External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>Axis Bank: Axis Bank (AXSB) delivered a beat, led by better margins (4.3%) and strong fee income traction (+18% QoQ), partly offset by a one-off impairment recognition in the corporate book, which called for higher credit costs (81bps annualised)</li><li>The bank witnessed higher net slippages (100bps), especially from the retail portfolio (+40bps QoQ)</li><li>AXSB delivered further improvement in NIMs (+30bps QoQ), albeit on the back of continued sub-par retail deposit growth; however, we argue that the current loan-to-deposit ratio (9MFY23: 90%) appears untenable</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.

Axis Bank: Axis Bank (AXSB) delivered a beat, led by better margins (4.3%) and strong fee income traction (+18% QoQ), partly offset by a one-off impairment recognition in the corporate book, which called for higher credit costs (81bps annualised)The bank witnessed higher net slippages (100bps), especially from the retail portfolio (+40bps QoQ)AXSB delivered further improvement in NIMs (+30bps QoQ), albeit on the back of continued sub-par retail deposit growth; however, we argue that the current loan-to-deposit ratio (9MFY23: 90%) appears untenableContent 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: Axis Bank, UltraTech Cement, Tanla Platforms, Karur Vysya Bank

HSIE Results Daily: Axis Bank, UltraTech Cement

<ul><li>Exchanges: MCX revenue is expected to increase by 7.4% QoQ and the margin will expand to 52.3% (+82bps QoQ)</li><li>We prefer MCX in the exchanges space, aided by continued traction in options volume, healthy new product pipeline (index and mini contracts) and expected cost savings due to a change in tech vendor</li><li>The extension of the support timeline by the existing technology vendor will impact profitability in the short term</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.

Exchanges: MCX revenue is expected to increase by 7.4% QoQ and the margin will expand to 52.3% (+82bps QoQ)We prefer MCX in the exchanges space, aided by continued traction in options volume, healthy new product pipeline (index and mini contracts) and expected cost savings due to a change in tech vendorThe extension of the support timeline by the existing technology vendor will impact profitability in the short termContent 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 - Mixed Bag

<ul><li>Exchanges: MCX options ADTV continues to rise (+60% QoQ) while futures ADTV declined -5.2% QoQ</li><li>The options ADTV stood at INR 314bn, which is up ~5.2x YoY. The futures volume decline was led by crude (-22% QoQ)</li><li>The effective ADTV (futures+options) is up 44% YoY, reaching INR 366bn in Q2FY23</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.

Exchanges: MCX options ADTV continues to rise (+60% QoQ) while futures ADTV declined -5.2% QoQThe options ADTV stood at INR 314bn, which is up ~5.2x YoY. The futures volume decline was led by crude (-22% QoQ)The effective ADTV (futures+options) is up 44% YoY, reaching INR 366bn in Q2FY23Content 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 (Q2FY23E Results Preview): Recovery on the cards

Exchanges, Staffing and Internet - Recovery on the Cards

India

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

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Tanla Platforms (TANS IN)

HSIE Results Daily: Axis Bank, UltraTech Cement, Tanla Platforms, Karur Vysya Bank

Axis Bank (AXSB) delivered a beat, led by better margins (4.3%) and strong fee income traction (+18% QoQ), partly offset by a one-off impairment...

HDFC Securities

HSIE Results Daily: Axis Bank, UltraTech Cement

Axis Bank (AXSB) delivered a beat, led by better margins (4.3%) and strong fee income traction (+18% QoQ), partly offset by a one-off impairment...

HDFC Securities

Exchanges, Staffing and Internet - Mixed Bag

We prefer MCX in the exchanges space, aided by continued traction in options volume, healthy new product pipeline (index and mini contracts) and...

HDFC Securities

Exchanges, Staffing and Internet (Q2FY23E Results Preview): Recovery on the cards

Exchanges: MCX options ADTV continues to rise (+60% QoQ) while futures ADTV declined -5.2% QoQThe options ADTV stood at INR 314bn, which is up...

HDFC Securities

Exchanges, Staffing and Internet - Recovery on the Cards

The options ADTV stood at INR 314bn, which is up ~5.2x YoY. The futures volume decline was led by crude (-22% QoQ). The effective ADTV...

HDFC Securities

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