Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>While the earnings season continues, this will be the final dedicated earnings edition.</li>
<li>For reference, the previous earnings editions are <a href="https://www.smartkarma.com/insights/week-8-namaste-india-earnings-edition-part-i" target="_blank" data-smartkarma-citation="insights:115688" rel="noopener">[Week 8] Namaste India 🙏 | Earnings Edition - Part I</a> &amp; <a href="https://www.smartkarma.com/insights/week-9-namaste-india-earnings-edition-part-ii" target="_blank" data-smartkarma-citation="insights:116224" rel="noopener">[Week 9] Namaste India 🙏 | Earnings Edition - Part II</a> </li>
<li>At the bottom, we provide a consolidated view of all earnings (~ 50) tracked so far and we would be happy to engage in discussions on any of them.</li>
</ul>


While the earnings season continues, this will be the final dedicated earnings edition.
For reference, the previous earnings editions are [Week 8] Namaste India 🙏 | Earnings Edition - Part I &amp; [Week 9] Namaste India 🙏 | Earnings Edition - Part II 
At the bottom, we provide a consolidated view of all earnings (~ 50) tracked so far and we would be happy to engage in discussions on any of them.


[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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.

<ul><li>Post the announcement of the merger, a point of discussion has been AUSFB’s intent to enter the microfinance (MFI) segment, a business it has been averse to in the past and its decision to acquire a Small Finance Bank (SFB), rather than a microfinancier.</li><li>We attended the analyst meet hosted by AU Small Finance Bank (AUSFB) to discuss the strategic motives and address the key concerns around the merger with Fincare Small Finance Bank (Fincare). We list a few of our key takeaways from the meeting.</li><li>Pan-India player with a diversified portfolio: A key positive from the merger with Fincare is that it will allow AUSFB to become a pan-India player with a diversified portfolio, given Fincare’s dominant presence in South and East India. </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.

Post the announcement of the merger, a point of discussion has been AUSFB’s intent to enter the microfinance (MFI) segment, a business it has been averse to in the past and its decision to acquire a Small Finance Bank (SFB), rather than a microfinancier.We attended the analyst meet hosted by AU Small Finance Bank (AUSFB) to discuss the strategic motives and address the key concerns around the merger with Fincare Small Finance Bank (Fincare). We list a few of our key takeaways from the meeting.Pan-India player with a diversified portfolio: A key positive from the merger with Fincare is that it will allow AUSFB to become a pan-India player with a diversified portfolio, given Fincare’s dominant presence in South and East India. 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.

AU Small Finance Bank Ltd. - Merger Synergies to Play-Out over Medium Term!

<ul><li>Advances grew by 24/2% YoY/QoQ, with growth driven by Home Loans (51/8% YoY/QoQ) and Business Banking Segment (+59/11% YoY/QoQ), while Wheels and SBL de-grew by ~1/2% QoQ respectively.</li><li>NII grew by 15% YoY and remained flat QoQ. Margins contracted further by 14bps QoQ and stood at 5.5%.</li><li>Non-interest income growth was primarily driven by healthy fee income (+47/43% YoY/QoQ). Opex growth was modest at 23/1% YoY/QoQ</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.

Advances grew by 24/2% YoY/QoQ, with growth driven by Home Loans (51/8% YoY/QoQ) and Business Banking Segment (+59/11% YoY/QoQ), while Wheels and SBL de-grew by ~1/2% QoQ respectively.NII grew by 15% YoY and remained flat QoQ. Margins contracted further by 14bps QoQ and stood at 5.5%.Non-interest income growth was primarily driven by healthy fee income (+47/43% YoY/QoQ). Opex growth was modest at 23/1% YoY/QoQContent 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.

AU Small Finance - Near-Term Headwinds on NIMs and Credit Costs to Persist!

<ul>
<li>The trade remains Long Nifty with a watch on earnings. </li>
<li>
<a href="https://www.smartkarma.com/entities/infosys-ltd" target="_blank" data-smartkarma-citation="entities:267:1" rel="noopener">Infosys Ltd (INFO IN)</a> reported a beat on revenues and a miss on EPS, heading into seasonally weak quarters is the pain now consensus? </li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/delta-corp-ltd" target="_blank" data-smartkarma-citation="entities:4627:1" rel="noopener">Delta Corp Ltd (DELTA IN)</a>, <a href="https://www.smartkarma.com/entities/hdfc-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:27027:1" rel="noopener">HDFC Asset Management Co Ltd (HDFCAMC IN)</a> and <a href="https://www.smartkarma.com/entities/dmart" target="_blank" data-smartkarma-citation="entities:23656:1" rel="noopener">Avenue Supermarts Ltd (DMART IN)</a>. </li>
</ul>


The trade remains Long Nifty with a watch on earnings. 

