20 July 2016
1QFY17 Results Update | Sector:
Financials
BSE SENSEX
27,916
S&P CNX
8,566
CMP: INR295
TP: INR351 (+19%)
Gruh Finance
Buy
In-line operating performance
Gruh Finance (GRHF) reported PAT of INR601m (up 19.6% YoY) for 1QFY17. While
its operating performance was in line with expectations, higher provisions led to a
3% PAT miss. Key highlights of the quarter were loan growth of 24% YoY, seasonal
deterioration in its asset quality (GNPL at 56bp v/s 32bp in 4QFY16) and 12bp YoY
margin contraction.
Loan book grew 23.7% YoY (lower than previous years’ trajectory of +28%, owing
to rural stress) to INR115b. Disbursements increased 22% YoY (at a slower rate
than in the prior two quarters) to INR9.4b. The loan mix largely remained stable,
with housing loans accounting for over 92% of the book. Management expects
the growth trajectory to improve on the back of rural recovery and the
government’s thrust on affordable housing.
Reported margin contracted 12bp YoY to 3.91%, led by ~65bp reduction in loan
yields. Incremental business is at lower yields due to intense competitive
pressure.
Asset quality saw seasonal deterioration, with GNPL at 0.56% (+4bp YoY) and
NNPA at 0.27%. While HFCs witness seasonal fluctuations in asset quality, GNPLs
are likely to remain at 0.4-0.6%, given that GRHF operates in rural India and ~40%
of its customers are self-employed.
Valuation and view:
GRHF has performed impressively, with 26% loan book CAGR
and 27% PAT CAGR in the last decade. Its presence in the affordable housing
segment in rural areas provides pricing power on the asset side, with cost of
funding at par with large HFCs. This, coupled with a low C/I ratio and impeccable
asset quality, should drive earnings growth in the near-to-medium term. We
expect 28% loan growth and 27% earnings growth over the next three years. The
stock trades at 8.4x FY18E BV and 27.7x FY18E EPS.
Buy.
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR m)
GRHF IN
363.4
307 / 219
4/9/25
65
M.Cap. (INR b) / (USD b) 107.2/1.6
Financials & Valuation (INR Billion)
Y/E March
NII
PPP
PAT
EPS (INR)
EPS Gr. (%)
BV/Sh. (INR)
ABV/Sh. (INR)
RoA (%)
RoE (%)
Payout (%)
Valuations
P/E (x)
P/BV (x)
Div. Yield (%)
2016 2017E 2018E
4.2
3.9
2.4
6.7
19.5
23.0
23.0
2.4
31.5
30.0
44.0
12.8
0.7
5.4
4.9
3.0
8.3
24.2
28.4
28.4
2.3
32.4
30.0
35.4
10.4
0.8
6.9
6.3
3.9
10.7
28.0
35.3
35.3
2.3
33.5
30.0
27.7
8.4
1.1
Sunesh Khanna
(Sunesh.Khanna@MotilalOswal.com);+91 22 6129 1540
Piran Engineer
(Piran.Engineer@MotilalOswal.com); +91 22 3980 4393
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.

