External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>Avenue Supermarts: Revenue grew by 18.1% (four-year CAGR: 19.0%)</li><li>Sales density remains sub-par vis-a-vis the pre-pandemic level (~INR34.2k/sq ft in Q1FY24 vs INR36.7k/sq ft in Q1FY20, in-line)</li><li>Lower discretionary purchases vs pre-pandemic levels (general merchandise’s contribution trending towards pre-pandemic times though) kept underlying profitability/unit economics weak</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.

Avenue Supermarts: Revenue grew by 18.1% (four-year CAGR: 19.0%)Sales density remains sub-par vis-a-vis the pre-pandemic level (~INR34.2k/sq ft in Q1FY24 vs INR36.7k/sq ft in Q1FY20, in-line)Lower discretionary purchases vs pre-pandemic levels (general merchandise’s contribution trending towards pre-pandemic times though) kept underlying profitability/unit economics weakContent 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 -  Avenue Supermarts, Bandhan Bank

<ul><li>Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%</li><li>Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors</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.

Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectorsContent 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.

India Equity Strategy: Banks continue to lead the pack; profitability improves for most sectors

India Equity Strategy - Banks Continue to Lead the Pack; Profitability Improves for Most Sectors

<ul><li>Bandhan Bank: Bandhan Bank’s Q4FY23 earnings were a strong beat, led by improvement in NIMs (+80bps QoQ) and lower credit costs (3% annualised)</li><li>Elevated slippages (~5% annualised), mainly from the EEB portfolio, were offset by accelerated write-offs, resulting in 228bps QoQ improvement in GNPA to ~4.9%</li><li>Deposit growth (+6% QoQ) surprised positively with a sharp jump in CASA ratio to 39% (+300bps QoQ) supporting margin reflation</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.

Bandhan Bank: Bandhan Bank’s Q4FY23 earnings were a strong beat, led by improvement in NIMs (+80bps QoQ) and lower credit costs (3% annualised)Elevated slippages (~5% annualised), mainly from the EEB portfolio, were offset by accelerated write-offs, resulting in 228bps QoQ improvement in GNPA to ~4.9%Deposit growth (+6% QoQ) surprised positively with a sharp jump in CASA ratio to 39% (+300bps QoQ) supporting margin reflationContent 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: Bandhan Bank, Route Mobile

HSIE Results Daily - Bandhan Bank, Route Mobile

India

Bandhan Bank Limited operates as a commercial bank. The Bank provides accounts checking, savings deposits, money market, mortgage, and term loans services, as well as card facilities and Internet banking services. Bandhan Bank serves customers in India.

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Bandhan Bank Ltd (BANDHAN IN)

HSIE Results Daily - Avenue Supermarts, Bandhan Bank

Avenue Supermarts: Revenue grew by 18.1% (four-year CAGR: 19.0%). Sales density remains sub-par vis-a-vis the pre-pandemic level

HDFC Securities

India Equity Strategy: Banks continue to lead the pack; profitability improves for most sectors

Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors

HDFC Securities

India Equity Strategy - Banks Continue to Lead the Pack; Profitability Improves for Most Sectors

Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 13%/9%...

HDFC Securities

HSIE Results Daily: Bandhan Bank, Route Mobile

Bandhan Bank: Bandhan Bank’s Q4FY23 earnings were a strong beat, led by improvement in NIMs (+80bps QoQ) and lower credit costs (3% annualised)

HDFC Securities

HSIE Results Daily - Bandhan Bank, Route Mobile

Bandhan Bank: Bandhan Bank’s Q4FY23 earnings were a strong beat, led by improvement in NIMs (+80bps QoQ) and lower credit costs (3% annualised)

HDFC Securities

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