HSIE Results Daily: Hindustan Unilever, Axis Bank, Wipro, LTIMindtree,
Hindustan Unilever: HUL’s revenue growth of 11% YoY was below our expectations (HSIE: 15%), with volumes growing by 4% (3% four-year CAGR, HSIE 7%)
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Leveraged Financials: ‘Pause and Effect’ - interesting trade-offs ahead
As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations
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Housing Finance: New market structures open up investment universe
India’s home loan (HL) market (INR26trn, 17% of overall credit) is poised to double by FY28E on the back of secular trends around improving...
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India Equity Strategy: Commodity pressure easing, margin expansion on the cards
Aggregate revenue/PAT grew by 19%/6% YoY across the HSIE coverage universe (~208 stocks), their three-year CAGR being 15%/15%
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HSIE Results Daily: Axis Bank, UltraTech Cement, Tanla Platforms, Karur Vysya Bank
Axis Bank (AXSB) delivered a beat, led by better margins (4.3%) and strong fee income traction (+18% QoQ), partly offset by a one-off impairment...
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