BSE: 500253 | NSE: LICHSGFIN | Finance - Housing | Mid Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that LIC Housing Finance Ltd is a average quality company.
The key valuation ratios of LIC Housing Finance Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of LIC Housing Finance Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Income (₹ Cr.) | 10,751 | 12,475 | 14,072 | 14,875 | 17,395 | 19,737 | 19,882 | 19,974 | 22,714 | 27,277 | 27,387 | |
| YoY Gr. Rt. % | - | 16% | 12.8% | 5.7% | 16.9% | 13.5% | 0.7% | 0.5% | 13.7% | 20.1% | - | |
| Adj EPS (₹ ) | 27.7 | 33.1 | 38.5 | 39.9 | 48.2 | 47.5 | 54.3 | 41.6 | 52.6 | 86.6 | 88.8 | |
| YoY Gr. Rt. % | - | 19.5% | 16.5% | 3.7% | 20.9% | -1.5% | 14.3% | -23.5% | 26.4% | 64.8% | - | |
| BVPS (₹ ) | 156.1 | 182.6 | 221.1 | 283.6 | 323.6 | 361.9 | 408.2 | 449.9 | 494.2 | 572.2 | 611.1 | |
| YoY Gr. Rt. % | - | 16.9% | 21.1% | 28.3% | 14.1% | 11.8% | 12.8% | 10.2% | 9.8% | 15.8% | - | |
| To view Net Profit/Total Funds (%) Colour Rating Guide click here ⓘ | ||||||||||||
| Net Profit/Total Funds (%) | 1.3 | 1.4 | 1.4 | 1.3 | 1.3 | 1.2 | 1.2 | 0.9 | 1.1 | 1.7 | 0 | |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Interest Income | 10.9% | 9.4% | 11.1% | 20.1% | ||||||||
| Adj EPS | 13.5% | 12.4% | 16.8% | 64.8% | ||||||||
| BVPS | 15.5% | 12.1% | 11.9% | 15.8% | ||||||||
| Share Price | 1.8% | 4% | 18.1% | 3.4% | ||||||||
| RATIOS \ YEARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Quality Ratio | To view Asset Quality Ratio Colour Rating Guide click here ⓘ | |||||||||||
| Net NPA to Net Advances (%) | 0.2 | 0.2 | 0.1 | 0.4 | 1.1 | 2 | 0 | 0 | 0 | 0 | - | |
| Capitalization Ratio | To view Capitalization Ratio Colour Rating Guide click here ⓘ | |||||||||||
| Capital Adequacy Ratio (%) | 15.3 | 17 | 15.6 | 16 | 14.4 | 13.9 | 0 | 0 | 0 | 0 | - | |
| Margins | ||||||||||||
| Net Profit Margin (%) | 13 | 13.4 | 13.8 | 13.5 | 14 | 12.2 | 13.8 | 11.4 | 12.7 | 17.5 | 17.8 | |
| Performance Ratios | To view Performance Ratios Colour Rating Guide click here ⓘ | |||||||||||
| Return on Equity (%) | 18.1 | 19.5 | 19.1 | 15.8 | 15.9 | 13.9 | 14.1 | 10.1 | 11.1 | 16.2 | 14.5 | |
Return on Equity has increased versus last 3 years average to 15.00%
Total Income has increased 11.12 CAGR in last 3 years
Net Profit has increased 16.83 CAGR in last 3 years
Total income growth is good in last 4 quarters
No data to display
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 88.8 | 88.8 |
| TTM Sales (₹ Cr.) | 27,339 | 27,387 |
| BVPS (₹.) ⓘ | 609.5 | 611.1 |
| Reserves (₹ Cr.) ⓘ | 33,414 | 33,502 |
| P/BV ⓘ | 0.95 | 0.95 |
| PE ⓘ | 6.54 | 6.53 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 530.00 / 827.00 |
| All Time Low / High (₹) | 4.60 / 827.00 |
| Market Cap (₹ Cr.) | 31,915 |
| Equity (₹ Cr.) | 110 |
| Face Value (₹) | 2 |
| Industry PE ⓘ | 17.4 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
We have recently given a sell call on LICHF. Refer to our note dated Link
Our sell call is solely due to potential merger with IDBI Bank. The new development of an impending IDBI Bank merger has added to the stock price overhang. Many clients have reached out to us to say why we are selling at a loss of 20-30%. Please understand that we can’t be right on every stock. We have to cut our losers fast. We are following a portfolio strategy where we don’t worry about individual losers or individual winners. Besides, if we look at portfolio level this loss is negligible (30% loss on a 2-5% position is 0.5%-1.5% loss on a portfolio level). Secondly, we have already identified other investments recently which will take care of our losers here and there.
