External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Tanla Platforms in the Mobile World Congress held in February 2024 launched several products and platforms, which will set the path for the next phase of growth</li><li>Tanla is a market leader in the domestic messaging space with a 45% market share and it is now focusing on scaling revenue from WhatsApp, RCS and Truecaller</li><li>The partnerships with Meta (WhatsApp) and the launch of the MaaP platform for higher adoption of Google RBM (RCS business messaging) are promising</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.

Tanla Platforms in the Mobile World Congress held in February 2024 launched several products and platforms, which will set the path for the next phase of growthTanla is a market leader in the domestic messaging space with a 45% market share and it is now focusing on scaling revenue from WhatsApp, RCS and TruecallerThe partnerships with Meta (WhatsApp) and the launch of the MaaP platform for higher adoption of Google RBM (RCS business messaging) are promisingContent 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.

Tanla Platforms: Gearing up for Growth. Maintain BUY

Thematic (Sector/Industry)

<ul><li>MCX: MCX is expected to report strong revenue growth of +22/73% QoQ/YoY, led by growth in options revenue (+38% QoQ) and ~4% growth in futures volume</li><li>The profitability will improve as the cost structure has normalised post the technology transition</li><li>We expect MCX to post an EBITDA/PAT of INR 1.94/1.48bn, up +33/33% 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.

MCX: MCX is expected to report strong revenue growth of +22/73% QoQ/YoY, led by growth in options revenue (+38% QoQ) and ~4% growth in futures volumeThe profitability will improve as the cost structure has normalised post the technology transitionWe expect MCX to post an EBITDA/PAT of INR 1.94/1.48bn, up +33/33% QoQContent 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.

Exchanges, Staffing and Internet (Q2FY25E Results Preview): On Growth Trajectory

<ul><li>MCX: MCX is expected to report strong revenue growth of +26/56% QoQ/YoY, led by growth in options revenue (+21% QoQ) and a sharp surge in futures volume (+52% QoQ)</li><li>The profitability will improve as the cost structure has normalised post the transition</li><li>We expect MCX to post an EBITDA/PAT of INR 1.48/1.12bn, up +45/27% 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.

MCX: MCX is expected to report strong revenue growth of +26/56% QoQ/YoY, led by growth in options revenue (+21% QoQ) and a sharp surge in futures volume (+52% QoQ)The profitability will improve as the cost structure has normalised post the transitionWe expect MCX to post an EBITDA/PAT of INR 1.48/1.12bn, up +45/27% QoQContent 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.

Exchanges, Staffing and Internet (Q1FY25E Results Preview): On Growth Trajectory

<ul><li>ICICI Bank: ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition) and lower provisioning, offset by a slightly tepid loan growth (+16% YoY)</li><li>The bank continued to witness recoveries in line with elevated gross slippages (190bps), resulting in further improvement in asset quality alongside steady PCR (~81%)</li><li>Deposit growth (+19% YoY) witnessed seasonal pick-up in current accounts, resulting in a strong CASA ratio at 42.2% (+255 bps QoQ), and a 10bps QoQ spike in incremental cost of deposits</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.

ICICI Bank: ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition) and lower provisioning, offset by a slightly tepid loan growth (+16% YoY)The bank continued to witness recoveries in line with elevated gross slippages (190bps), resulting in further improvement in asset quality alongside steady PCR (~81%)Deposit growth (+19% YoY) witnessed seasonal pick-up in current accounts, resulting in a strong CASA ratio at 42.2% (+255 bps QoQ), and a 10bps QoQ spike in incremental cost of depositsContent 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: ICICI Bank, Maruti Suzuki, SBI Life Insurance, Shriram Finance

India

Tanla Platforms Limited develops and markets computer software.  The Company develops software for wireless communications.

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Tanla Platforms (TANS IN)

Tanla Platforms: Gearing up for Growth. Maintain BUY

Tanla Platforms in the Mobile World Congress held in February 2024 launched several products and platforms, which will set the path for the next...

HDFC Securities

Tanla Platforms - Gearing up for Growth

Tanla Platforms in the Mobile World Congress held in February 2024 launched several products and platforms, which will set the path for the next...

HDFC Securities

Exchanges, Staffing and Internet (Q2FY25E Results Preview): On Growth Trajectory

MCX is expected to report strong revenue growth of +22/73% QoQ/YoY, led by growth in options revenue (+38% QoQ) and ~4% growth in futures volume

HDFC Securities

Exchanges, Staffing and Internet (Q1FY25E Results Preview): On Growth Trajectory

MCX is expected to report strong revenue growth of +26/56% QoQ/YoY, led by growth in options revenue (+21% QoQ) and a sharp surge in futures volume...

HDFC Securities

HSIE Results Daily: ICICI Bank, Maruti Suzuki, SBI Life Insurance, Shriram Finance

ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition)

HDFC Securities

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