Gruh Finance
Exhibit 1: Quarterly performance v/s our estimates and reasons for deviation (INR m)
Y/E March
1QFY17A
1QFY17E
Var (%) Comments
Operating Income
3,501
3,486
0
Total income
3,501
3,486
0
Calc. margins contract 22bp YoY
Y-o-Y Growth (%)
18.0
18.4
Interest expenses
2,241
2,280
-2
Net Income
1,260
1,206
5
NII beat due to lower cost of funds
Operating Expenses
239
175
Operating Profit
1,021
1,031
-1
In-Line
Y-o-Y Growth (%)
17.5
18.9
Provisions and Cont.
125
80
Higher provisions offset NII beat
Profit before Tax
896
951
-6
Miss due to higher opex and provisions
Tax Provisions
294
328
-10
Net Profit
601
623
-3
In-Line
Y-o-Y Growth (%)
19.6
23.9
Source: Company, MOSL
Business growth steady at 24% YoY; Loan mix remains broadly unchanged
Loan book growth during the quarter was steady at 23.7% YoY (marginally lower
than previous years trajectory of +24.7%, owing to rural stress) and 3.9% QoQ to
INR115b. Disbursements stood at INR9.4b (up 22% YoY).
Target 25% YoY loan growth in FY17. While the government continues to focus
on affordable housing, management believes that momentum is still slowly
building up.
Home loans constitute 92% of the total loans and continue to be the focus area
for the company; loan against property and developer loan form the remaining
8% of the loan book.
Management expects the growth trajectory to improve going ahead on back of
rural recovery and government’s push towards affordable housing.
Reported NIM contracts 12bp YoY; seasonal deterioration in asset quality
Reported margin contracted 12bp YoY to 3.91%; led by ~65bps reduction in loan
yields. This reduction has primarily been on the back of intense competitive
pressure as well as loans given in lieu of government schemes which carry lower
yields than the rest of the portfolio.
Cost of funds also declined 52bp YoY (12bp QoQ) driven by reduction in cost of
bank borrowings. Borrowing profile remains broadly unchanged, with bank loans
plus NHB refinance comprising 55% of total borrowings.
Asset quality witnessed seasonal deterioration with GNPLs at 0.56% (up 4bp YoY
and 24bp QoQ) and NNPA at 0.09%. While HFCs witness seasonal deterioration
in 1Q, on a steady state basis, GNPLs are likely to remain at 0.4-0.6%, given the
fact company operates in rural India and ~40% of the customers are self-
employed where there is some level of income volatility.
Management mentioned that while the number of NPA accounts has declined,
the aggregate NPA value has increased due to asset quality issues in the NRP
book.
Cost to income ratio (calculated) increased 60bp YoY to 19% in the quarter.
CAR remains healthy at 17% with tier 1 of over 15%
20 July 2016
2

Gruh Finance
Valuation and view
GRHF has strong presence in western India and is expanding to other
geographies. The company has a track record of financial and operating
performance and has developed deep understanding of rural India—something
that will be difficult for others to replicate.
GRHF operates solely in affordable housing, which offers immense scalability
potential due to massive opportunity in the segment. The company has
delivered best-in-class return ratios, with a 10-year average RoE/RoA of
+28%/2.5% along with efficient use of capital.
Earnings CAGR at 28% over the past three years coupled with +30% RoEs has
resulted in steady re-rating of the stock over the last three years, with its one-
year forward book multiple expanding from 3x in FY11 to 8x in FY16. The fact
that it has never raised capital since FY05 despite growing at CAGR of 27% over
FY06-16 highlights the strength of the business model.
We value GRHF based on residual income model assuming earnings CAGR of
18% by FY35E, Rf=7.71%, β=0.65, risk premium of 5% and terminal growth rate
of 5.5%. We expect GRHF’s net profit to grow at CAGR of 26% over FY16-18E
and RoEs to touch ~33% by FY18E.
We expect GRHF to continue to trade at premium multiples due to a) track
record of financial/operating performance, b) immense potential of scalability
due to massive opportunity in the affordable housing segment, c) strong
parentage of HDFC ltd., d) best-in-class return ratios, e) efficient use of capital
(no dilution in the last 10 years), and f) flawless execution—NPLs have never
gone above 2%, not even during the worst of times. Ongoing downward trend in
interest rates could also prove to be a trigger for profitability. We marginally cut
our FY17/18 estimates to factor in lower growth. Maintain
Buy
with a target
price of INR351 (9.9x FY18E BV).
20 July 2016
3

