External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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

CreditAccess Grameen Ltd / Equity Bottom-Up

<ul><li>CreditAccess Grameen (CREDAG)’s 3QFY25 loss stood at INR995m (vs. MOFSLe PAT of INR1.3b). NII grew ~7% YoY to ~INR8.6b (~6% miss) and PPoP rose 4% YoY to ~INR6.2b (~6% miss).</li><li>Cost-income ratio was stable at ~31% (PY: ~30% and PQ: ~31%). Reported yields declined ~90bp QoQ to ~20.2%, while CoF was stable QoQ at 9.8%.</li><li>Reported NIM contracted ~100bp QoQ to ~12.5%, primarily because of interest income reversal of INR750m. We model NIMs of 14.0%/14.1% for FY26/FY27 (FY25E: ~14%)</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.

CreditAccess Grameen (CREDAG)’s 3QFY25 loss stood at INR995m (vs. MOFSLe PAT of INR1.3b). NII grew ~7% YoY to ~INR8.6b (~6% miss) and PPoP rose 4% YoY to ~INR6.2b (~6% miss).Cost-income ratio was stable at ~31% (PY: ~30% and PQ: ~31%). Reported yields declined ~90bp QoQ to ~20.2%, while CoF was stable QoQ at 9.8%.Reported NIM contracted ~100bp QoQ to ~12.5%, primarily because of interest income reversal of INR750m. We model NIMs of 14.0%/14.1% for FY26/FY27 (FY25E: ~14%)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.

CreditAccess Grameen - Delinquencies Moderating but Normalization Still Some Time Away

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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>Pace of PAR accretion showing signs of deceleration: CAGrameen has seen fresh PAR accretion slowdown from mid-Nov’24 across most key geographies.</li><li>The peaking out of fresh PAR accretion was delayed by ~4 weeks (earlier anticipated to peak out on Sep’24) due to the temporary impact of festivities, heavy rains, cyclones, and localised disruptions.</li><li>The strong trend reversal in Dec’24/Jan’25, can be taken as an indication of reversion to normalised PAR accretion rate by Q4FY25 or Q1FY26. </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.

Pace of PAR accretion showing signs of deceleration: CAGrameen has seen fresh PAR accretion slowdown from mid-Nov’24 across most key geographies.The peaking out of fresh PAR accretion was delayed by ~4 weeks (earlier anticipated to peak out on Sep’24) due to the temporary impact of festivities, heavy rains, cyclones, and localised disruptions.The strong trend reversal in Dec’24/Jan’25, can be taken as an indication of reversion to normalised PAR accretion rate by Q4FY25 or Q1FY26. 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.

CreditAccess Grameen Ltd. - Weak Quarter, Hopes Pinned on Normalised Profitability from Q2FY26!

<ul><li>Operational Performance: CAGrameen added ~1.9 Lc borrowers during Q1FY25, taking the total customer base to ~5 Mn customers (+13% YoY).</li><li>Disbursement growth tapered QoQ (-44% QoQ) owing to (i) Seasonal weakness generally seen in Q1, (ii) Severe heat wave across several regions and (iii) Operational limitations during general elections.</li><li>AUM growth was slower than our expectation at 21% YoY and de-grew by 2% QoQ. </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.

Operational Performance: CAGrameen added ~1.9 Lc borrowers during Q1FY25, taking the total customer base to ~5 Mn customers (+13% YoY).Disbursement growth tapered QoQ (-44% QoQ) owing to (i) Seasonal weakness generally seen in Q1, (ii) Severe heat wave across several regions and (iii) Operational limitations during general elections.AUM growth was slower than our expectation at 21% YoY and de-grew by 2% QoQ. 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.

CreditAccess Grameen Ltd. - In-Line Quarter, Near-Term Asset Quality Concerns to Persist!

<ul><li>Motilal Oswal's research report onCreditAccess Grameen CreditAccess Grameen (CREDAG) delivered a healthy operational performance in 4QFY24, with 34% YoY growth in PAT to INR3.97b (inline).</li><li>4QFY24 NII grew 42% YoY to INR8.8b and PPoP grew 36% YoY to INR6.8b.</li><li>FY24 PAT grew 31% YoY to INR5.1b.</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.

Motilal Oswal's research report onCreditAccess Grameen CreditAccess Grameen (CREDAG) delivered a healthy operational performance in 4QFY24, with 34% YoY growth in PAT to INR3.97b (inline).4QFY24 NII grew 42% YoY to INR8.8b and PPoP grew 36% YoY to INR6.8b.FY24 PAT grew 31% YoY to INR5.1b.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.

CreditAccess Grameen - Healthy Quarter with In-Line Earnings and Stable NIM

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>CreditAccess Grameen’s (CREDAG) Q4FY24 earnings were ahead of estimates, driven by steady NIMs (13.1%) and healthy loan growth (+27% YoY), partly offset by higher credit costs (240bps)</li><li>Profitability (RoA/RoE of 5.7%/25%) remained strong on the back of healthy risk-adjusted NIMs and continued efficiency gains</li><li>Borrower addition continued to gain traction (+15.3% YoY) and is likely to drive loan growth during FY25-FY26E</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.

CreditAccess Grameen’s (CREDAG) Q4FY24 earnings were ahead of estimates, driven by steady NIMs (13.1%) and healthy loan growth (+27% YoY), partly offset by higher credit costs (240bps)Profitability (RoA/RoE of 5.7%/25%) remained strong on the back of healthy risk-adjusted NIMs and continued efficiency gainsBorrower addition continued to gain traction (+15.3% YoY) and is likely to drive loan growth during FY25-FY26EContent 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.

CreditAccess Grameen: Value Emerging, Upgrade to BUY

India

CreditAccess Grameen Limited provides consumer finance services. The Company offers income generation, home improvement, emergency, and family welfare loans, as well as retail finance, insurance, and healthcare programs. CreditAccess Grameen serves clients in India.

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CreditAccess Grameen Ltd (CREDAG IN)

CreditAccess Grameen - Delinquencies Moderating but Normalization Still Some Time Away

CreditAccess Grameen (CREDAG)’s 3QFY25 loss stood at INR995m (vs. MOFSLe PAT of INR1.3b). NII grew ~7% YoY to ~INR8.6b (~6% miss) and PPoP rose 4%...

Motilal Oswal

CreditAccess Grameen Ltd. - Weak Quarter, Hopes Pinned on Normalised Profitability from Q2FY26!

Pace of PAR accretion showing signs of deceleration: CAGrameen has seen fresh PAR accretion slowdown from mid-Nov’24 across most key geographies.

Axis Direct

CreditAccess Grameen Ltd. - In-Line Quarter, Near-Term Asset Quality Concerns to Persist!

Operational Performance: CAGrameen added ~1.9 Lc borrowers during Q1FY25, taking the total customer base to ~5 Mn customers (+13% YoY).

Axis Direct

CreditAccess Grameen - Healthy Quarter with In-Line Earnings and Stable NIM

Motilal Oswal's research report onCreditAccess Grameen CreditAccess Grameen (CREDAG) delivered a healthy operational performance in 4QFY24, with...

Motilal Oswal

CreditAccess Grameen: Value Emerging, Upgrade to BUY

CreditAccess Grameen’s (CREDAG) Q4FY24 earnings were ahead of estimates, driven by steady NIMs (13.1%) and healthy loan growth (+27% YoY), partly...

HDFC Securities

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