Q2FY25 Earnings Preview - Banks, Financial Services and Insurance
Mirroring the systemic credit growth trends, we expect banks under our coverage (incl. SFBs) to register credit growth of ~14/4% YoY/QoQ.
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HSIE Results Daily: Bajaj Auto, Tech Mahindra, TVS Motor, United Spirits
Bajaj Auto: Bajaj Auto’s Q3 PAT at INR20.4bn was ahead of our estimate of INR 19.7bn due to a better-than-expected margin of 20.1% (estimate of 19.5%)
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Banks – Q2FY24 Performance Review
Banks under our coverage continued to report healthy credit growth, largely led by the retail/SME segment and some pick-up in the corporate segment.
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Ujjivan Small Finance Bank - Margin Contraction Sharper than Expected
Disbursements grew by 18/9% YoY/QoQ, primarily led by non-MFI segments which grew by 37/21% YoY/QoQ. MFI disbursements were up 13/5% YoY/QoQ.
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Pick of the Week - Ujjivan Small Finance Bank Ltd.
Ujjivan SFB (UJSFB) has a diversified portfolio spread across Microfinance, Affordable Housing, MSME Loans, and FIG Lending.
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