Gruh Finance
Exhibit 2: Quarterly Snapshot
FY15
1Q
Profit and Loss (INR m)
Operating Income
Interest Expenses
Net Interest Income
Total Income
Operating Expenses
Employees
Depreciation
Other Expenses
Operating Profits
Provisions
PBT
Taxes
DTL
PAT
Asset Quality
GNPA (INR m)
NNPA (INR m)
Gross NPAs (%)
Net NPAs (%)
PCR (%)
Margins (%)
Yield on loans (Calculated)
NIMs (Reported)
2,416
1,549
867
867
134
79
-13
68
733
118
615
154
42
419
325
0
0.44
0.0
100.0
2Q
2,577
1,665
913
913
200
130
8
62
713
41
672
194
47
431
304
0
0.38
0.0
100.0
3Q
2,711
1,736
975
975
157
82
8
67
818
146
672
174
51
447
482
0
0.57
0.1
100.0
4Q
3,050
1,827
1,223
1,223
156
62
10
85
1,066
17
1,049
255
53
741
250
0
0.28
0.0
100.0
1Q
2,967
1,902
1,066
1,066
196
84
8
105
869
121
749
245
0
503
483
136
0.52
0.1
71.9
2Q
3,118
1,987
1,131
1,131
257
156
7
94
874
72
803
285
0
517
579
196
0.58
0.2
66.1
FY16
3Q
3,236
2,034
1,202
1,202
205
106
7
92
997
178
818
281
0
537
654
148
0.62
0.1
77.4
4Q
3,705
2,151
1,554
1,554
245
83
8
155
1,309
61
1,248
370
0
878
356
104
0.32
0.1
70.8
FY17
1Q
3,501
2,241
1,260
1,260
239
97
7
134
1,021
125
896
294
0
601
646
312
0.56
0.3
51.8
Variation (%)
QoQ
YoY
-6
4
-19
-19
-3
18
-8
-13
-22
106
-28
-21
11
-31
82
200
0.24
0.18
-19
18
18
18
18
22
16
-5
29
17
4
20
20
0
20
34
129
0.04
0.12
-20
13.4
4.8
13.5
4.8
13.3
4.8
14.1
5.7
13.0
4.7
13.0
4.7
12.7
4.1
13.7
4.1
12.4
3.9
Other Details
Cost to Income (%)
Tax Rate (%)
15.5
31.9
21.9
35.9
16.1
33.5
12.8
29.4
18.4
32.8
22.7
35.6
17.1
34.4
15.8
29.6
19.0
32.8
Source: Company, MOSL
20 July 2016
4

Gruh Finance
Story in charts
Exhibit 3: Disbursements grew at healthy 22% YoY
Disbursements (INRb)
54%
21% 18%
-17%
6.3 6.3 5.7 6.9 8.1 7.5 8.7 7.7 9.8 10.2 10.8 9.4
22%
29%
19%
12%
20%
Growth (%)
37%
24% 22%
Exhibit 4: Loan growth moderates at 24%
32
Loan Book (INR b)
31
29
29
29
28
27
Loan Growth (%)
26
25
25
25
24
61
65
70
74
79
84
89
93
115
99 105 111
Source: Company, MOSL
Source: Company, MOSL
Exhibit 5: NII growth of 18% YoY; NIMs down 12bp YoY
NII (INR m)
NII Growth (%)
Exhibit 6: GRUH has presence in 10 states
Tamil Nadu
Chhatisgarh 4%
4%
Rajasthan
6%
MP
16%
Karnataka
11%
UP
1%
Gujarat
29%
Maha-
rashtra
29%
Source: Company, MOSL
Source: Company, MOSL
Exhibit 7: NPLs stable on YoY basis, but uptick sequentially
GNPA (%)
0.57
0.46
0.41
0.27
0.46
0.44
0.38
0.52
0.58
0.32
0.62
0.56
Exhibit 8: PAT growth at 20% YoY, in line with prior quarters
PAT (INR m)
26
22
17
1
24
25
27
20
20
20
19
20
PAT Growth (%)
0.28
Source: Company, MOSL
Source: Company, MOSL
20 July 2016
5

