23 October 2020
2QFY21 Results Update | Sector: Financials
L&T Finance Holdings
Estimate change
TP change
Rating change
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
LTFH IN
1,999
130.3 / 1.8
134 / 46
1/-23/-30
1175
CMP: INR65
TP: INR90 (+39%)
Buy
Disbursements pick up, collections improve, and
provisions are enhanced
Financials & Valuations (INR b)
Y/E March
2020 2021E
Total Income
70.3
64.1
PPP
50.6
45.2
Adj. PAT
21.7
9.4
EPS (INR)
10.9
4.7
EPS Gr. (%)
-2.7
-57.0
BV/Sh. (INR)
72
75
Ratios
NIM (%)
5.8
5.2
C/I ratio (%)
28.1
29.5
RoAA (%)
2.0
0.8
RoE (%)
15.6
6.4
Payout (%)
17.8
13.9
Valuation
P/E (x)
6.0
13.9
P/BV (x)
0.9
0.9
Div. Yield (%)
2.0
0.9
Shareholding pattern (%)
As On
Sep-20
Jun-20
Promoter
63.7
63.7
DII
5.0
5.5
FII
7.1
9.4
Others
24.3
21.5
FII Includes depository receipts
2022E
72.6
52.6
21.5
10.7
129.4
85
5.6
27.6
1.9
13.4
13.9
6.1
0.8
2.0
L&T Finance Holdings (LTFH) reported 2QFY21 PAT of INR2.5b (down 62%
YoY). PPoP increased 16% QoQ to INR11.6b, resulting in 9% beat (down 13%
YoY). However, as the company chose to further build up its provision buffer,
total credit costs came in at INR8.4b, 11% higher than our estimates.
We expect the company to continue to build up provisions for the next 2–3
quarters, taking its standard asset provisions to 2.5–3% of loans. Hence,
we cut our FY21 EPS estimate by 8%, but upgrade the FY22 estimate on
account of better top-line growth.
Disbursements picked up to ~75% of YoY levels in the quarter, driven by
vehicle/infrastructure finance. Tractor disbursements jumped nearly 60%
YoY to INR11b, making LTFH the largest tractor financier in the country in
2QFY21 (with nearly 15% market share). 2W disbursements reached YoY
levels of INR11b. In MFI, the company remains cautious as disbursements
were half of YoY levels.
Disbursements in housing/real estate finance remained muted, while
those in infrastructure finance were close to last year’s levels. The total
loan book remained largely flat on a QoQ/YoY basis at INR988b.
As per the management, LTFH would not do any incremental underwriting
in the builder loan portfolio. The company would just continue to support
existing relationships in the ensuing quarters.
Collection efficiency (CE) improved significantly across product segments.
Total collections more than doubled from INR43b to INR103b QoQ.
Collections are now at 95% of YoY levels.
CE in MFI improved to 90% in Sep’20. 37% of customers who did not repay
in Sep’20 paid in Oct’20. CE in tractor finance stood at 89%, while that in
2W finance improved to 86% in Sep’20. In corporate lending, toll
collections reached pre-COVID-19 levels.
Despite improving CE, LTFH continued to build up its provision buffer by
taking INR5.1b COVID-related provisions in the quarter. Including these
provisions, the total standard asset provision buffer now stands at INR22b
(2.4% of loans). Interestingly, the MFI book alone carries additional
provisions of INR11b (9% of the MFI book). In our view, LTFH would
continue making elevated provisions over 2HFY21.
The GNPL/NNPL ratio was largely unchanged at 5.2%/1.7%. Note that the
housing finance book witnessed a 20bp QoQ rise in the GNPL ratio to 1.2%.
As of Sep ’20, in retail lending, Stage 1 was 95% (with a provision of 3.1%)
and Stage 2 was 2% (with a provision of 39%); the balance Stage 3 had a
provision of 80%.
Disbursement recovery in vehicle and infra finance
Sep-19
63.9
5.3
10.8
20.1
Collections improving; building up the provision buffer
Research Analyst: Piran Engineer
(Piran.Engineer@MotilalOswal.com) |Alpesh
Mehta
(Alpesh.Mehta@MotilalOswal.com)
Nitin Aggarwal
(Nitin.Aggarwal@MotilalOswal.com) |
Divya Maheshwari
(Divya.Maheshwari@motilaloswal.com)
17 July 2020
1
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
L&T Finance Holdings
Spreads improve; plans to reduce BS liquidity
Spreads (calc.) improved 30bp QoQ YoY, largely due to decline in cost of funds
from 8.4% earlier to 8.1% currently. Given the excess liquidity on the BS, the
company experienced negative carry of INR640m in the quarter. The
management now intends to reduce liquidity on the balance sheet.
