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>Q1 is a seasonally weak quarter, despite which we expect banks under our coverage to continue delivering a strong credit growth of ~15-16% YoY in Q1FY24.</li><li>For banks, Credit growth moderation was a central topic of discussions in Q4FY23.</li><li>However, systemic data as published by the RBI (as of Jun’23) has a different story to tell. </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>

Q1 is a seasonally weak quarter, despite which we expect banks under our coverage to continue delivering a strong credit growth of ~15-16% YoY in Q1FY24.For banks, Credit growth moderation was a central topic of discussions in Q4FY23.However, systemic data as published by the RBI (as of Jun’23) has a different story to tell. 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.

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>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><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 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

<div><ul><li>Axis Top Picks basket delivered impressive returns of 25% in the last one year, outperforming the benchmark Index NIFTY 50 (12% returns in one year) by a notable margin.</li><li>In May’23, the basket inched up further by 4.2%. Furthermore, it gives us immense joy to share that our Top Picks basket has delivered an impressive return of 168% since its inception (May’20), which stands significantly higher than the 100% return delivered by NIFTY 50 over the same period.</li><li>Keeping this in view, we continue to believe in our thematic approach to Top Picks selection.</li></ul></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>

Axis Top Picks basket delivered impressive returns of 25% in the last one year, outperforming the benchmark Index NIFTY 50 (12% returns in one year) by a notable margin.In May’23, the basket inched up further by 4.2%. Furthermore, it gives us immense joy to share that our Top Picks basket has delivered an impressive return of 168% since its inception (May’20), which stands significantly higher than the 100% return delivered by NIFTY 50 over the same period.Keeping this in view, we continue to believe in our thematic approach to Top Picks selection.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.

Top Picks - Upcoming Monsoon Critical for Broad-Based Recovery - June 2023

<ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,637/sh is premised on (1) recovery in the O2C businesses (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated EBITDA at INR 384bn (+23% YoY, +9% QoQ, HSIE: INR 378bn) and APAT at INR 193bn (+19% YoY, +22% QoQ), came in above our estimates</li><li>Earnings in Q4 were largely driven by strong growth seen in the O2C 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>

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,637/sh is premised on (1) recovery in the O2C businesses (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated EBITDA at INR 384bn (+23% YoY, +9% QoQ, HSIE: INR 378bn) and APAT at INR 193bn (+19% YoY, +22% QoQ), came in above our estimatesEarnings in Q4 were largely driven by strong growth seen in the O2C 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.

HSIE Results Daily: Reliance Industries, ICICI Bank

Equity Bottom-Up

<ul><li>Strong credit growth was visible across segments - Retail loans (+23/5% YoY/QoQ), Business Banking portfolio (+35/8% YoY/QoQ), SME book (+19/6% YoY/QoQ) and Corporate Loans (+21/4% YoY/QoQ).</li><li>NII grew by 40/7% YoY/QoQ driven by healthy credit growth of 19/5% YoY/QoQ and multi-year high NIMs of 4.9% (+90bps/25bps YoY/QoQ).</li><li>Non-interest income growth was driven by fee income growth of 11/2% 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>

Strong credit growth was visible across segments - Retail loans (+23/5% YoY/QoQ), Business Banking portfolio (+35/8% YoY/QoQ), SME book (+19/6% YoY/QoQ) and Corporate Loans (+21/4% YoY/QoQ).NII grew by 40/7% YoY/QoQ driven by healthy credit growth of 19/5% YoY/QoQ and multi-year high NIMs of 4.9% (+90bps/25bps YoY/QoQ).Non-interest income growth was driven by fee income growth of 11/2% 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.

ICICI Bank Ltd. -Stellar Quarter, Growth Momentum to Sustain!

India

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

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ICICI Bank Ltd (ICICIBC IN)

BFSI Q1FY24 - Earnings Preview

Q1 is a seasonally weak quarter, despite which we expect banks under our coverage to continue delivering a strong credit growth of ~15-16% YoY in...

Axis Direct

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

Top Picks - Upcoming Monsoon Critical for Broad-Based Recovery - June 2023

Axis Top Picks basket delivered impressive returns of 25% in the last one year, outperforming the benchmark Index NIFTY 50 (12% returns in one...

Axis Direct

HSIE Results Daily: Reliance Industries, ICICI Bank

RIL’s consolidated EBITDA at INR 384bn (+23% YoY, +9% QoQ, HSIE: INR 378bn) and APAT at INR 193bn (+19% YoY, +22% QoQ), came in above our estimates

HDFC Securities

ICICI Bank Ltd. -Stellar Quarter, Growth Momentum to Sustain!

Retail loans (+23/5% YoY/QoQ), Business Banking portfolio (+35/8% YoY/QoQ), SME book (+19/6% YoY/QoQ) and Corporate Loans (+21/4% YoY/QoQ).

Axis Direct

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