印度人寿住房金融公司（LICHF）：2025财年第四季度业绩初评利润符合预期；较高的拨备抵消了较好的净息差

4QFY243QFY254QFY25% YoY68,87569,51671,1733%46,49949,51549,5086%22,37620,00121,664-3%4931,0571,661237%859861-29%4089601,600292%22,86921,05923,3252%3,8293,5644,53618%19,04117,49518,790-1%4,279(440)1,094-74%14,76217,93417,69620%3,8543,6154,0164%10,90814,32013,68025%2,8682,9913,0777.3%2,4412,5462,6167.2%3473593696.4%80879214.9%1821551925.1%1431221547.6%24222919.2%15109-41.7%958276-20%3.3%2.8%2.5%-84bps51%47%51%-13bps9.7%9.4%9.4%-32bps7.5%7.6%7.4%-4bps2.2%1.7%2.0%-28bps3.2%2.7%2.9%-30bps0.6%-0.1%0.1%-46bps % QoQ2%0%8%57%-38%67%11%27%7%-349%-1%11%-4%2.9%2.7%2.9%6.4%23.8%25.6%29.1%-11.0%-8%-28bps376bps2bps-19bps20bps16bps20bps Bhaskar Basu, CFA * | Equity Analyst91 22 4224 6130 | bbasu@jefferies.comPrakhar Sharma * | Equity Analyst91 22 4224 6129 | prakhar.sharma@jefferies.com We would like to thank Aditya Nevrekar, employee of Evalueserve Inc., for providing research support services to our preparation of this report.Company DescriptionLIC HousingLIC Housing Finance Ltd. is one of the largest Housing Finance company in India. Incorporated on 19th June 1989, the Company was promoted byLIC of India and went public in the year 1994. The Company is engaged in providing long-term finance to individuals for purchase or constructionof houses or flats for residential purpose/repair and renovation of existing flats/houses. The Company is also engaged in loans against property,equipment financing and construction project financing.Company Valuation/RisksLIC HousingOur PT of Rs700 is based on 0.85x our Mar 27e BV. Key downside risks to our valuation are a) slowdown in loan growth; b) steeper fall inNIMs due to annual reset and sharper rise in interest rates; and c) deterioration in asset quality, including more than expected slippage fromrestructured book.Analyst Certification:I, Bhaskar Basu, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.I, Prakhar Sharma, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Bhaskar Basu, CFA is employed by Jefferies India Private Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Prakhar Sharma is employed by Jefferies India Private Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or morewithin a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average securityprice consistently below $10, the expected total return (price appreciation plus yield) is plus or minus 20%