External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>ICICI Securities research report onAxis Bank Driven by NIM uptick (vs. our estimate of decline), bulky treasury gains and contained opex, Axis Bank (Axis) reported a strong Q4FY24 PAT of INR 71.3bn.</li><li>Reported RoA came in at a historical high of 2.0%, while asset quality remained comfortable.</li><li>Other positives in the results were improvement in LDR (down to 90% vs. 93%), uptick in LCR (120% vs. 118% QoQ) and PSL compliance on overall as well as sub-segment basis.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Securities research report onAxis Bank Driven by NIM uptick (vs. our estimate of decline), bulky treasury gains and contained opex, Axis Bank (Axis) reported a strong Q4FY24 PAT of INR 71.3bn.Reported RoA came in at a historical high of 2.0%, while asset quality remained comfortable.Other positives in the results were improvement in LDR (down to 90% vs. 93%), uptick in LCR (120% vs. 118% QoQ) and PSL compliance on overall as well as sub-segment basis.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Bank - Strong Quarter with Historical High RoA of 2.0%

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>AXSB still has significant ground to cover in terms of enhancing the quality of its deposit franchise and exercising better pricing power on the asset side when compared with its larger private sector banking peers</li><li>With its loan-to-deposit ratio at 93%, AXSB continues to face a trade-off between growth and quality of deposits, incrementally leaning towards the latter in recent times (outflow run rate improved 500bps over the past six quarters)</li><li>With AXSB likely to sustain its investments in focus areas, we expect elevated opex ratios and deferred productivity gains</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AXSB still has significant ground to cover in terms of enhancing the quality of its deposit franchise and exercising better pricing power on the asset side when compared with its larger private sector banking peersWith its loan-to-deposit ratio at 93%, AXSB continues to face a trade-off between growth and quality of deposits, incrementally leaning towards the latter in recent times (outflow run rate improved 500bps over the past six quarters)With AXSB likely to sustain its investments in focus areas, we expect elevated opex ratios and deferred productivity gainsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Bank: Deposit Handicap to the Fore; Downgrade to ADD

Thematic (Sector/Industry)

<ul><li>Infosys: Infosys (INFO) delivered a strong Q2 top-line leading to the anticipated guidance increase for FY25E</li><li>INFO outperformed peers in Q2FY25 on anticipated lines (Infosys update: On your marks, get set…), driven by improved demand in BFSI (seven large deals) and an uptick in short-cycle/small to mid-sized deals</li><li>Management commentary pointed to a stable demand environment and an uptick in discretionary in parts of the BFSI vertical</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infosys: Infosys (INFO) delivered a strong Q2 top-line leading to the anticipated guidance increase for FY25EINFO outperformed peers in Q2FY25 on anticipated lines (Infosys update: On your marks, get set…), driven by improved demand in BFSI (seven large deals) and an uptick in short-cycle/small to mid-sized dealsManagement commentary pointed to a stable demand environment and an uptick in discretionary in parts of the BFSI verticalContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Infosys, Axis Bank, Wipro, LTIMindtree, Mphasis, Karur Vysya Bank

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 551.2/56.2/27.8bn, a beat/(miss) of 7.6/0.7/(6.6)%</li><li>P&amp;M margins came in at 7.6% (+20bps YoY) and LT expects to maintain a positive YoY margin expansion trend in ensuing quarters and retained 8.2-8.25% guidance for FY25</li><li>Despite Q1FY25 being an election quarter/lower labour availability, LT reported strong 15% revenue growth and maintained 15/10% revenue/order inflow guidance for FY25</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 551.2/56.2/27.8bn, a beat/(miss) of 7.6/0.7/(6.6)%P&amp;M margins came in at 7.6% (+20bps YoY) and LT expects to maintain a positive YoY margin expansion trend in ensuing quarters and retained 8.2-8.25% guidance for FY25Despite Q1FY25 being an election quarter/lower labour availability, LT reported strong 15% revenue growth and maintained 15/10% revenue/order inflow guidance for FY25Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Larsen & Toubro, Axis Bank, SBI Life Insurance, SRF, Petronet LNG

<ul><li>Given the rising competitive intensity for low-cost and granular deposits facing the banking system, loan-deposit ratios at historical highs, and expected rate cuts towards the back-end of FY25, we believe banks are faced with the challenge of quality deposit mobilisation, elevated funding costs (lagged deposit re-pricing) and softer incremental spreads</li><li>As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is likely to keep valuations under check, especially of mid-sized, high-growth franchises</li><li>While we expect system-wide growth to decelerate by 90-100 bps from FY24 levels, we are conservative on incremental spreads across our coverage universe, pencilling in 50bps of rate cuts starting Q4FY25 (blended FY25 NIMs at 12-15bps below FY24)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Given the rising competitive intensity for low-cost and granular deposits facing the banking system, loan-deposit ratios at historical highs, and expected rate cuts towards the back-end of FY25, we believe banks are faced with the challenge of quality deposit mobilisation, elevated funding costs (lagged deposit re-pricing) and softer incremental spreadsAs banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is likely to keep valuations under check, especially of mid-sized, high-growth franchisesWhile we expect system-wide growth to decelerate by 90-100 bps from FY24 levels, we are conservative on incremental spreads across our coverage universe, pencilling in 50bps of rate cuts starting Q4FY25 (blended FY25 NIMs at 12-15bps below FY24)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Leveraged Financials: The Liquidity Conundrum

India

Axis Bank Limited provides a full range of banking services throughout India. The Group's activities include retail banking, investment management, merchant banking, treasury and NRI services, cash and credit management services, and ATM facilities.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Axis Bank Ltd (AXSB IN)

Axis Bank - Strong Quarter with Historical High RoA of 2.0%

Other positives in the results were improvement in LDR (down to 90% vs. 93%), uptick in LCR (120% vs. 118% QoQ) and PSL compliance on overall as...

ICICI Securities Limited

Axis Bank: Deposit Handicap to the Fore; Downgrade to ADD

AXSB still has significant ground to cover in terms of enhancing the quality of its deposit franchise and exercising better pricing power on the...

HDFC Securities

HSIE Results Daily: Infosys, Axis Bank, Wipro, LTIMindtree, Mphasis, Karur Vysya Bank

INFO outperformed peers in Q2FY25 on anticipated lines (Infosys update: On your marks, get set…), driven by improved demand in BFSI (seven large...

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Axis Bank, SBI Life Insurance, SRF, Petronet LNG

Larsen & Toubro: Larsen & Toubro (LT) reported revenue/EBITDA/APAT at INR 551.2/56.2/27.8bn, a beat/(miss) of 7.6/0.7/(6.6)%

HDFC Securities

Leveraged Financials: The Liquidity Conundrum

Our hypothesis remains anchored around strong retail deposit franchises and declining spreads over the next 12 months, coupled with the...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)