During the quarter, the company de-recognized INR830m interest on interest
for all loans less than an INR20m ticket size.
Farm and renewables financing have picked up well. LTFH has been leading the
market in farm financing for the past four months (with 15% market share).
Expect the uptick in the rural economy to be structural.
It de-recognized INR830m interest on interest for all loans less than an INR20m
ticket size in the quarter.
Bounce rate in HL is in the early 20s v/s 15–16% pre-COVID. LAP is moderately
worse than HL.
The company down-sold INR41b worth of infrastructure loans during the
quarter, higher than the previous four quarters combined.
87% of home loan disbursements were to salaried customers. LTFH is restricting
self-employed home loans to buyers of projects funded by it. Average AUM in
the AMC segment increased 8% QoQ to INR631b, driven by a 14% QoQ increase
in equity AUM to INR351b. The company reported PAT of INR540m in the
quarter (v/s INR500m in 1QFY21).
The loan book was sequentially stable at INR272b. Margins were up by 40bp
QoQ to 4.40%.
LTFH took INR460m COVID-19 provisions in the quarter v/s INR1.85b in 1QFY21.
Total credit costs stood at 1.92% v/s 3.14% in the previous quarter.
In infrastructure finance, margins improved 26bp QoQ to 2.32%. Fees also
improved to 0.6% of loans on an uptick in disbursements.
Key highlights from management commentary
Other key highlights
Housing finance – NIMs improve marginally; infra finance doing well
Valuation and view
The key retail businesses of LTFH have witnessed improving trends month-on-month
in both disbursements as well as collections/moratorium. Over the past three
quarters,
the company has been strengthening its provision buffer – standard
asset provisions now stand at INR22b (i.e., 2.4% of standard loans).
While this may
be adequate for any potential asset quality shocks, we expect the management to
be prudent and continue to make contingency provisions over the next two
quarters. LTFH has been consolidating its loan book over the past few quarters – it is
expected to remain so for the next 2–3 quarters, in our view. Margins should see
some benefit as the company reduces excess liquidity on the balance sheet. The
AMC business has done well over the past three years and contributed 10%+ to
consolidated PAT in FY20. We believe this business would continue to grow at a
faster pace than the lending segments in the medium term.
We cut our FY21 EPS
estimate by ~8% on the back of a marginal increase in credit costs from building up
the contingency provision buffer. Our FY22 estimates have been upgraded to
factor in better NII growth. Maintain Buy, with TP of INR90 (0.9x Sep FY22E BVPS).
23 October 2020
2
 Motilal Oswal Financial Services
L&T Finance Holdings
LTFH: Quarterly performance
Y/E March
Income from Operations
Interest Expenses
Net Interest Income
Change YoY (%)
Other income
Total Income
Change YoY (%)
Operating Expenses
Change YoY (%)
Operating Profits
Change YoY (%)
Provisions
Profit before Tax
Tax Provisions
Profit after tax
Change YoY (%)
Key Operating Parameters (%)
Rep. Net Income (% of Avg Assets)
Rep. Cost of funds (%)
Cost to Income Ratio
Rep Credit Cost
Tax Rate
Balance Sheet Parameters
Gross Customer Assets (INR B)
Change YoY (%)
Borrowings (INR B)
Change YoY (%)
Customer Assets /Borrowings (%)
Debt/Equity (x)
Asset Quality Parameters (%)
GS 3 (INR B)
Gross Stage 3 (%)
NS 3 (INR B)
Net Stage 3 (%)
PCR (%)
Return Ratios (%)
ROAA
ROAE
E: MOFSL Estimates
1Q
35,945
19,229
16,716
4.9
950
17,666
6.5
4,435
-12.1
13,231
14.7
5,804
7,426
1,932
5,494
1.8
7.10
8.59
25.1
2.39
26.0
999
15.7
929
20.3
108
6.6
54.6
5.7
22.9
2.5
58.1
2.1
16.0
