25 YEARS IN INDIA: LEADING WITH IMPACT

Valuations Majority HFCs with <1x P/B whereas most diversified NBFCs trading at premium Price to book ratio (as of May 31, 2021) Select NBFCs Housing Finances Diversified MFIS HDFC 3.5 418 Bajaj Finance 368 8.8 CreditAccess 4.2 17 Capri Global 6.6 12 Can Fin Homes 2.1 6 Satin Credit 0.5 1 Chola 4.8 56 LIC HF 0.8 21 Poonawalla Fin 3.5 20 PNB HF 0.6 5 IIFL Fin 2.8 12 Gold Loan Sundaram Fin 2.7 18 GIC HF 0.5 1 L&T Fin Hold. 1.7 19 Repco HF 0.4 M & M FS 1.4 22 Muthoot Fin 2.5 46 Indiabulls HF 0.4 5 SCUF 1.3 11 Manappuram Fin 1.0 8 Shriram Trans 1.2 32 Source: Capitaline; BCG analysis Market Cap (INR in '000 crores) (as of May 31, 2022) <1x P/B 32 Copyright 2020 by Boston Consulting Group. All rights reserved. $

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