External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

Equitas Small Finance Bank  / Equity Bottom-Up

<ul><li>In Q4FY23, EQSFB reported a robust advances growth of 36/13% YoY/QoQ, which stood ahead of the management’s guidance of 25-30%.</li><li>We expect the bank to sustain this growth momentum and clock an excellent credit growth of ~27% CAGR over FY23-25E.</li><li>The said growth will be primarily led by the Housing, SBL, Vehicle Finance and Used Cars segment.</li></ul><p><em>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.</em></p>

In Q4FY23, EQSFB reported a robust advances growth of 36/13% YoY/QoQ, which stood ahead of the management’s guidance of 25-30%.We expect the bank to sustain this growth momentum and clock an excellent credit growth of ~27% CAGR over FY23-25E.The said growth will be primarily led by the Housing, SBL, Vehicle Finance and Used Cars segment.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.

Pick of the Week - Equitas Small Finance Bank Ltd.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Q4FY23 earnings season was marked by weaker macro, rising interest rates, banking challenges in the US and European markets, and moderation in discretionary demand.</li><li>On the positive side, earning season was led by the sequential margin expansion on account of moderation in commodity prices and the uptick in credit growth.</li><li>The export-oriented themes, however, are likely to laggard. </li></ul></div></div></div></div><p><em>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.</em></p>

Q4FY23 earnings season was marked by weaker macro, rising interest rates, banking challenges in the US and European markets, and moderation in discretionary demand.On the positive side, earning season was led by the sequential margin expansion on account of moderation in commodity prices and the uptick in credit growth.The export-oriented themes, however, are likely to laggard. 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.

<div><div><div><div><ul><li>We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.</li><li>On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.</li><li>Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit growth. </li></ul></div></div></div></div><p><em>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.</em></p>

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit growth. 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.

Bfsi Q4fy23 Result Preview – yet Another Strong Quarter!

<ul><li>Q3FY23 Recap: EQSFB reported a strong operational performance, registering a robust disbursement growth of 68/25% YoY/QoQ, which was primarily driven by non-MFI disbursement growth of 87/20% YoY/QoQ.</li><li>Healthy disbursement growth translated into an advances growth of 27/9% YoY/QoQ.</li><li>Margins remained stable at 9% as NII growth was healthy at 20/6% YoY/QoQ. </li></ul><p><em>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.</em></p>

Q3FY23 Recap: EQSFB reported a strong operational performance, registering a robust disbursement growth of 68/25% YoY/QoQ, which was primarily driven by non-MFI disbursement growth of 87/20% YoY/QoQ.Healthy disbursement growth translated into an advances growth of 27/9% YoY/QoQ.Margins remained stable at 9% as NII growth was healthy at 20/6% YoY/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.

Equitas Small Finance Bank Ltd. - Pushing the Growth Pedal, Ripe for Re-Rating!

<ul><li>Demand across products remains healthy – The management has indicated that the demand across products remains healthy and is likely to sustain with Small Business Loans (SBL), Affordable Housing (AFH), Microfinance (MF) and Commercial Vehicles (CV) being the key growth drivers. Thus, supported by credit demand tailwinds, the management expects to clock an advances growth of 25%+ in FY23.</li><li>We believe EQSFB’s addressable market remains fairly large, offering the bank ample opportunities to ensure sustainable growth.</li><li>We expect EQSFB’s advances to register a healthy growth of 27% CAGR over FY23-25E.</li></ul><p><em>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.</em></p>

Demand across products remains healthy – The management has indicated that the demand across products remains healthy and is likely to sustain with Small Business Loans (SBL), Affordable Housing (AFH), Microfinance (MF) and Commercial Vehicles (CV) being the key growth drivers. Thus, supported by credit demand tailwinds, the management expects to clock an advances growth of 25%+ in FY23.We believe EQSFB’s addressable market remains fairly large, offering the bank ample opportunities to ensure sustainable growth.We expect EQSFB’s advances to register a healthy growth of 27% CAGR over FY23-25E.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.

Equitas Small Finance Bank Ltd - Strong Quarter; Ripe For Re-Rating!

India

Equitas Small Finance Bank Limited operates as a bank. The Bank offers savings accounts, fixed deposits, loans, debit and credit cards, investment, insurance, online services, and other related activities. Equitas Small Finance Bank serves clients in India.

Equitas Small Finance Bank  (EQUITASB IN)

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Equitas Small Finance Bank (EQUITASB IN)

Pick of the Week - Equitas Small Finance Bank Ltd.

In Q4FY23, EQSFB reported a robust advances growth of 36/13% YoY/QoQ, which stood ahead of the management’s guidance of 25-30%.

Axis Direct

Q4FY23 - Consolidated Earnings Preview

Q4FY23 earnings season was marked by weaker macro, rising interest rates, banking challenges in the US and European markets, and moderation in...

Axis Direct

Bfsi Q4fy23 Result Preview – yet Another Strong Quarter!

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.

Axis Direct

Equitas Small Finance Bank Ltd. - Pushing the Growth Pedal, Ripe for Re-Rating!

Healthy disbursement growth translated into an advances growth of 27/9% YoY/QoQ. Margins remained stable at 9% as NII growth was healthy at 20/6%...

Axis Direct

Equitas Small Finance Bank Ltd - Strong Quarter; Ripe For Re-Rating!

We believe EQSFB’s addressable market remains fairly large, offering the bank ample opportunities to ensure sustainable growth.

Axis Direct

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