Gruh Finance
Exhibit 9: Financials: Valuation Metrics
Rating
66
CMP
Mcap
EPS (INR)
P/E (x)
BV (INR)
P/BV (x)
RoA (%)
FY18
1.22
1.86
1.43
1.70
1.83
1.96
1.12
0.65
0.93
1.05
0.64
0.54
0.50
0.27
0.54
0.36
0.53
0.32
0.56
0.39
RoE (%)
FY17
11.1
18.9
14.7
14.2
22.0
16.2
7.2
7.7
11.3
12.7
10.7
FY18
11.8
19.6
15.2
15.4
22.7
17.6
9.4
8.7
11.7
13.7
11.7
(INR) (USDb) FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17
ICICIBC*
Buy
268
23.6 18.1 20.8 11.0
8.3
145 159 1.29 1.08 1.19
HDFCB
Buy
1,232
47.2 58.4 70.3 21.1 17.5 332 386 3.71 3.19 1.89
AXSB
Buy
558
20.2 35.0 41.0 16.0 13.6 251 285 2.22 1.96 1.45
KMB*
Buy
782
21.7 26.1 33.7 29.9 23.2 207 239 3.78 3.27 1.50
YES
Buy
1,161
7.4
78.9 97.3 14.7 11.9 391 468 2.97 2.48 1.81
IIB
Buy
1,118
10.1 50.5 63.8 22.1 17.5 334 389 3.34 2.87 1.92
IDFC Bk
Buy
51
2.6
3.0
4.1
17.2 12.4
42
46
1.21 1.12 1.09
FB
Neutral
63
1.6
3.7
4.5
16.8 14.0
50
53
1.26 1.18 0.64
DCBB
Buy
100
0.4
7.4
8.6
13.6 11.6
69
78
1.45 1.29 0.98
JKBK
Neutral
68
0.5
17.6 21.2
3.9
3.2
146 162 0.47 0.42 0.99
SIB
Buy
22
0.4
3.1
3.7
7.1
5.9
30
33
0.72 0.66 0.61
Private Aggregate
135.8
19.4 16.3
2.63 2.33
SBIN (cons)*
Buy
231
27.2 19.3 24.3 11.9
9.5
240 259 1.03 0.95 0.49
PNB
Neutral
129
3.8
15.7 19.9
8.3
6.5
200 220 0.65 0.59 0.44
BOI
Neutral
110
1.4
9.3 23.5 11.9
4.7
337 356 0.33 0.31 0.12
BOB
Buy
158
5.5
14.7 18.7 10.7
8.5
159 173 0.99 0.91 0.48
CBK
Neutral
259
2.1
33.1 42.4
7.8
6.1
505 537 0.51 0.48 0.31
UNBK
Buy
137
1.4
26.8 36.7
5.1
3.7
318 351 0.43 0.39 0.43
OBC
Neutral
116
0.6
22.1 27.9
5.2
4.2
473 494 0.25 0.23 0.28
INBK
UR
155
1.1
22.2 29.1
6.9
5.3
298 320 0.52 0.48 0.49
ANDB
Buy
60
1.9
2.9
8.2
20.3
7.3
129 136 0.46 0.44 0.15
Public Aggregate
45.0
11.9
8.8
0.77 0.72
Banks Aggregate
180.8
16.8 13.4
1.64 1.49
HDFC*
Buy
1,335
32.0 40.1 46.3 23.0 18.5 194 221 4.41 3.54 1.89
LICHF
Buy
505
3.9
39.5 47.3 12.8 10.7 213 251 2.37 2.01 1.49
IHFL
Buy
713
4.6
68.2 84.0 10.4
8.5
280 315 2.55 2.26 3.84
GRHF
Buy
295
1.6
8.3 10.7 35.5 27.7
28
35 10.40 8.36 2.33
REPCO
Buy
806
0.8
30.3 39.0 26.6 20.7 179 214 4.49 3.77 2.14
DEWH
Buy
220
1.0
29.4 36.2
7.5
6.1
194 221 1.13 1.00 1.18
Housing Finance
43.7
20.7 17.5
4.17 3.68
RECL
Neutral
202
3.0
59.2 68.6
3.4
2.9
336 389 0.60 0.52 2.63
POWF
Neutral
209
4.2
46.8 49.1
4.5
4.3
72
107 2.92 1.96 2.69
Infra Finance
7.2
4.0
3.6
1.12 0.91
SHTF
Buy
1,194
4.1
75.5 94.2 15.8 12.7 507 581 2.36 2.05 2.17
MMFS
Buy
315
2.7
15.5 18.8 20.3 16.8 119 133 2.65 2.38 2.14
BAF
Buy
8,641
7.0 308.1 380.8 28.0 22.7 1,631 1,956 5.30 4.42 3.14
MUTH
Buy
278
1.7
24.9 32.0 11.2
8.7
157 177 1.78 1.57 3.29
SKSM
Buy
782
1.5
46.2 47.9 16.9 16.3 153 201 5.11 3.89 6.28
Asset Finance
17.0
19.3 15.8
3.09 2.80
NBFC Aggregate
67.9
14.1 12.2
3.03 2.63
Financials
248.7
15.9 13.0
1.87 1.69
*Multiples adj. for value of key ventures/Investments; For ICICI Bank and HDFC Ltd BV is adj. for investments in subsidiaries
8.3 9.7
8.2 9.5
2.8 6.8
9.6 11.2
6.7 8.1
8.7 11.0
4.8 5.8
7.7 9.4
2.3 6.2
2.10
1.51
3.78
2.34
2.17
1.20
20.0
20.1
23.4
32.4
18.2
16.1
22.1
20.9
28.2
33.5
19.8
17.4
2.55 18.9 18.9
2.35 85.1 55.0
2.27
2.26
3.02
3.47
4.69
15.7
13.7
20.6
16.7
35.5
17.1
15.0
21.2
19.2
27.1
Source: MOSL
20 July 2016
6

