External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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

Aavas Financiers Limited provides consumer finance services. The Company offers home, land purchase, construction, home improvement, balance transfer, and business loans. Aavas Financiers serves customers in India.

<ul><li>AAVAS Financiers (AAVAS)’s 1QFY25 PAT grew 15% YoY to ~INR1.26b (6% miss) and NII grew 8% YoY to ~INR2.45b (in line).</li><li>Other income grew 16% YoY and included an assignment income of ~INR305m (PY: INR330m) and fee income of ~INR261m (PY: ~INR174m).</li><li>Reported 1QFY25 NIM contracted ~70bp YoY to ~7.3% (FY24 NIM of ~7.9% in FY24).</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.

AAVAS Financiers (AAVAS)’s 1QFY25 PAT grew 15% YoY to ~INR1.26b (6% miss) and NII grew 8% YoY to ~INR2.45b (in line).Other income grew 16% YoY and included an assignment income of ~INR305m (PY: INR330m) and fee income of ~INR261m (PY: ~INR174m).Reported 1QFY25 NIM contracted ~70bp YoY to ~7.3% (FY24 NIM of ~7.9% in FY24).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.

AAVAS Financiers - Pressure on NIM Continues

Bandhan Bank Limited operates as a commercial bank. The Bank provides accounts checking, savings deposits, money market, mortgage, and term loans services, as well as card facilities and Internet banking services. Bandhan Bank serves customers in India.

<ul><li>Bandhan Bank Bandhan Bank (BANDHAN) reported a healthy beat on PAT at INR10.6b (+47.5% YoY) fueled by controlled opex and provisions.</li><li>NII grew 20.7% YoY to INR30.1b (in line).</li><li>Margin was stable QoQ at 7.6%.</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.

Bandhan Bank Bandhan Bank (BANDHAN) reported a healthy beat on PAT at INR10.6b (+47.5% YoY) fueled by controlled opex and provisions.NII grew 20.7% YoY to INR30.1b (in line).Margin was stable QoQ at 7.6%.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.

Bandhan Bank - Business Gaining Normalcy; Lower Provisions Drive Earnings Beat

IDFC First Bank Limited / Equity Bottom-Up

IDFC First Bank Limited provides a full range of commercial banking services for retail and institutional customers. The Bank offers fixed deposits, debit cards, savings account, cash management, and other services. IDFC Bank serves its customers in India.

<ul><li>IDFC First Bank (IDFCFB) reported a 1QFY25 PAT of INR6.8b (-11% YoY, in line) dragged down by elevated provisions.</li><li>NII grew 25% YoY to INR46.9b (in line), while margin contracted 13bp QoQ to 6.22%.</li><li>Opex grew 21% YoY to INR44.3b (5% better than MOFSLe).</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.

IDFC First Bank (IDFCFB) reported a 1QFY25 PAT of INR6.8b (-11% YoY, in line) dragged down by elevated provisions.NII grew 25% YoY to INR46.9b (in line), while margin contracted 13bp QoQ to 6.22%.Opex grew 21% YoY to INR44.3b (5% better than MOFSLe).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.

IDFC First Bank - Elevated Credit Cost Drags Down Earnings

InterGlobe Aviation Ltd / Equity Bottom-Up

InterGlobe Aviation Limited provides passenger airlines services. The Company offers ground management, air transportation, terminal maintenance, and other services. InterGlobe Aviation conducts its business globally.

<ul><li>InterGlobe Aviation (INDIGO) reported an EBITDA growth of 4% YoY to INR51.5b in 1QFY25, while PAT declined 12% YoY to INR27.3b (vs. our est. of INR15.7b).</li><li>Revenue passenger kilometers (RPK) was 31.5b.</li><li>The passenger load factor (PLF) was 86.8% with available seat kilometers (ASK) at 36.3b (est. of 35.5b) and yield at INR5.24 (vs. est. of INR4.72, +1% YoY) in 1QFY25.</li><li> </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.

InterGlobe Aviation (INDIGO) reported an EBITDA growth of 4% YoY to INR51.5b in 1QFY25, while PAT declined 12% YoY to INR27.3b (vs. our est. of INR15.7b).Revenue passenger kilometers (RPK) was 31.5b.The passenger load factor (PLF) was 86.8% with available seat kilometers (ASK) at 36.3b (est. of 35.5b) and yield at INR5.24 (vs. est. of INR4.72, +1% YoY) in 1QFY25. 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.

InterGlobe Aviation - Capacity Guidance and Outlook Remain Intact

Mphasis Limited is a global IT and BPO service provider to G2000 companies around the globe, assists its clients in innovating and streamlining their business processes by offering custom solutions for technology and operations outsourcing. The Company focuses on financial services, logistics and technology verticals.

<ul><li>Mphasis (MPHL)’s 1QFY25 revenue was flat QoQ in constant currency (CC), which was weaker than our estimate (+1.2% QoQ CC).</li><li>Direct business grew 0.3%/4.1% QoQ/YoY in CC, aided by Insurance and BFS.</li><li>The TCV jumped 80% QoQ to USD319m due to the low base of 4QFY24 at USD177m.</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.

Mphasis (MPHL)’s 1QFY25 revenue was flat QoQ in constant currency (CC), which was weaker than our estimate (+1.2% QoQ CC).Direct business grew 0.3%/4.1% QoQ/YoY in CC, aided by Insurance and BFS.The TCV jumped 80% QoQ to USD319m due to the low base of 4QFY24 at USD177m.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.

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.