Also, there is high probability that our position in LICHF may continue to be in loss for the next couple of years. You will make up your returns by simply putting this money in a fixed deposit rather than staying invested in LICHF. (Or even better in other stocks that can compound at 15% CAGR)
Investing success is all about investor discipline and that means cutting your losers before they become large. In past our investments in Lupin, Tata Motors, etc. have disappointed us as we held on thinking that they would recover over time. We could have made up for those losses from several other winners instead of holding on. We are avoiding such situations wherein we know that there is an overhang and no recovery in sight.
We find the merger could be very lucrative for LIC, the parent company, as it already holds IDBI Bank but it could be bad for minority shareholders of LIC HF.
You may choose to cut half the position right away and sell the rest in 2-3 tranches on 5-10% rise in stock price.
As per a report by Business Standard, LIC may expediate merger of LIC HF and IDBI Bank.
LIC HF has a good business model of housing finance and good growth prospects. Its ROE is top notch and its growth rate is above average. We had bought assuming that we would benefit from its distribution, scale and reputation. We expected that LIC HF was coming out of its NPA over a quarter or so.
Today’s news has rattled the market that if LIC HF were to merge IDBI Bank, minority shareholders will be short changed. IDBI Bank is not a good bank and with high NPA, limited branch spread and large exposure to not so good corporates.
We believe that even if there is no merger on cards for now (stated by LIC HF management on CNBC TV18), there will be an overhang on the stock of eventual merger which will restrict our upside.
Although today’s stock reaction is too harsh on ‘un-confirmed news”, we would recommend to exit at 15-20% loss, as we expect the stock recovers of 5-10%. Wait for our SELL signal to act on it.
Results: LIC Housing Finance (LIC HF) reported revenue growth of 13% in Q3FY20 but profit before tax declined 13% from last year.
Outlook: Disbursement growth is improving albeit at slower pace than our expectation. LIC HF asset quality has been under pressure due to increase in NPA from developer loans. It had already made 44% provisions and we expect recovery/upgrade from its projects as they are backed by collateral and 50-60% complete. There is no geographical concentration in slow moving markets like NCR/Mumbai which makes us hopeful on recovery/upgrade.
We have a BUY on LIC HF as it caters to individual housing in India. We do see the growth story panning out with some aberration in pockets due to tough economic conditions. We are confident on growth and prospects of LICHF thanks to underpenetrated housing and distribution ability of the company. Current underperformance in stock price is in lines with other HFCs that have been facing pain from large exposure to developer book (average 30%+ versus LICHF's 7%). We find LIC HF trades at discount to its long term average valuation and provide good margin of safety.
Results: LIC Housing Finance (LICHF) reported year on year operating profit growth of 16%. Net Interest Income also jumped 16% year on year. Loan book grew by 14.5% year on year and 80% of fresh disbursement happened in individual home loan segment.
However, there was deterioration in asset quality on quarterly basis. Developer loan book saw 14% NPA while individual loan and LAP saw NPA of 1% and 2%+ respectively. Together this amounts to around 5,000 Cr. Provisions for the same stands at 2,000 Cr.
The management believes that bulk of the NPAs in developer loan book is near completion and recovery is likely over subsequent quarters.
Outlook: The management has highlighted that they are taking cautious approach in developer segment and focusing more on affordable housing segment for future growth. However, due to wafer thin margins in individual housing segment, LICHF has no option but to have some exposure to high margin developer loans. Current environment is making it difficult for even good developers to delay payments as they are not able to receive incremental loans for project completion. Many developers haven’t been receiving fresh funds from NBFC and banks as they have turned risk averse from recent episodes of defaults in select pockets.
Today, LICHF trades at less than 1x Forward book value. We are confident that we can earn more than 15% CAGR on the stock as developer NPA recover partially and new profits from other segments will add to profits. More comfort comes from lower corporate tax rate announced by FM in Sept’19.
We have given a buy call on LIC Housing Finance to capture the growth story housing finance in India. We do see the growth story panning out with some aberration in pockets due to tough economic conditions. We are confident on growth and prospects of LICHF thanks to underpenetrated housing and distribution ability of the company. Current pressure in stock price is in lines with other HFCs that have been facing pain from large exposure to developer book (average 30%+ versus LICHF's 7%).