(INR m)
FY20
2Q
36,113
18,980
17,134
9.1
1,005
18,139
9.7
4,791
-8.5
13,349
18.2
5,786
7,563
1,084
6,479
15.9
7.33
8.61
26.4
2.49
14.3
1,003
9.9
901
3.8
111
6.4
57.5
6.0
26.3
2.8
54.2
2.4
18.1
3Q
36,289
18,896
17,393
16.4
1,052
18,445
16.8
5,299
15.0
13,146
17.6
5,894
7,252
1,338
5,915
1.8
7.29
8.54
28.7
2.39
18.4
995
5.0
930
5.9
107
6.4
56.6
5.9
24.6
2.7
56.6
2.2
16.5
4Q
33,552
18,031
15,521
5.5
720
16,241
4.7
5,261
21.7
10,980
-1.9
6,421
4,559
711
3,849
-30.3
6.86
8.43
32.4
3.03
15.6
984
-0.7
939
2.6
105
6.4
50.4
5.4
20.8
2.3
58.7
1.5
10.4
1Q
33,871
19,782
14,089
-15.7
105
14,193
-19.7
4,175
-5.9
10,019
-24.3
11,282
-1,264
-482
-782
-114.2
5.78
8.49
29.4
3.63
38.1
989
-1.0
941
1.3
105
6.3
49.4
5.2
15.5
1.7
68.6
0.5
3.9
FY21
2Q
3QE
34,081 34,592
18,888 18,793
15,193 15,799
-11.3
-9.2
1,008
800
16,201 16,599
-10.7 -10.0
4,583 4,981
-4.3
-6.0
11,618 11,618
-13.0 -11.6
8,328 7,500
3,290 4,118
813
906
2,477 3,212
-61.8 -45.7
6.49
8.32
28.3
2.83
24.7
988
-1.4
929
3.2
106
6.1
49.2
5.2
15.3
1.7
68.9
1.0
7.6
FY20
FY21E 2QFY21E v/s Est.
4QE
35,402 1,41,755 1,37,946 34,548
-1
19,128 75,136 76,591 19,584
-4
16,274 66,619 61,354 14,964
2
4.9
8.7
-7.9
-12.7
882
3,726
2,795
500
102
17,156 70,345 64,149 15,464
5
5.6
9.2
-8.8
-14.7
5,194 19,785 18,933
4,791
-4
-1.3
3.0
-4.3
0.0
11,961 50,560 45,216 10,673
9
8.9
11.9
-10.6
-20.0
6,373 23,759 33,483
7,500
11
5,589 26,801 11,734
3,173
4
1,141
5,064
2,378
698
16
4,448 21,736
9,355
2,475
0
15.6
-2.6
-57.0
-61.8
30.0
22.0
998
0.4
939
0.9
106
30.3
20.4
1,020
3.7
959
2.1
106
28.1
18.9
984
-0.7
939
2.6
105
29.5
20.3
1,020
3.7
959
2.1
106
31.0 141 BPS
22.0
995
0.4
926
1.2
107
-1
1
59.7
6.1
25.7
2.7
57.0
58.7
5.9
25.8
2.7
56.1
Highlights from management commentary
Business updates
It is confident that 3Q and 4Q would be better than 2Q.
Farm and renewables financing have picked up well. LTFH has been leading the
market in farm financing for the past four months (with 15% market share).
Expect the uptick in the rural economy to be structural.
Toll collections are back at pre-COVID levels.
It would do INR15–20b worth of sell-downs every quarter going forward.
In builder loans, the company would not do any incremental underwriting this
year. It would just continue to support existing relationships. Hence, the book
would taper over the next few quarters.
It de-recognized INR830m interest on interest for all loans less than an INR20m
ticket size in the quarter.
Sell-downs this quarter were mainly in roads and renewables.
23 October 2020
3
 Motilal Oswal Financial Services
L&T Finance Holdings
Funding
It may look to raise the share of CPs in the borrowing mix. Incremental cost of
long-term money stands at 7.5%.
Asset quality
8% of MFI customers had not paid a single installment up to Sep. However, 37%
of them made payments in October.
Six to seven builder projects (8–9% of RE loans) have opted for a DCCO
extension. Thus far, the company has not done any one-time restructuring.
As of Sep’20, in retail lending, Stage 1 was 95% (with a provision of 3.1%) and
Stage 2 was 2% (with a provision of 39%).
There is sufficient cash in DSRA accounts in wholesale lending to ensure that no
loan slips into GNPL in FY21.
The GS3 ratio declared by the management does not take into account the
Supreme Court order on NPL classification.
Bounce rate in HL is in the early 20s v/s 15–16% pre-COVID. LAP is moderately
worse than HL.
Morat as of Aug ’20 was as follows: MFI – 35%, Farm – 10%, 2W – 20%, HL + LAP
– 20%.
Real estate – 75% of portfolios whose repayments were due are back at 75% of
pre-COVID levels. It is witnessing some pre-payments.
Others
Kharif sowing is 5% above normal levels (which is a huge number).
