25 YEARS IN INDIA: LEADING WITH IMPACT
Valuations
NBFC sector has under-performed broader market led down by HFCS
Gap in the overall industry's performance vs broader index widened in last one year
TSR Index: May 2017 = 100
350
Over period
May 2017 May 2022
5 Yr. average
annual
TSR %
1 Yr. average
annual
TSR %
300
250
200
150
100
50
Gold4
16%
-25%
S&P BSE 200
13%
8%
MFI³
6%
53%
Diversified²
1%
-4%
Overall industry
-6%
-14%
HFC's¹
-19%
-31%
May
2022
0
May
2017
May
2018
May
2019
May
2020
May
2021
1. Median monthly TSR rebalanced for following: Can Fin Homes, GIC HF, HDFC, Indiabulls HF, LIC HF, PNB HF and Repco Home; 2. Median monthly TSR rebalanced for following: Bajaj Finance, Capri Global, Chola, IIFL
Fin, IndoStar Capital, M & M Fin, Poonawalla Fin, SCUF, Shriram Trans and Sundaram Fin; 3. Median monthly TSR rebalanced for following: CrediAccess and Satin Credit; 4. Median monthly TSR rebalanced for following:
Manappuram Fin and Muthoot Fin. Note: TSR is calculated between 31st May 2017 through 31st May 2022 in the companies reporting currency. Please refer to annexure page for detailed list of constituents within each
tier.
Source: S&P Capital IQ; BCG ValueScience® Center
33
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