Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

I possess investment research experience across asset classes and geographies, acquired at Investcorp (New York) and Howe & Rusling (Rochester). At Investcorp, an alternative asset manager, I was part of an investment team managing >$1bn in discretionary client assets. I was also a member of investment recommendation, monitoring, cross-asset strategy and macro outlook committees that met periodically for investment decisions and top-down views. At Howe & Rusling, a long-only asset manager, I helped cover US large-cap equity investments across sectors for growth and income focused portfolios as well as assisted in managing a US small-cap growth focused equity portfolio. I possess an MBA in finance and corporate accounting from University of Rochester in US, a CFA Charter, and an Engineering degree from Indian Institute of Technology Bombay in India.  

My current focus is L/S equity fundamental research across market cap and sectors with an eye on corporate governance and forensic accounting. I am currently based in India and my current coverage universe is biased towards India.

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Regulatory Disclosure: Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details -
Address: A-602, Titanium Business Park, Makarba, Ahmedabad - 380051 |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289

Compliance/Grievance Officer -
Name: Ankit Agrawal |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289
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Equity L/S Analyst | Forensic Accounting | India

LICHF: FY24 PAT Is on Track to Be Strong | FY25 Will Be a Year of Robust Growth

LICHF: One-Off Discretionary Provisioning Impacted Q3FY23, But Q4FY23 Is On Track to Be Strong

LICHF: FY23 NIM Guidance Intact Despite One-Off Impact in Q2FY23

LICHF: Earnings On Track To Beat Our Prior Projections

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

<ul>
<li>LICHF reported a strong Q4FY23 with a PAT of INR 1180cr. This takes the FY23 PAT to INR 2891cr, well above our estimate of INR 2700cr.</li>
<li>Asset quality worsened as Stage 2 assets increased to 5.25% vs 3.92%. However, this is temporary due to one-off interest rate hike related technical issues in EMI payments.</li>
<li>LICHF has guided for a strong FY24, led by margin expansion and AUM growth. As credit costs remain benign, profitability should jump significantly.</li>
</ul>


LICHF reported a strong Q4FY23 with a PAT of INR 1180cr. This takes the FY23 PAT to INR 2891cr, well above our estimate of INR 2700cr.
Asset quality worsened as Stage 2 assets increased to 5.25% vs 3.92%. However, this is temporary due to one-off interest rate hike related technical issues in EMI payments.
LICHF has guided for a strong FY24, led by margin expansion and AUM growth. As credit costs remain benign, profitability should jump significantly.


LICHF: Q4FY23 Earnings Better than Expected; Asset Quality Worsened Optically But Nothing Worrisome

LIC Housing Finance

LICHF: Q4FY23 Earnings Better than Expected; Asset Quality Worsened Optically But Nothing Worrisome