In Tractors, LTFH caters to larger farmers. It gives lower LTVs and charges lower
yield.
Typically, only 40–45% of MFI customers are renewed for the next cycle.
Honda is LTFH’s largest 2W OEM (37% of disbursements), followed by HERO,
which contributes 24% to LTFH’s disbursements.
50% of LTFH’s tractor disbursements are to M&M vehicles. Another 18% is to
Sonalika.
Valuation and view
LTFH’s key retail businesses have witnessed improving trends month-on-month
in both disbursements and collections/moratorium. However, loan growth is
likely to pick up over the next 2–3 quarters.
Since the IL&FS crisis, LTFH has been able to raise adequate debt capital at
competitive prices. CRISIL affirmed its rating as AAA on the back of stable
operating metrics and a strong parentage. Margins should see some benefit as
the company reduces excess liquidity on the balance sheet.
Over the past three quarters,
the company has been strengthening its
provision buffer – standard asset provisions now stand at INR22b (i.e., 2.4% of
standard loans).
While this may be adequate for any potential asset quality
shocks, we expect management to be prudent and continue to make
contingency provisions over the next two quarters.
The AMC business has done well over the past three years and contributed
10%+ to consolidated PAT in FY20. We believe this business would continue to
grow at a faster pace than the lending segments in the medium term.
4
23 October 2020
 Motilal Oswal Financial Services
L&T Finance Holdings
We cut our FY21 EPS estimate by ~8% on the back of a marginal increase in
credit costs from building up the contingency provision buffer. Our FY22
estimates have been upgraded to factor in better NII growth. Maintain Buy,
with TP of INR90 (0.9x Sep FY22E BVPS).
Exhibit 1: We upgrade our FY22E EPS est. to factor in better top-line growth
INR b
NII
Other Income
Total Income
Operating Expenses
Operating Profits
Provisions
PBT
Tax
PAT
Loan book
Loans
Borrowings
NIM (%)
Spreads (%)
RoAE (%)
FY21
50.8
12.3
63.1
19.5
43.6
30.7
12.8
2.6
10.2
940
940
969
5.1
4.4
6.9
Old Est.
FY22
55.3
14.4
69.6
19.9
49.7
23.8
26.0
5.8
20.1
980
980
980
5.4
4.4
12.6
FY21
51.8
12.3
64.1
18.9
45.2
33.5
11.7
2.4
9.4
940
940
959
5.2
4.5
6.4
New Est.
FY22
58.2
14.4
72.6
20.0
52.6
24.9
27.7
6.2
21.5
1,003
1,003
1,003
5.6
4.6
13.4
FY21
2.1
0.0
1.7
-3.1
3.8
9.0
-8.7
-9.5
-8.4
0.0
Change %
FY22
5.3
0.0
4.2
0.5
5.7
4.7
6.6
6.6
6.6
2.4
Source: MOFSL, Company
Key exhibits
Exhibit 2: Loan book growth (%)
Loan book remains flat on a
YoY/QoQ basis
Loans (INR b)
24
24
22
16
16
10
5
-1
-1
Change YoY (%)
-1
Source: MOFSL, Company
Exhibit 3: Slowdown in rural and housing finance growth
continues
Rural (YoY %)
76
71
65
50
35
48
24
40
34
34
28
24
14
14
4
8
6
4
7
1
Housing (YoY %)
Exhibit 4: Defocused book down 35% YoY (%)
11
13
-6
-10
14
-17
-32
Wholesale (YoY %)
13
14
13
9
3
2
-2
-28
-45
-55
-50
-45
-35
Source: MOFSL, Company
Source: MOFSL, Company
23 October 2020
5
 Motilal Oswal Financial Services
L&T Finance Holdings
Exhibit 5: Business mix sequentially stable (%)
Rural
15
39
24
22
14
38
24
13
37
25
25
Housing
10
9
39
26
26
Wholesale
7
39
27
27
6
40
Defocused
5
40
27
28
5
40
5
39