If you haven't bought LICHF upto max recommended allocation yet, you can consider adding to the stock.
Summary
LIC Housing Finance (LIC HF) has been experiencing fall in stock price over last month due to risk from developer loans and risk of bank’s low-cost loans. We believe that these issues are transitionary and do not affect long term valuation much. Exposure to real estate is low (7% of loan book), distribution is niche and based on relationships made by LIC insurance agents to experience any major migration to banks. We have increased Max. Recommended Allocation to LIC HF at Rs. 400/share.
MoneyWorks4me Opinion
LIC HF started slipping from Rs. 550/share post its first quarterly results. Part of the sell off was large chunk liquidated by FII (Fidelity Funds from 6% to 3%). The primary concern since quarterly results is ageing of developer loans and start of NPA creation. The management highlighted that the loans are granular, and recovery has commenced. The loan coverage ratio 1.5x meaning for every 100 they have 150 collateral. Currently developer loans form 7% of portfolio. Rest of the 93% loan book is individual mortgage & LAPs.
Current operating profit before provisions & tax is Rs. 4000 Cr. Current NPA stand at Rs. 2000 Cr. For current NPAs, the company has already made provisions for 45%.
Even if we assume 20% of developer loan book becomes NPA incrementally, it will have default of 4000 Cr can be provided in 1 year i.e. loss of 1 year of profits or translating in Rs. 70/share or 13% to our MRP. Assuming there is 50% recovery, it has impact of around 35/share or 5% of MRP. The stock already trades at around 30% discount to fair price of Rs. 585/share.
Second, concern on banks eating into LIC HF’s lunch. Recent RBI regulations to mandate banks to link home loans to repo rate will make bank’s home loan very competitive leading to more repayments of LIC HF’s outstanding loans. However, we believe that with fall in repo rate & govt bond rate, even LIC HF will benefit from bond market (once it revives from current liquidity condition). LIC HF is rated AAA and has strong parentage. We believe it can raise funds at marginal spread to Govt bond rate.
Besides, LIC HF has enough opportunities to lend due to large demand in affordable housing, under ownership of homes and with lot of small sized HFCs closing down the business due to lack of liquidity. This will compensate for some repayment of loans. We are confident on execution abilities of LIC HF.
LIC HF has delivered returns similar to HDFC Ltd in past 20 years.
Valuation
Today LIC HF’s valuation stands at 1.2x P/B ratio and 8x P/E ratio. With ROE of in excess of 14% over long term, we believe the stock currently more than discounts current concerns. We expect to earn 15%+ CAGR from current prices including dividends (2% dividend yield).
We had said in our previous note that if the stock falls further we will add more. We are recommending buying LIC HF upto Max. Recommended Allocation at prices Rs. 400/share and below.
If you have already bought Max. Allocation, you do not need to add more.
Risks: Longer than expected liquidity tightness, lower than expected recovery from NPAs.
LIC Housing Finance has been falling along with other NBFCs after recovering around 30%+ from its earlier lows. Recent fall of 11% on 22nd August’19 was due to large block deal by institutional investor.
LIC Housing Finance reported ~16% growth in loans. Developer loan grew 60%+ and now forms just 7% of overall loan book. Individual loan book forms around 93% of loan book. The management has highlighted that they see good growth prospects in affordable housing; Developer loan is very limited and has good collateral cover.
GNPA was at Rs. 3887 crore (2% of loan book) out of which Rs 2307 crore was attributable to individual loans, while developer loans stood at Rs 1580 crore attributable to eight developer projects. The management has shared that these are fully constructed properties and have almost 1.5x cover versus the debt. This has spooked the market due to slowdown in overall real estate market.
Siddhartha Mohanty, MD & CEO, said, “The business environment continued to be quite challenging. However, despite that, the company’s outstanding loan book grew consistently, especially on the home loan segment. The company has also performed quite well in the affordable segment. The company is focusing on asset quality and recovery aspect and we are confident of addressing the situation in the current year.”
MoneyWorks4me Opinion
We believe that these NPA levels were expected but recovery in mortgage is good as its backed by property of higher value. The replacement value of property doesn’t deteriorate versus the plant and machinery in normal Banking business.
Offlate there has been increase in competition in housing finance but we believe that there is enough opportunity in housing finance space. Many players have vacated the space due to inadequate funding.