Infosys Ltd (INFO IN) reported a beat on revenues and a miss on EPS, heading into seasonally weak quarters is the pain now consensus? 
Other names discussed include Delta Corp Ltd (DELTA IN), HDFC Asset Management Co Ltd (HDFCAMC IN) and Avenue Supermarts Ltd (DMART IN). 


[Week 7] Namaste India 🙏 | Infosys Ltd (INFO IN) | Seasonal Sluggishness Now Consensus

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Jana Small Finance Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jana-small-finance-bank" target="_blank" data-smartkarma-citation="entities:40026:1" rel="noopener">Jana Small Finance Bank (3667144Z IN)</a> is looking to raise up to US$100m in its upcoming India IPO. The deal will be run by Axis Capital, ICICI-Sec and SBI Capital.</li>
<li>Jana Small Finance Bank (JSFB) is the fourth largest small finance bank in India in terms of AUM and deposit size as of FY23 (Year ended 31st Mar 2023). </li>
<li>The firm has served nearly 12m customers since 2008, including 4.57m active customers as of FY23.</li>
</ul>



Jana Small Finance Bank (3667144Z IN) is looking to raise up to US$100m in its upcoming India IPO. The deal will be run by Axis Capital, ICICI-Sec and SBI Capital.
Jana Small Finance Bank (JSFB) is the fourth largest small finance bank in India in terms of AUM and deposit size as of FY23 (Year ended 31st Mar 2023). 
The firm has served nearly 12m customers since 2008, including 4.57m active customers as of FY23.


Jana Small Finance Bank Pre-IPO Tearsheet

India

AU Small Finance Bank Limited is an Indian scheduled commercial small finance bank. It offers a diverse range of products including savings accounts, current accounts, fixed deposits, loans (vehicle, MSME, housing, personal, gold, agriculture), debit and credit cards, and insurance. The company was founded in 1996 and is headquartered in Jaipur, Rajasthan, India.

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AU Small Finance Bank (AUBANK IN)

[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Pranav Bhavsar

AU Small Finance Bank Ltd. - Merger Synergies to Play-Out over Medium Term!

A key positive from the merger with Fincare is that it will allow AUSFB to become a pan-India player with a diversified portfolio

Axis Direct

AU Small Finance - Near-Term Headwinds on NIMs and Credit Costs to Persist!

Advances grew by 24/2% YoY/QoQ, with growth driven by Home Loans (51/8% YoY/QoQ) and Business Banking Segment (+59/11% YoY/QoQ)

Axis Direct

[Week 7] Namaste India 🙏 | Infosys Ltd (INFO IN) | Seasonal Sluggishness Now Consensus

The trade remains long Nifty. Names discussed include INFO, DMART, DELTACORP and HDFCAMC. The next two weeks are going to be busy as the full...

Pranav Bhavsar

Jana Small Finance Bank Pre-IPO Tearsheet

Jana Small Finance Bank (3667144Z IN) is looking to raise up to US$100m in its upcoming India IPO. The deal will be run by Axis Capital, ICICI-Sec...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

​This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Pranav Bhavsar

AU Small Finance Bank Ltd. - Merger Synergies to Play-Out over Medium Term!

A key positive from the merger with Fincare is that it will allow AUSFB to become a pan-India player with a diversified portfolio

Axis Direct

AU Small Finance - Near-Term Headwinds on NIMs and Credit Costs to Persist!

Advances grew by 24/2% YoY/QoQ, with growth driven by Home Loans (51/8% YoY/QoQ) and Business Banking Segment (+59/11% YoY/QoQ)

Axis Direct

[Week 7] Namaste India 🙏 | Infosys Ltd (INFO IN) | Seasonal Sluggishness Now Consensus

The trade remains long Nifty. Names discussed include INFO, DMART, DELTACORP and HDFCAMC. The next two weeks are going to be busy as the full...

Pranav Bhavsar

Jana Small Finance Bank Pre-IPO Tearsheet

Jana Small Finance Bank (3667144Z IN) is looking to raise up to US$100m in its upcoming India IPO. The deal will be run by Axis Capital, ICICI-Sec...

Ethan Aw

This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...