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. 

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.

Thematic (Sector/Industry)

<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!

Equity Bottom-Up

Equitas Small Finance Bank  / Equity Bottom-Up

<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!

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> 's shares saw a sharp fall of 7% on Monday.</li>
<li>The fact that RBI shortened the tenure of MD &amp; CEO to two years baffled the market. </li>
<li>Shortening of tenures by the RBI have been seen earlier also for BFSIs. The move does not explicitly indicate any fundamental deficiency, hence investors should not be too worried.</li>
</ul>



Indusind Bank (IIB IN) 's shares saw a sharp fall of 7% on Monday.
The fact that RBI shortened the tenure of MD &amp; CEO to two years baffled the market. 
Shortening of tenures by the RBI have been seen earlier also for BFSIs. The move does not explicitly indicate any fundamental deficiency, hence investors should not be too worried.


IndusInd Bank- RBI's Decision May Not Be a Red Flag

<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!

<ul><li>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.</li><li>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></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>

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 growthContent 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)

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

IndusInd Bank- RBI's Decision May Not Be a Red Flag

Shortening of tenures by the RBI have been common for BFSIs. The move does not explicitly indicate any fundamental deficiency which is why...

Nitin Mangal

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

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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