Bobby,
Repco GNPA and NNPA are 2.49% and 1.60% in FY Q1 15 (2.22% and 1.52% in FY Q1 14).
Gruh GNPA and NNPA are 0.44% and 0.04% in FY Q1 15 (0.46% and 0.05% in FY Q1 14).
Their total customer base is less than 50K, so non-salaried is about 25K (50:50 split between salary and non-salary)… to know which segment of non salaried in Q1 defaulted is little hard to find out as every segment must be small. But total Credit loss Repco made till date is Rs. 4 Cr. out of total Rs. 7000 Cr. disbursements since inception. To me 0.06% Loan Loss in the starting phase of business is an encouraging figure (may be due to their better profiling through Repco Bank client base).
For me, mismatch of the Asset Quality of Repco vs. Gruh is more than adequately priced in at current valuation.