External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

Equity Bottom-Up

Spandana Sphoorty Financial / Equity Bottom-Up

Spandana Sphoorty Financial (SPANDANA IN)

<ul><li>ICICI Securities research report onSpandana Spoorthy Financial Spandana Spoorthy’s (Spandana) core operating performance in Q4FY24 continued to be robust with AUM growth at 15% QoQ primarily led by new customer acquisition (up 12% QoQ) and sharp reduction in cost of borrowing to 11.7% vs 12.3%, thereby, driving 130bps QoQ NIM expansion, resulting in 11% QoQ growth in PPoP.</li><li>However, transitory impact on 1+ DPD portfolio due to shift in collection frequency to weekly from monthly earlier (hence, higher forward flows) and change in ECL model leading to one-time impact of INR 160mn led to a sequential increase in credit cost to 3.4% vs 3% QoQ.</li><li>As a result, PAT remained flat QoQ at INR 1.29bn during Q4FY24. <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></li></ul>

ICICI Securities research report onSpandana Spoorthy Financial Spandana Spoorthy’s (Spandana) core operating performance in Q4FY24 continued to be robust with AUM growth at 15% QoQ primarily led by new customer acquisition (up 12% QoQ) and sharp reduction in cost of borrowing to 11.7% vs 12.3%, thereby, driving 130bps QoQ NIM expansion, resulting in 11% QoQ growth in PPoP.However, transitory impact on 1+ DPD portfolio due to shift in collection frequency to weekly from monthly earlier (hence, higher forward flows) and change in ECL model leading to one-time impact of INR 160mn led to a sequential increase in credit cost to 3.4% vs 3% QoQ.As a result, PAT remained flat QoQ at INR 1.29bn during Q4FY24. 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.

Spandana Spoorthy Financial; Target of Rs 1200