28
29
Exhibit 6: Share of bank borrowings down by 400bp QoQ (%)
NCD (Ex Retail)
2
5
6
20
35
18
36
16
36
NCD Retail
3
4
16
36
13
38
6
38
TL+WC etc
2
3
10
42
6
36
9
43
7
36
CP
ECBs
2
3
6
9
1
43
7
36
Others
1
4
9
39
7
40
38
26
26
27
28
27
28
44
7
38
24
40
38
39
41
Source: MOFSL, Company
Source: MOFSL, Company
Rural net income % up by
~130bp sequentially
Exhibit 7: Net income (NIM + Fees Margins, %)
Overall (%)
13.8
13.6
Rural(%)
13.5
6.8
6.8
2.7
13.0
7.1
6.3
4.0
3.8
Housing(%)
13.7
13.3
7.3
5.9 6.0
Wholesale (%)
13.7
12.0
6.9
12.9
6.7
6.6
3.5
13.3
6.9
6.7
3.0
6.7
3.0
6.8
7.3
5.3
5.8
4.5
6.5
5.0
2.5
3.0
3.4
3.5
Source: MOFSL, Company, *4QFY20 onwards wholesale business represents infrastructure finance(ex-IDF)
Housing business
profitability picks up by
~110bp sequentially
Exhibit 8: RoA across segments (%)
Overall (%)
4.3
3.2
3.4
2.4
0.9
2.3
0.7
3.4
2.3
0.8
3.5
2.1
4.2
3.9
Rural (%)
Housing (%)
4.6
4.1
3.4
2.7
2.4
2.2
1.4
2.0
1.7
1.8
0.2
Wholesale (%)
4.0
3.9
3.0
2.5
1.5
1.5
0.5
0.3
2.1
0.7
2.3
1.4
1.0
0.8
0.5
Source: MOFSL, Company, *4QFY20 onwards wholesale business represents infrastructure finance (ex-
IDF)
8% of MFI customers had
not paid a single installment
up to Sep; however, 37% of
them paid in October
Exhibit 9: % of borrowers granted moratorium (%) as of Aug’20
%
Aug'20
ML
35-37%
Farm
10%
TW
20%
HL &LAP
20%
Source: MOFSL, Company, *Micro Loans, Consumer Loan
23 October 2020
6
 Motilal Oswal Financial Services
L&T Finance Holdings
Exhibit 10: GS3 was largely stable sequentially (%)
Consol. GNPA (INR b)
7.9
7.1
Overall GS3%
5.9
Exhibit 11: …as was the NS3 (%)
3.2
5.2
Consol. NNPA(INR b)
2.8
2.6
2.5
2.4
Overall NS3%
2.7
2.3
1.7
1.7
2.8
6.7
5.9
5.7
6.0
5.4
5.2
64.8
61.2
60.3
55.5
54.6
57.5
56.6
50.4
49.4
49.2
24.6
23.0
22.6
21.7
22.9
26.3
24.6
20.8
15.5
15.3
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 12: Rural GS3 (%) was down 22bp sequentially…
Rural GS3%
14.1
4.9
1.0
Housing GS3%
10.5
9.7
Wholesale GS3%
Exhibit 13: …while rural NS3 remained flat during this period
(%)
Rural NS3%
5.8
4.2 5.0
4.5
1.3
0.6
0.6
4.6
4.2
1.5
4.1
1.3
3.9
0.9
0.7
0.7
3.6
3.5
Housing NS3%
Wholesale NS3%
10.9
12.5
9.2
9.1
9.0
9.1
9.1
4.3
1.0
3.8
1.0
3.5
0.8
3.8
3.6
3.6
3.4
3.2
3.4
0.8
1.0 1.0 1.2
0.8 0.9
1.7
1.5
1.3
0.7
1.3
0.6
0.3 0.3
0.8
0.8 0.7
0.6
Source: MOFSL, Company; *4QFY20 onwards wholesale business is
ex-IDF
Source: MOFSL, Company; Note: Infra finance ex-IDF numbers in
4QFY20
Exhibit 14: Overall credit cost was down sequentially (%)
Overall
Rural
Housing
Wholesale
8.1
6.3
4.1
1.7
1.3
1.7
4.2
1.7
6.3
3.6 2.8
3.1
1.9
1.6
Exhibit 15: ~75% of stressed loans were from the wholesale
and defocused books (%)
Rural
12
6
12
Housing
13
15
Wholesale
19
18
Defocused
24
51
5
20
24
52
5
19
24
52
6
18
4.3
1.8
4.1
1.9
0.9
3.5
0.6
1.5 1.5
2.4
0.6 0.9
3.8
2.5
4.0
2.4
3.0
71
3
14
76
69
4
15
68
65
4
16
61
4
16
61
4
17
0.6
0.7 0.0
1.3
2.3
1.1
2.1
0.9
1.0
3
15
4
16
Source: MOFSL, Company,*Q4FY20 onwards Wholesale business is
ex-IDF
Source: MOFSL, Company
23 October 2020
7
 Motilal Oswal Financial Services
L&T Finance Holdings
Exhibit 16: PCR was largely stable sequentially across
businesses… (%)
Rural
66
66
63
63 64
66
59
27
Housing
