L&T Finance Holdings - Target Price Rs.60 - Kotak

Organic growth slows down in acquisition-led quarter. L&T Finance Holdings (LTFH) reported two acquisitions in housing and auto finance businesses even as growth traction in L&T Finance moderated during the quarter. LTFH reported 16% earnings growth in 2QFY13 on the back of 29% loan growth, higher credit costs and operating expenses.

We revise estimates to factor lower loan growth and somewhat better NIM; roll over price target to Rs60 (average of FY2013E and FY2014E). Retain ADD.

Source : Equity Bulls

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