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

<ul><li>Motilal Oswal's research report onCreditAccess Grameen CreditAccess Grameen (CREDAG) delivered a healthy operational performance in 4QFY24, with 34% YoY growth in PAT to INR3.97b (inline).</li><li>4QFY24 NII grew 42% YoY to INR8.8b and PPoP grew 36% YoY to INR6.8b.</li><li>FY24 PAT grew 31% YoY to INR5.1b.</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.

Motilal Oswal's research report onCreditAccess Grameen CreditAccess Grameen (CREDAG) delivered a healthy operational performance in 4QFY24, with 34% YoY growth in PAT to INR3.97b (inline).4QFY24 NII grew 42% YoY to INR8.8b and PPoP grew 36% YoY to INR6.8b.FY24 PAT grew 31% YoY to INR5.1b.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.

CreditAccess Grameen - Healthy Quarter with In-Line Earnings and Stable NIM

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>CreditAccess Grameen’s (CREDAG) Q4FY24 earnings were ahead of estimates, driven by steady NIMs (13.1%) and healthy loan growth (+27% YoY), partly offset by higher credit costs (240bps)</li><li>Profitability (RoA/RoE of 5.7%/25%) remained strong on the back of healthy risk-adjusted NIMs and continued efficiency gains</li><li>Borrower addition continued to gain traction (+15.3% YoY) and is likely to drive loan growth during FY25-FY26E</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.

CreditAccess Grameen’s (CREDAG) Q4FY24 earnings were ahead of estimates, driven by steady NIMs (13.1%) and healthy loan growth (+27% YoY), partly offset by higher credit costs (240bps)Profitability (RoA/RoE of 5.7%/25%) remained strong on the back of healthy risk-adjusted NIMs and continued efficiency gainsBorrower addition continued to gain traction (+15.3% YoY) and is likely to drive loan growth during FY25-FY26EContent 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.

CreditAccess Grameen: Value Emerging, Upgrade to BUY

CreditAccess Grameen - Value Emerging; Upgrade to BUY

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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>Operational Performance: CAGrameen added ~4.4 Lc borrowers during Q4FY24, taking the total customer base to 4.9 Mn customers (+15/5% YoY/QoQ).</li><li>The share of Top-3 states in the GLP has reduced to 72.5% in Q4FY24 vs 74.3/73.3% YoY/QoQ.</li><li>Disbursement growth was strong at 12/51% YoY/QoQ, translating into robust GLP growth of 27/14% 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.

Operational Performance: CAGrameen added ~4.4 Lc borrowers during Q4FY24, taking the total customer base to 4.9 Mn customers (+15/5% YoY/QoQ).The share of Top-3 states in the GLP has reduced to 72.5% in Q4FY24 vs 74.3/73.3% YoY/QoQ.Disbursement growth was strong at 12/51% YoY/QoQ, translating into robust GLP growth of 27/14% YoY/QoQ.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.

CreditAccess Grameen Ltd. - Strong Quarter

<ul><li>CreditAccess Grameen (CREDAG) has emerged as the largest NBFC-MFI (~6% market share) on the back of its strong parentage, conservative underwriting, and a calibrated approach to building scale (partly inorganic) with inherently strong cross-cycle profitability (~3.6% RoA) and growth outcomes (&gt;30% AUM CAGR)</li><li>With the RBI hinting at its discomfort with super-normal margins enjoyed by NBFC-MFIs, we argue that peak growth and profitability for the MFI sector are behind on the back of rising competitive intensity and increasing consumer leverage</li><li>In this backdrop, CREDAG’s current valuation (3.6x Mar-25 ABVPS), post a near-doubling in the stock price during CY23, offers limited margin of safety.</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.

CreditAccess Grameen (CREDAG) has emerged as the largest NBFC-MFI (~6% market share) on the back of its strong parentage, conservative underwriting, and a calibrated approach to building scale (partly inorganic) with inherently strong cross-cycle profitability (~3.6% RoA) and growth outcomes (&gt;30% AUM CAGR)With the RBI hinting at its discomfort with super-normal margins enjoyed by NBFC-MFIs, we argue that peak growth and profitability for the MFI sector are behind on the back of rising competitive intensity and increasing consumer leverageIn this backdrop, CREDAG’s current valuation (3.6x Mar-25 ABVPS), post a near-doubling in the stock price during CY23, offers limited margin of safety.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.

CreditAccess Grameen: Priced for Peak Profitability, Downgrade to ADD

India

CreditAccess Grameen is a leading Indian microfinance institution that provides micro-loans to women customers, predominantly in rural areas across India. The company offers a diverse range of financial products including income generation loans, family welfare loans, home improvement loans, and emergency loans. It is headquartered in Bengaluru, India, and was founded in 1999.

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CreditAccess Grameen (CREDAG IN)

CreditAccess Grameen - Healthy Quarter with In-Line Earnings and Stable NIM

Motilal Oswal's research report onCreditAccess Grameen CreditAccess Grameen (CREDAG) delivered a healthy operational performance in 4QFY24, with...

Motilal Oswal

CreditAccess Grameen: Value Emerging, Upgrade to BUY

CreditAccess Grameen’s (CREDAG) Q4FY24 earnings were ahead of estimates, driven by steady NIMs (13.1%) and healthy loan growth (+27% YoY), partly...

HDFC Securities

CreditAccess Grameen - Value Emerging; Upgrade to BUY

CreditAccess Grameen’s (CREDAG) Q4FY24 earnings were ahead of estimates, driven by steady NIMs (13.1%) and healthy loan growth (+27% YoY), partly...

HDFC Securities

CreditAccess Grameen Ltd. - Strong Quarter

Operational Performance: CAGrameen added ~4.4 Lc borrowers during Q4FY24, taking the total customer base to 4.9 Mn customers (+15/5% YoY/QoQ).

Axis Direct

CreditAccess Grameen: Priced for Peak Profitability, Downgrade to ADD

In this backdrop, CREDAG’s current valuation (3.6x Mar-25 ABVPS), post a near-doubling in the stock price during CY23, offers limited margin of...

HDFC Securities

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