Here is the L&T Finance Q4FY19 concall transcript (thanks to @crazymama)
L&T Finance Holdings (2).pdf (191.0 KB)
Thanks a ton. Wonder why the Investor relations team takes such a long time to upload the transcripts. Any idea how can we also be a part of the conference call ? I believe this is one company which doesnât believe in keeping retail shareholders in the loop.
Typically companies provide the concall details either on their website or in their press release and you can use those details to dial in. Agree with you that it is a little difficult for retail shareholders to participate/ ask questions in the concall as the target audience is generally equity research analysts and buy side analysts from MFs/ FIIs.
Actually I have been trying to get to the Compliance officer asking for the transcripts. They havenât been responding on mails or calls. Wonder why such a company from a big house would do that. There are a lot of other companies which upload at least audio or transcript immediately, even if they restrict the target audience in concalls to Research analysts.
Reading the concall, itâs evident that there will be a slowdown in profits in the near term right ? And I donât understand something, if Bajaj finance can get huge NIMs in Consumer finance, why is it that no competitor is moving into this sector. I agree no one can compete with their reach and network, but at least try to grab a small chunk of the market place can be a possibility right.
I asked dubhashi this question at the last AGM. He replied that management committee evaluates all options regularly. Will enter a business if it can be in the top three or wonât bother.
Bajaj fin has leveraged itâs association with Bajaj auto to enter the consumer finance business. Itâs a turnaround story.
Disclosure: holding both since long
Good question. I too didnât spot it. Besides the PAT for the year has grown 50% but the PAT hasnât flown through to the Book Value. It has grown a fraction of that at 18%. Is it real accounting or accounting jugglery ?
Maybe because they had to adjust the FY18 book value to move to IndAS. I remember management saying something in Q1 call about how they have to mandatorily adjust book value by about 1000 cr or something
Yeah right. Got that, thanks. Any idea what the management has guided for growth this year?
And besides, any idea why the disbursements are down this quarter ? They kept claiming they didnât have liquidity and funding constraints
I think it may be because of measured growth on the wholesale side, especially real estate. I think they will grow but slower than investors are used to. Iâll wait till Q2 to see the true picture emerging. Q1 should be slow as well due to externalities. Good thing is that they are not facing challenge in fund raising due to L&T franchise. I think once they start getting their dues back from Real Estate players, market should repose their faith back in them. IL&FS will take time to resolve so one will have to just consider it as sunk cost for now.
Yeah measured growth on the wholesale side is acceptable, but the fact that housing and rural finance too grew at 9% is what is concerning. Hope they do something on consumer or sme financing. The Management is being investor unfriendly in not uploading the earnings call transcript. Certainly not expected from a Nifty next 50 L&t group company.
You can get the call details on researchbytes
Sachit
Nope. Not available there as well
I think it mustâve gotten removed. I remember listening to the call (audio file). Unfortunately did not make notes. Else wouldâve shared
Thanks for the info. Wonder why is the Management shying away from uploading.
Some green shoots on IL&FS issue
Are CRPS equity dilutive? Any idea what impact does such kind of fund raising does on equity and minority shareholders? Thanks
Patience needed in this stock that has been affected due to NBFC but it has come a long way and at the end of the day it is an LnT company. So, stay in it with confidence and buy on big dips.
KKP
Q1 concall transcripts. link here: https://finance.yahoo.com/news/edited-transcript-l-tfh-nse-163044782.html