a Post Graduate in Agriculture, MBA in Finance

and a Certified Associate of Indian Institute of Bankers (CAIIB).

Mr Sanjaya Gupta - Managing Director

Mr Gupta joined the company in 2010 as Managing Director. Previously, he served

as the Country Head and CEO of the Prospective Mortgage Guaranty Business in

India at AIG United Guaranty; as the National Product Head, Mortgages - Consumer

Banking at ABN Amro Bank NV; and as the VP Mortgages at ABN AMRO Central

Enterprise Services Private Limited. Mr Gupta worked for 16 years with HDFC Ltd. He

holds a BCom and an MBA from Lucknow University.

Mr Jayesh Jain - Chief Financial Officer

Mr Jain has been with PNBHF since August 2014. He holds a BCom and is a CA. He is

a Fellow Member of the ICAI, and a Certified Information Systems Auditor and a

Certified Information Security Manager from the Information Systems Audit and

Control Association, USA. Previously, he served as the CFO of GRUH Finance Limited

and has over 15 years of experience in the housing finance industry.

Mr Shaji Varghese – Executive Director, Business Development

Mr Varghese has been with PNBHF since February 2012. He has more than 17 years

of experience in retail assets, liabilities and wealth management. Prior to joining

PNBHF, he was Senior VP at IndusInd Bank. He holds a Bachelor’s Degree in Law

from the Bharati Vidyapeeth New Law College, University of Pune. He also holds a

Diploma in Business Management from the Bharati Institute of Management,

University of Pune. He holds a Master’s Degree in Management Science from the

University of Pune.

28 September 2017

PNB Housing Finance

Financials and valuations

Income statement

Y/E March

Interest Income

Interest Expended

Net Interest Income

Change (%)

Other Operating Income

Net Income

Change (%)

Operating Expenses

Operating Income

Change (%)

Provisions/write offs

PBT

Tax

Tax Rate (%)

Reported PAT

Change (%)

Proposed Dividend

2013

6,346

4,620

1,727

33.7

317

2,044

39.4

631

1,412

26.2

125

1,287

359

928

19.9

120

2014

10,559

8,016

2,543

47.3

644

3,187

56.0

1,093

2,094

48.3

304

1,790

493

1,297

39.7

176

2015

16,708

12,648

4,060

59.6

1,095

5,155

61.8

1,830

3,326

58.8

381

2,945

1,004

1,941

49.6

290

2016

25,461

18,603

6,858

68.9

1,534

8,393

62.8

2,521

5,872

76.6

832

5,040

1,766

3,273

68.7

486

2017

36,401

26,437

9,964

45.3

2,678

12,642

50.6

3,573

9,069

54.5

1,029

8,040

2,803

5,237

60.0

1,196

2018E

49,305

34,456

14,848

49.0

4,225

19,073

50.9

4,715

14,358

58.3

2,096

12,263

4,292

7,971

52.2

1,664

(INR Million)

2019E

2020E

68,804

93,066

48,942

66,703

19,863

26,363

33.8

32.7

5,302

6,827

25,165

33,190

31.9

5,872

7,316

19,292

25,874

34.4

34.1

2,697

3,654

16,595

22,220

5,808

7,777

10,787

14,443

35.3

33.9

2,252

3,016

(INR Million)

2019E

2020E

1,656

67,762

79,189

69,418

80,845

739,281

993,274

739,281

993,274

39.0

34.4

34,360

44,669

843,059 1,118,788

781,481 1,045,552

37.8

33.8

39,683

43,651

10.0

635

651

21,261

28,934

843,059 1,118,788

Balance sheet

Y/E March

Capital

Reserves & Surplus

Net Worth

Borrowings

Change (%)

Other liabilities

Total Liabilities

Loans

Change (%)

Investments

Change (%)

Net Fixed Assets

Other assets

Total Assets

E: MOSL Estimates

2013

500

5,680

6,180

45,954

66,954

73.5

3,417

76,551

66,008

67.2

7,769

105.4

177

2,596

76,551

2014

657

8,684

9,341

66,577

101,077

51.0

4,978

115,396

105,660

60.1

6,455

-16.9

288

2,993

115,396

2015

1,038

14,749

15,787

104,158

164,808

63.1

9,695

190,290

168,006

59.0

15,860

145.7

577

5,847

190,290

2016

1,269

20,190

21,459

116,087

260,137

57.8

14,809

296,405

271,813

61.8

16,223

2.3

622

7,747

296,405

2017

1,656

52,921

54,577

165,561

354,971

36.5

19,579

429,127

385,452

41.8

32,796

102.2

604

10,275

429,127

2018E

1,656

59,227

60,883

531,929

49.9

26,431

619,243

567,088

47.1

36,075

10.0

619

15,460

619,243

28 September 2017

PNB Housing Finance

Financials and valuations

Ratios

Y/E March

Spreads Analysis (%)

Avg yield on loans

Avg. cost of funds

Interest Spread

Net Interest Margin

Profitability Ratios (%)

RoE

RoA

Int. Expended/Int.Earned

Other Inc./Net Income

Efficiency Ratios (%)

Op. Exps./Net Income

Empl. Cost/Op. Exps.

Asset Quality (%)

Gross NPAs

Gross NPAs to Adv.

Net NPAs

Net NPAs to Adv.

VALUATION

Book Value (INR)

Price-BV (x)

EPS (INR)

EPS Growth YoY

Price-Earnings (x)

Dividend per share (INR)

Dividend yield (%)

E: MOSL Estimates

2013

11.5

8.8

2.1

3.0

2014

11.7

9.5

1.8

2.7

2015

11.7

9.5

1.8

2.7

2016

11.2

8.8

2.0

2.9

2017

10.6

8.6

1.7

2.8

2018E

9.9

7.8

1.9

2.9

2019E

9.8

7.7

2.0

2.8

2020E

9.8

7.7

2.0

2.8

18.2

1.54

72.8

15.5

16.7

1.35

75.9

20.2

15.4

1.27

75.7

21.2

17.6

1.35

73.1

18.3

13.8

1.44

72.6

21.2

13.8

1.52

69.9

22.2

16.6

1.48

71.1

21.1

19.2

1.47

71.7

20.6

30.9

40.3

34.3

37.0

35.5

36.6

30.0

29.9

28.3

24.7

27.5

23.3

27.6

22.0

27.7

371

0.6

0.0

337

0.3

164

0.2

341

0.2

114

0.1

598

0.2

381

0.1

858

0.2

590

0.2

1,821

0.3

1,184

0.2

3,239

0.4

2,105

0.3

5,193

0.5

3,375

0.3

123.6

18.6

-28.1

2.5

142.2

19.7

6.4

3.0

152.0

18.7

-5.3

3.0

169.1

25.8

38.0

3.4

329.5

4.3

31.6

22.6

44.7

6.0

0.4

367.6

3.8

48.1

52.2

29.3

8.7

0.6

419.1

3.4

65.1

35.3

21.7

11.7

0.8

488.1

2.9

87.2

33.9

16.2

15.7

1.1

28 September 2017

REPORT GALLERY

RECENT INITIATING COVERAGE REPORTS

PNB Housing Finance

NOTES

28 September 2017

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PNB Housing Finance

NOTES

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PNB Housing Finance

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28 September 2017