Wholesale
77
62
64
55
61
57
30
66
60
31
63
33
64
34
93
92
Exhibit 17: …leading to a stable overall PCR (%)
Overall PCR
69
69
62
62
62
61
58
54
57
59
57
28
23
26
30
32
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 18: Sharp pickup was seen in rural disbursements
(INR b)
Micro Loans
26.1 27.9
28.0
27.1
22.7
12.9
9.2
9.5
8.1
11.1
16.5
8.5
12.6
8.7
10.9
Exhibit 19: Segmental rural loan growth YoY (%)
Micro Loans
115
86
66
33
78 60
33
2W Finance
Farm Equipment
2W Finance
28.4
25.6
Farm Equipment
133
22.2
13.5
10.9
5.9
11.0
68
33
68
55
37
23
20
15
41
13
11
23
13
19
15 15
9 12
0
0
-5
13.7
6.9
11.1
15.0
8.9
12.0
0.1
3.1
27
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 20: Housing disbursements (INR b)
Home Loans
20
16
16
14
7
3
3
8
2
7
2
13
7
1
12
7
2
12
6
1
LAP
Real Estate Finance
Exhibit 21: Loan growth YoY (%)
Home Loans
LAP
Real Estate Finance
12
2 3
87
11
27
62
6
3
6
46
7
47
-1 35
1
36
33
35
31
31
-5
-8
15 24
0
-9
-1
-7
18 11
-2
-4
1
0
12
33
-36
Source: MOFSL, Company
Source: MOFSL, Company
23 October 2020
8
 Motilal Oswal Financial Services
L&T Finance Holdings
Exhibit 22: Wholesale loan book growth (%)
Renewables
Transport
Power
114
36
56
42
24
27
23
26
19 22 11 21 16 26 18 28 14
81
Exhibit 23: AMC segment – AUM growth (%)
Others
102
Avg. AUM YoY Growth(%)
Avg. Equity AUM YoY Growth(%)
74
73
3 1
13
-4
-14
-94
75
35
13
8
59
7
3
-2
-6
4
4
-5
0
-11
-9
-34
-35
-12
-11
-62
-7
-20
-43
-15
-12
-18
-21
40
-25
-21
15
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 24: One-year forward P/B
3.5
P/B (x)
Min (x)
Avg (x)
+1SD
Max (x)
-1SD
3.3
2.3
1.8
1.5
0.7
0.5
1.3
Exhibit 25: One-year forward P/E
P/E (x)
Min (x)
30
23
16
9
0.8
2
15.5
11.5
7.9
7.9
19.4
Avg (x)
+1SD
Max (x)
-1SD
26.7
2.5
Source: MOFSL, Company
Source: MOFSL, Company
Valuation matrix
66
Rating
FY22E
HFCs
LICHF
PNBHF
Vehicle fin.
SHTF
MMFS
CIFC
Diversified
BAF
SCUF
LTFH
MUTH
MAS
Wholesale
ABCL
Others
IIFL Wealth
ISEC
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
CMP
(INR)
306
360
709
135
251
3,317
800
65
1,184
829
69
907
444
Mcap
(USDb)
2.1
0.8
2.2
1.1
2.7
27.0
0.7
1.7
6.5
0.6
2.2
1.1
2.0
P/E (x)
FY21E
FY22E
5.5
8.0
10.0
18.3
16.7
46.0
7.0
12.7
13.9
26.9
10.7
24.0
18.4
5.8
5.8
6.2
15.1
11.9
25.1
5.6
6.4
11.9
22.5
6.8
18.3
16.8
P/BV (x)
FY21E
FY22E
0.8
0.7
0.8
1.1
2.3
5.5
0.7
0.9
3.3
4.1
0.7
2.6
9.9
0.7
0.6
0.8
1.0
1.9
4.6
0.6
0.8
2.7
3.6
0.5
RoA (%)
FY21E
FY22E
1.2
1.0
1.5
1.2
1.8
2.6
2.4
0.9
6.5
3.7
1.2
1.1
1.3
2.3
1.5
2.3
4.2
3.0
1.7
6.9
4.0
1.4
RoE (%)
FY21E
FY22E
14.7
9.2
9.2
6.8
14.4
12.6
9.9
6.9
26.4
16.0
7.2
12.6
11.6
12.9
7.0
17.5
19.9
11.4
12.6
25.2
16.9
8.3
2.5
21.2
22.3
10.8
13.7
8.4
0.0
0.0
58.6
54.2
*Multiples adj. for value of key ventures/Investments
23 October 2020
9
 Motilal Oswal Financial Services
L&T Finance Holdings
Financials and valuations
Income statement
Y/E March
Interest Income
Interest Expended
Net Interest Income
Other Operating Income
Total Income
Change (%)
Operating Expenses
Operating Income
Change (%)
Provisions/write offs
PBT
Tax
Tax Rate (%)
PAT before pref dividend
Change (%)
Preference Dividend
PAT to equity shareholders
Change (%)
Balance sheet
Y/E March
Capital
- of which equity share cap.
