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Ujjivan Financial Services (Share Price - Rs.363.05) (UJJIVAN): Avoid
Valuation: Overvalued with negative earnings
Reason to Avoid: Ujjivan reported a loss in PAT due to the higher provision related to bad assets generated during demonetization. AUM growth is also subdued to ~3%.
Drivers: Degrowth in MFI and micro individual loans. Higher transition cost impacted margins and may result in low profits in FY18.
Financials: In Q2FY18, Interest income down by 3% YoY to Rs 339.3 crores. EBITDA down by 55% YoY resulting into negative PAT. Gross AUM is flat at Rs.6.7 crores. GNPA stood at 4.99%.
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