External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%</li><li>Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors</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.

Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectorsContent 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.

India Equity Strategy: Banks continue to lead the pack; profitability improves for most sectors

India Equity Strategy - Banks Continue to Lead the Pack; Profitability Improves for Most Sectors

<ul><li>Bandhan Bank: Bandhan Bank’s Q4FY23 earnings were a strong beat, led by improvement in NIMs (+80bps QoQ) and lower credit costs (3% annualised)</li><li>Elevated slippages (~5% annualised), mainly from the EEB portfolio, were offset by accelerated write-offs, resulting in 228bps QoQ improvement in GNPA to ~4.9%</li><li>Deposit growth (+6% QoQ) surprised positively with a sharp jump in CASA ratio to 39% (+300bps QoQ) supporting margin reflation</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’s Q4FY23 earnings were a strong beat, led by improvement in NIMs (+80bps QoQ) and lower credit costs (3% annualised)Elevated slippages (~5% annualised), mainly from the EEB portfolio, were offset by accelerated write-offs, resulting in 228bps QoQ improvement in GNPA to ~4.9%Deposit growth (+6% QoQ) surprised positively with a sharp jump in CASA ratio to 39% (+300bps QoQ) supporting margin reflationContent 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: Bandhan Bank, Route Mobile

HSIE Results Daily - Bandhan Bank, Route Mobile

<ul><li>Given the RBI's recent pause in the policy rate cycle, we believe that the banking system, although largely resilient to the fallout from global banks, is faced with a combination of demand deceleration (lower growth), higher funding costs (lagged deposit re-pricing) and softer incremental spreads</li><li>As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations, especially of mid-sized, high-growth franchises</li><li>While we hold our below-consensus growth forecasts, we are now equally conservative on incremental spreads across our coverage universe.</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.

Given the RBI's recent pause in the policy rate cycle, we believe that the banking system, although largely resilient to the fallout from global banks, is faced with a combination of demand deceleration (lower growth), higher funding costs (lagged deposit re-pricing) and softer incremental spreadsAs banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations, especially of mid-sized, high-growth franchisesWhile we hold our below-consensus growth forecasts, we are now equally conservative on incremental spreads across our coverage universe.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.

Leveraged Financials: ‘Pause and Effect’ - interesting trade-offs ahead

India

Bandhan Bank Ltd. is an Indian private sector bank that provides a range of banking and financial services to personal and business customers, with a core focus on inclusive banking for unbanked and under-banked populations. The bank offers various asset and liability products including savings and current accounts, fixed deposits, and loans for home, gold, personal, and businesses, as well as digital banking and third-party product distribution. It was founded in 2001 as a microfinance institution and commenced operations as a universal bank on August 23, 2015, with its headquarters in Kolkata, India.

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Bandhan Bank (BANDHAN IN)

India Equity Strategy: Banks continue to lead the pack; profitability improves for most sectors

Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors

HDFC Securities

India Equity Strategy - Banks Continue to Lead the Pack; Profitability Improves for Most Sectors

Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 13%/9%...

HDFC Securities

HSIE Results Daily: Bandhan Bank, Route Mobile

Bandhan Bank: Bandhan Bank’s Q4FY23 earnings were a strong beat, led by improvement in NIMs (+80bps QoQ) and lower credit costs (3% annualised)

HDFC Securities

HSIE Results Daily - Bandhan Bank, Route Mobile

Bandhan Bank: Bandhan Bank’s Q4FY23 earnings were a strong beat, led by improvement in NIMs (+80bps QoQ) and lower credit costs (3% annualised)

HDFC Securities

Leveraged Financials: ‘Pause and Effect’ - interesting trade-offs ahead

As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations

HDFC Securities

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