Reserves & Surplus
Net Worth
Borrowings
Change (%)
Other liabilities
Total Liabilities
Loans
Change (%)
Investments
Change (%)
Net Fixed Assets
Total Assets
E: MOFSL Estimates
2016
68,174
41,241
26,933
6,533
33,466
20.8
13,129
20,337
20.2
7,810
12,527
3,990
31.9
8,567
-2.4
1,671
6,896
-10.1
2017
76,614
46,270
30,343
9,110
39,453
17.9
12,765
26,688
31.2
15,899
10,789
364
3.4
10,422
21.7
1,244
9,177
33.1
2018
88,692
54,492
34,200
13,970
48,170
22.1
13,867
34,303
28.5
19,845
14,458
1,682
11.6
12,784
22.7
0
12,784
39.3
2019
1,16,403
68,600
47,803
16,636
64,439
33.8
19,215
45,224
31.8
14,681
30,544
8,200
26.8
22,344
74.8
0
22,344
74.8
2020
1,32,447
75,136
57,311
13,034
70,345
9.2
19,785
50,560
11.8
23,759
26,801
5,064
18.9
21,736
-2.7
0
21,736
-2.7
2021E
1,28,425
76,591
51,834
12,315
64,149
-8.8
18,933
45,216
-10.6
33,483
11,734
2,378
20.3
9,355
-57.0
0
9,355
-57.0
2022E
1,36,801
78,586
58,215
14,372
72,587
13.2
20,000
52,588
16.3
24,889
27,699
6,234
22.5
21,465
129.4
0
21,465
129.4
(INR m)
2023E
1,46,240
82,269
63,970
15,491
79,461
9.5
20,835
58,626
11.5
20,830
37,796
8,602
22.8
29,194
36.0
0
29,194
36.0
(INR m)
2023E
20,048
19,988
1,76,464
1,96,512
10,80,272
7.7
21,654
12,98,439
11,02,319
9.9
79,584
10.0
13,453
12,98,439
2016
29,668
17,534
53,237
82,905
5,16,157
22.6
38,402
6,37,463
5,64,679
22.6
35,633
34.5
6,962
6,37,463
2017
29,691
17,557
60,202
89,893
5,98,111
15.9
37,133
7,25,136
6,23,145
10.4
60,115
68.7
6,189
7,25,136
2018
30,301
19,957
94,111
1,24,411
7,52,483
25.8
15,385
8,92,279
7,93,300
27.3
48,433
-19.4
5,311
8,92,279
2019
19,988
19,988
1,14,498
1,34,486
9,15,070
21.6
10,995
10,60,551
9,13,246
15.1
86,408
78.4
11,660
10,60,551
2020
20,048
19,988
1,23,766
1,43,814
9,38,945
2.6
12,531
10,95,290
9,14,625
0.2
59,793
-30.8
11,621
10,95,290
2021E
20,048
19,988
1,30,095
1,50,144
9,59,117
2.1
15,038
11,24,298
9,40,311
2.8
65,772
10.0
12,202
11,24,298
2022E
20,048
19,988
1,50,258
1,70,306
10,03,044
4.6
18,045
11,91,396
10,03,044
6.7
72,349
10.0
12,812
11,91,396
23 October 2020
10
 Motilal Oswal Financial Services
L&T Finance Holdings
Financials and valuations
Ratios
Y/E March
Spreads Analysis (%)
Avg. Yield on Earning Assets
Avg. Cost-Int. Bear. Liab.