We are very optimistic on long term growth potential of housing finance. Housing finance is a very good proxy for housing sector growth versus investing in a real estate company. LIC Housing has large individual loan book and distribution to reach out more individuals via insurance agents of parent company. Strong individual mortgage loan book gives its an edge to raise money from the market to lend for home loans.
Valuation
LIC Housing Finance earns around 1.3%-1.8% ROA across the cycle. Its ROE ranges from 15%-18%. Today LIC trades at 1.28x Price to book ratio versus median price to book ratio of around 2.32x
We have successfully avoided Indiabulls and DHFL due to their risky loan exposures. We shortlisted only HDFC Ltd and LIC Housing Finance due to their established track record, conservative underwriting, ability to raise funds and large distribution advantage.
Based on favourable valuation and good long term prospects, we recommend buying LIC Housing Finance upto recommended allocation. If stock goes lower, we may add more.
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | 10,941 | 12,610 | 14,239 | 14,876 | 17,398 | 19,742 | 19,886 | 20,005 | 22,728 | 27,278 |
| Interest Income | 10,751 | 12,475 | 14,072 | 14,875 | 17,395 | 19,737 | 19,882 | 19,974 | 22,714 | 27,277 |
| Other Income ⓘ | 189 | 135 | 167 | 2 | 3 | 5 | 4 | 31 | 14 | 1 |
| Expenditure ⓘ | 8,821 | 10,035 | 11,266 | 12,094 | 14,007 | 16,459 | 16,520 | 17,218 | 19,167 | 21,213 |
| Interest Expense ⓘ | 8,310 | 9,307 | 10,231 | 11,144 | 12,891 | 14,782 | 14,450 | 14,151 | 16,135 | 18,385 |
| Operating Expenses ⓘ | 439 | 520 | 662 | 446 | 461 | 562 | 625 | 937 | 973 | 1,091 |
| Provisions | 72 | 208 | 372 | 504 | 655 | 1,115 | 1,445 | 2,130 | 2,059 | 1,737 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 2,119 | 2,575 | 2,973 | 2,782 | 3,392 | 3,282 | 3,365 | 2,787 | 3,561 | 6,064 |
| Taxes ⓘ | 722 | 907 | 1,031 | 774 | 957 | 879 | 624 | 501 | 670 | 1,305 |
| Profit After Tax | 1,398 | 1,668 | 1,942 | 2,008 | 2,434 | 2,404 | 2,741 | 2,286 | 2,891 | 4,760 |
| Adjusted EPS (₹) | 27.7 | 33.1 | 38.5 | 39.9 | 48.2 | 47.5 | 54.3 | 41.6 | 52.6 | 86.6 |
| Dividend Payout Ratio (%) | 18% | 17% | 16% | 17% | 16% | 17% | 16% | 20% | 16% | 10% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Equity Capital | 7,880 | 9,215 | 11,156 | 14,311 | 16,331 | 18,265 | 20,601 | 24,751 | 27,185 | 31,477 |
| Share Capital ⓘ | 101 | 101 | 101 | 101 | 101 | 101 | 101 | 110 | 110 | 110 |
| Reserves ⓘ | 7,779 | 9,114 | 11,055 | 14,210 | 16,230 | 18,164 | 20,500 | 24,641 | 27,075 | 31,367 |
| Minority Interest | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 |
| Long Term Borrowings | 82,216 | 93,150 | 1,06,844 | 1,32,661 | 1,48,044 | 1,55,116 | 1,80,267 | 1,95,325 | 2,08,781 | 2,23,342 |
| Current Liabilities | 22,533 | 28,221 | 32,996 | 23,804 | 35,769 | 43,010 | 33,931 | 33,237 | 40,694 | 34,874 |
| Trade Payables | 27 | 37 | 51 | 53 | 75 | 31 | 86 | 54 | 34 | 71 |
| Short term borrowings | 2,698 | 5,440 | 7,587 | 13,420 | 23,592 | 36,336 | 27,230 | 27,264 | 34,470 | 28,068 |
| Other Liabilities | -2,725 | -5,477 | -7,639 | -13,473 | -23,667 | -36,367 | -27,316 | -27,318 | -34,503 | -28,138 |
| Total Liabilities ⓘ | 1,12,630 | 1,30,587 | 1,50,997 | 1,70,779 | 2,00,146 | 2,16,393 | 2,34,803 | 2,53,315 | 2,76,663 | 2,89,695 |
Assets | ||||||||||
| Non Current Asset | 1,02,265 | 1,18,160 | 1,36,326 | 1,67,542 | 1,94,710 | 2,10,589 | 2,31,047 | 2,50,553 | 2,73,288 | 2,86,373 |
