Mumbai (Maharashtra) [India], September 19 (ANI): Care Ratings has revised the rating of Chennai-based Repco Home Finance’s long-term loan facilities and non-convertible debentures worth Rs 1,620 crore to AA-minus with stable outlook from AA with negative outlook.
The revision factors in moderation in the company’s asset quality parameters with increase in gross non-performing assets (GNPAs) from 2.95 per cent in March 2019 to 4.33 per cent in March this year.
Historically, the GNPA levels have remained higher in June and December quarters but remained lower during September and March quarters.
However, GNPA levels continued to remain high during FY20 at above 4.2 per cent in all the four quarters.
“It is worthwhile to note that GNPA level which had witnessed notable increase post-demonetisation is yet to show improvement and currently the GNPA level has further increased,” said Care.
GNPAs witnessed some improvement in June to 4 per cent but continue