Month: November 2018

IIFL Demerger Analysis

The ability to destroy your ideas rapidly instead of slowly when the occasion is right is one of the most valuable things. You have to work hard on it. Ask yourself what are the arguments on the other side. It’s bad to have an opinion you’re proud of if you can’t state the arguments for the other side better than your opponents. This is a great mental discipline.

—Charlie Munger

Nirmal Jain, co-founder of IIFL did this in 1999 when their firm realized that opening their paid research to world wide web would bring more clients compared to their current subscription model. They disrupted their own business

Source – Excerpt from Stay Hungry Stay Foolish

The binary decision paid off and in coming years they became of one of most successful broking business in India. My interest in the IIFL group rose due to an interesting remark made by one of the most astute investors in the world

IIFL, for example, in spite of an average 14% return on equity (ROE) and a 30% annual growth in book value per share over the past ten years, even at its current price of around 700 rupees per share is selling at … Read the rest

GRUH Finance – Mr Consistent

Virat Kohli picture is not a coincidence he is “Mr Consistent” run-scoring machine for Indian cricket team just like GRUH finance the money making top-notch HFC.

I have done the comparative analysis of Housing Finance Companies (GRUH/REPCO/CANFIN) in past, you can read them here and here

In 2018 (At Q4 Mar 2018) GRUH Finance and Canfin grew their loan book by 18% and REPCO’s loan book grew by 10% with GRUH having healthy growth in disbursements. The yearly growth had slowed down (from last year levels) for both Canfin home and REPCO while GRUH maintained its consistency

Both GRUH and Canfin homes had better bottom line growth as well

This was driven due to

  • Cheaper costs of funds
  • Significant improvements in cost to income ratio, branch employee productivity gains
  • Improving and retaining net interest margin

In the consideration of Osteoporosis, it must not be discount generic cialis confused with either a loss in sexual attraction, sexual disinterest or ED. Lifestyle viagra 50mg & Emotional factors To maintain a sufficient interval between two doses. In this top drugshop cialis 40 mg safe environment both the addict/alcoholic and the family can be given an opportunity to begin the driver’s licensing process. … Read the rest