Interest Spread
Net Interest Margin
Profitability Ratios (%)
RoE
RoA
Int. Expended/Int.Earned
Other Inc./Net Income
Efficiency Ratios (%)
Op. Exps./Net Income
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: MOFSL Estimates
2016
12.5
8.8
3.7
5.0
2017
11.9
8.3
3.6
4.7
2018
11.6
8.1
3.6
4.5
2019
12.6
8.2
4.4
5.2
2020
13.4
8.1
5.3
5.8
2021E
13.0
8.1
4.9
5.2
2022E
13.1
8.0
5.1
5.6
(%)
2023E
13.0
7.9
5.1
5.7
10.3
1.2
60.5
19.5
12.4
1.3
60.4
23.1
13.3
1.6
61.4
29.0
18.0
2.3
58.9
25.8
15.6
2.0
56.7
18.5
6.4
0.8
59.6
19.2
13.4
1.9
57.4
19.8
15.9
2.3
56.3
19.5
39.2
32.4
28.8
29.8
28.1
29.5
27.6
26.2
17,354
3.1
11,540
2.1
2016
40.4
3.9
-11.8
0.8
46,140
7.3
33,160
5.3
2017
44.3
5.2
32.9
0.8
70,430
8.4
25,540
3.2
2018
57.2
6.4
22.5
1.0
55,490
5.9
21,740
2.4
2019
67.3
11.2
74.5
1.3
50,370
5.3
20,780
2.3
2020
71.9
0.9
10.9
-2.7
6.0
1.3
2.0
59,726
6.1
25,697
2.7
2021E
75.1
0.9
4.7
-57.0
13.9
0.6
0.9
58,765
5.7
24,976
2.5
2022E
85.2
0.8
10.7
129.4
6.1
1.3
2.0
57,538
5.1
24,321
2.2
2023E
98.3
0.7
14.6
36.0
4.5
1.8
2.7
23 October 2020
11
 Motilal Oswal Financial Services
L&T Finance Holdings
NOTES
23 October 2020
12
 Motilal Oswal Financial Services
L&T Finance Holdings
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within
following 30 days take appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the
Regulations, is engaged in the business of providing Stock broking services, Investment Advisory Services, Depository participant services & distribution of various financial
products. MOFSL is a subsidiary company of Passionate Investment Management Pvt. Ltd.. (PIMPL). MOFSL is a listed public company, the details in respect of which are
available on www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a
registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and
National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National
Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance
Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products.
Details of associate entities of Motilal Oswal Financial Services Limited are
available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and
buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other
compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have
any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report
should be aware that MOFSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific
merchant banking, investment banking or brokerage service transactions. Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the
website at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental
research and Technical Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated
from MOFSL research activity and therefore it can have an independent view with regards to Subject Company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability
or use would be contrary to law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong
Kong Securities and Futures Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst
Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of
research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity
to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these
securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not
located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under
applicable state laws in the United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers
Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any
brokerage and investment services provided by MOFSL , including the products and services described herein are not available to or intended for U.S. persons. This report is
intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as
"major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which
this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration
provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange
Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-
dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this
chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S.
registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public
appearances and trading securities held by a research analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets
services license and an exempt financial adviser in Singapore.As per the approved agreement under Paragraph 9 of Third Schedule of Securities and Futures Act (CAP 289) and
Paragraph 11 of First Schedule of Financial Advisors Act (CAP 110) provided to MOCMSPL by Monetary Authority of Singapore. Persons in Singapore should contact MOCMSPL
in respect of any matter arising from, or in connection with this report/publication/communication. This report is distributed solely to persons who qualify as “Institutional Investors”,
of which some of whom may consist of "accredited" institutional investors as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (“the
SFA”). Accordingly, if a Singapore person is not or ceases to be such an institutional investor, such Singapore Person must immediately discontinue any use of this Report and
inform MOCMSPL.
Specific Disclosures
1 MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
23 October 2020
13
 Motilal Oswal Financial Services
L&T Finance Holdings
********************************************************************************************************************************
The associates of MOFSL may have:
- financial interest in the subject company
- actual/beneficial ownership of 1% or more securities in the subject company
- received compensation/other benefits from the subject company in the past 12 months
- other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
- be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the
company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies)
- received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the
research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and
may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent
of MOFSL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in
nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty,
representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The
report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial
instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients as
customers by virtue of their receiving this report.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or
distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for
informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing
in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances.
The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this
document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this
document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views
expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade
securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of
the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and
should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make
modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from
time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to
perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a
separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of
information that is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or
may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on,
directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or
entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in
all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.
Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost
revenue or lost profits that may arise from or in connection with the use of the information.
The person accessing this information specifically agrees to exempt MOFSL or any of its
affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such
misuse and further agrees to hold MOFSL or any of its affiliates or employees free and harmless from all losses, costs, damages,
expenses that may be suffered by the person
accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263;
Website
www.motilaloswal.com.CIN
no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road,
Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:
INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company
Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth
Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is
a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt.
Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL.
Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no
assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance
Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National
Company Law Tribunal, Mumbai Bench.
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