Gruh Finance
Financials and valuations
Income Statement
Y/E March
Interest Income
Interest Expended
Net Interest Income
Change (%)
Fee Income
Net Income
Change (%)
Operating Expenses
Operating Income
Change (%)
Provisions/write offs
PBT
Tax
Tax Rate (%)
PAT
Change (%)
Proposed Dividend
2012
4,856
3,101
1,755
25.3
172
2,041
27.3
392
1,650
28.6
22
1,628
424
26.1
1,203
31.5
472
2013
6,181
4,044
2,137
21.8
223
2,460
20.5
463
1,997
21.1
29
1,968
509
25.9
1,459
21.2
522
2014
8,130
5,436
2,694
26.1
271
3,025
23.0
556
2,469
23.6
24
2,445
675
27.6
1,770
21.3
632
2015
10,211
6,777
3,433
27.4
331
3,826
26.5
640
3,186
29.0
177
3,008
970
32.3
2,038
15.2
875
2016
12,286
8,074
4,212
22.7
468
4,680
22.3
823
3,857
21.1
240
3,617
1,181
32.7
2,436
19.5
855
2017E
15,433
10,027
5,406
28.4
535
5,946
27.1
1,027
4,919
27.5
300
4,619
1,594
34.5
3,025
24.2
1,062
2018E
19,661
12,766
6,895
27.5
640
7,545
26.9
1,256
6,289
27.9
375
5,914
2,040
34.5
3,874
28.0
1,360
(INR Million)
2019E
24,754
16,027
8,728
26.6
811
9,555
26.6
1,544
8,010
27.4
469
7,541
2,603
34.5
4,939
27.5
1,791
Balance sheet
Y/E March
Capital
Reserves & Surplus
Net Worth
Secured Loans
Change (%)
Total Liabilities
Cash and bank balance
Investments
Change (%)
Loans
Change (%)
Net Fixed Assets
Other Assets
Total Assets
2012
353
3,503
3,856
38,293
29.3
42,148
1,695
244
-29.5
40,668
28.0
116
-575
42,148
2013
357
4,553
4,910
49,115
28.3
54,025
221
651
166.6
54,378
33.7
118
-1,344
54,025
2014
360
5,712
6,072
64,439
31.2
70,512
832
530
-18.7
70,090
28.9
110
-1,050
70,512
2015
727
6,388
7,115
82,072
27.4
89,187
741
798
50.7
89,154
27.2
137
-1,643
89,187
2016
727
7,626
8,352
102,444
24.8
110,796
556
1,429
79.1
111,146
24.7
146
-2,480
110,796
2017E
727
9,589
10,316
130,734
27.6
141,050
623
1,572
10.0
142,103
27.9
146
-3,394
141,050
(INR Million)
2018E
727
12,103
12,830
167,885
28.4
180,714
1,857
1,887
20.0
180,521
27.0
146
-3,696
180,714
2019E
727
15,250
15,977
213,703
27.3
229,681
4,001
2,264
20.0
227,344
25.9
146
-4,074
229,681
Assumptions
Loan Growth
Borrowings Growth
Investments Growth
Dividend
E: MOSL Estimates
28.0
29.3
-29.5
2.3
33.7
28.3
166.6
2.5
28.9
31.2
-18.7
1.5
27.2
27.4
50.7
2.0
24.7
24.8
79.1
2.0
27.9
27.6
10.0
2.5
27.0
28.4
20.0
3.2
(%)
25.9
27.3
20.0
4.2
20 July 2016
7