| Loan Asset | 1,01,825 | 1,17,652 | 1,35,414 | 1,66,129 | 1,92,946 | 2,07,915 | 2,28,043 | 2,45,222 | 2,67,761 | 2,80,518 |
| Other Non Current Asset ⓘ | 440 | 508 | 912 | 1,413 | 1,764 | 2,674 | 3,004 | 5,331 | 5,527 | 5,854 |
| Current Asset | 10,365 | 12,428 | 14,671 | 3,237 | 5,436 | 5,805 | 3,755 | 2,762 | 3,375 | 3,323 |
| Current Investment | 13 | 17 | 18 | 1,014 | 2,294 | 3,595 | 2,170 | 1,563 | 2,291 | 1,637 |
| Other Current Asset | 10,352 | 12,411 | 14,653 | 2,223 | 3,142 | 2,209 | 1,585 | 1,200 | 1,084 | 1,686 |
| Total Assets ⓘ | 1,12,630 | 1,30,587 | 1,50,997 | 1,70,779 | 2,00,146 | 2,16,393 | 2,34,803 | 2,53,315 | 2,76,663 | 2,89,695 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -14,345 | -13,039 | -14,273 | -18,977 | -21,538 | -14,738 | -17,140 | -16,729 | -19,632 | -7,151 |
| Cash Flow From Investing Activity ⓘ | -58 | -58 | -278 | 1,368 | -1,642 | -1,851 | 858 | -1,628 | -800 | 587 |
| Cash Flow From Financing Activity ⓘ | 14,232 | 14,098 | 15,072 | 18,074 | 24,068 | 15,156 | 16,245 | 17,850 | 20,249 | 7,346 |
| Net Cash Flow ⓘ | -171 | 1,001 | 521 | 465 | 887 | -1,434 | -37 | -507 | -183 | 781 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Operational & Financial Ratios |
||||||||||
| EPS (₹) | 28 | 33 | 38 | 40 | 48 | 47 | 54 | 42 | 53 | 87 |
| DPS (₹) | 5 | 6 | 6 | 7 | 8 | 8 | 9 | 9 | 9 | 9 |
| BVPS (₹) | 156 | 183 | 221 | 284 | 324 | 362 | 408 | 450 | 494 | 572 |
Performance Ratios | ||||||||||
| ROA (%) | 1.3 | 1.4 | 1.4 | 1.3 | 1.3 | 1.2 | 1.2 | 0.9 | 1.1 | 1.7 |
| ROE (%) | 18.1 | 19.5 | 19.1 | 15.8 | 15.9 | 13.9 | 14.1 | 10.1 | 11.1 | 16.2 |
| ROCE (%) | 10.8 | 10.6 | 10.3 | 9.4 | 9.4 | 9.1 | 8.1 | 7.1 | 7.6 | 8.8 |
Valuation Parameters | ||||||||||
| Price/Book(x) | 2.8 | 2.7 | 2.8 | 1.9 | 1.7 | 0.7 | 1.1 | 0.8 | 0.7 | 1.1 |
Incorporated in 1989, LIC Housing Finance Ltd is one of the largest Housing Finance Companies in India with a key objective of providing long term finance to individuals for the purchase or construction of house/flat for residential purposes in India. LIC Housing Finance also provides finance on existing property for business/ personal needs and also gives loans to professionals for purchase/construction of Clinics/Nursing Homes/ Diagnostic Centers/ Office Space and also for purchase of equipment. The company also provides finance to builders and developers engaged in the business of construction of houses or flats for residential purpose and to be sold by them.
The company went public in 1994 and since then its stocks are listed and actively traded on the National Stock Exchange (NSE) and Bombay Stock Exchange Limited (BSE). LIC Housing Finance is amongst the pioneers in India ensuring access to housing finance for home ownership. With a strong business foundation, an extensive distribution network and proven industry expertise, LIC HFL is a respected and trusted financial services company.
Business area of the company
LIC Housing Finance is one of the largest Housing Finance Company in India. The main objective of the company is providing long term finance to individuals for purchase or construction of house or flat for residential purpose / repair and renovation of existing flat / houses.
Services & Products offered by the company
Home loan
Corporate/ Projects Loans
Other Loans
Awards & Accolades
Milestones:
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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