Gruh Finance
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 (%)
RoAE
RoAA
Int. Expended/Int.Earned
Other Inc./Net Income
Efficiency Ratios (%)
Fees/Operating income
Op. Exps./Net Income
Empl. Cost/Op. Exps.
Asset-Liability Profile (%)
Loans/Borrowings Ratio
Debt/Equity (x)
Gross NPAs
Gross NPAs to Adv.
Net NPAs
Net NPAs to Adv.
2012
13.0
9.1
3.9
4.7
2013
12.9
9.3
3.6
4.5
2014
13.1
9.6
3.5
4.3
2015
12.8
9.3
3.6
4.3
2016
12.3
8.8
3.6
4.2
2017E
12.3
8.6
3.7
4.3
2018E
12.2
8.6
3.7
4.3
2019E
12.1
8.4
3.7
4.3
34.2
3.1
63.9
2.9
33.3
2.9
65.4
0.9
32.2
2.8
66.9
0.2
30.9
2.5
66.4
0.1
31.5
2.4
65.7
0.0
32.4
2.3
65.0
0.0
33.5
2.3
64.9
0.0
34.3
2.3
64.7
0.0
3.5
19.2
50.2
3.6
18.8
50.6
3.3
18.4
57.0
3.2
16.7
55.0
3.7
17.6
52.0
3.3
17.3
50.8
3.2
16.7
50.3
3.2
16.2
49.9
106.2
9.9
211
0.5
-184
0.0
110.7
10.0
176
0.3
27
0.1
108.8
10.6
189
0.3
0
0.0
108.6
11.5
251
0.3
0
0.0
108.5
12.3
295
0.3
0
0.0
108.7
12.7
351
0.2
0
0.0
107.5
13.1
422
0.2
0
0.0
106.4
13.4
2,317
1.0
-23
0.0
Valuation
Book Value (INR)
Price-BV (x)
Adjusted BV (INR)
Price-ABV (x)
EPS (INR)
EPS Growth (%)
Price-Earnings (x)
OPS (INR)
OPS Growth (%)
Price-OP (x)
E: MOSL Estimates
10.9
13.5
11.3
13.1
3.4
31.0
43.3
4.7
28.0
31.6
13.8
10.7
13.7
10.8
4.1
19.9
36.1
5.6
19.7
26.4
16.9
8.8
16.9
8.8
4.9
20.2
30.0
6.9
22.5
21.5
19.6
15.1
19.6
15.1
5.6
14.2
52.6
8.8
27.9
33.7
23.0
12.8
23.0
12.8
6.7
19.5
44.0
10.6
21.1
27.8
28.4
10.4
28.4
10.4
8.3
24.2
35.4
13.5
27.5
21.8
35.3
8.4
35.3
8.4
10.7
28.0
27.7
17.3
27.9
17.0
44.0
6.7
44.0
6.7
13.6
27.5
21.7
22.0
27.4
13.4
20 July 2016
8

Gruh Finance
Corporate profile
Company description
GRUH Finance (GRHF) was established in 1986 as
Gujarat Rural Housing Finance Ltd and was
promoted by HDFC and Aga Khan Fund for
Economic Development (AKFED). GRUH primarily
provides home loans to individuals and families for
purchase, construction, extension, repair and
renovation. The company operates in a niche
segment, catering to the lower-income group in
rural and semi-urban areas. GRHF has diversified
geographically and operates in eight Indian states
through 179 branches and has loan book of nearly
INR115b.
Exhibit 11: Shareholding pattern (%)
Mar-16
Promoter
DII
FII
Others
58.6
4.6
12.9
24.0
Dec-15
58.6
4.2
13.1
24.2
Mar-15
58.6
2.5
12.7
26.2
Exhibit 10: Sensex rebased
Exhibit 12: Top holders
Holder Name
Axis Mutual Fund Trustee Ltd A/c Axis Mutual Fund A/c
Smallcap Wordl Fund, INC
Matthews India Fund
%
Holding
2.0
1.9
1.2
Note: FII Includes depository receipts
Exhibit 13: Top management
Name
Keki M Mistry
SudhinChoksey
Marcus Lobo
Designation
Chairman
Managing Director & CEO
Company Secretary
Exhibit 14: Directors
Name
Keki M Mistry
Sudhin Choksey
S M Palia*
S G Mankad*
Rohit C Mehta*
Name
Prafull Anubhai*
K G Krishnamurthy*
Renu Sud Karnad
Kamlesh Shah
Biswamohan Mahapatra*
*Independent
Exhibit 15: Auditors
Name
Sorab S Engineer & Co
Type
Statutory
Exhibit 16: MOSL forecast v/s consensus
EPS
(INR)
FY17
FY18
MOSL
forecast
8.3
10.7
Consensus
forecast
-
-
-
Variation
(%)
-
-
-
20 July 2016
9

PRODUCT GALLERY
Our recent reports on GRHF
Our recent reports on Financial sector
Our recent reports on other Financial companies

Gruh Finance
NOTES
20 July 2016
11

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