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>Bajaj Finance: Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer additions (+37% YoY) and new loans booked (+26% YoY)</li><li>NIMs were sequentially softer by 14bps on account of a spike in funding costs, which is likely to further sustain into Q3FY24, reflecting in incremental NIM compression to the tune of 25-30bps</li><li>While our FY24 AUM growth forecast (+28%) is moderately behind management guidance, we believe that NIM compression is likely to be offset by improving operating leverage (Q2FY24: 34%)</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.

Bajaj Finance: Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer additions (+37% YoY) and new loans booked (+26% YoY)NIMs were sequentially softer by 14bps on account of a spike in funding costs, which is likely to further sustain into Q3FY24, reflecting in incremental NIM compression to the tune of 25-30bpsWhile our FY24 AUM growth forecast (+28%) is moderately behind management guidance, we believe that NIM compression is likely to be offset by improving operating leverage (Q2FY24: 34%)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.

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life, L&T Technology Services

<ul><li>Q1FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 3%/52% YoY across the HSIE coverage (~219 stocks), with their four-year CAGRs at 12%/22%</li><li>Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 55% YoY, while the midcap category grew by 24% YoY</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.

Q1FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 3%/52% YoY across the HSIE coverage (~219 stocks), with their four-year CAGRs at 12%/22%Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 55% YoY, while the midcap category grew by 24% YoYContent 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: Input cost deflation hurts topline but boosts profitability

<ul><li>IndusInd Bank: IndusInd Bank (IIB) reported its highest-ever quarterly earnings, in line with estimates, predominantly led by strong loan growth (+21% YoY), stable margins and sustained traction in fee income</li><li>However, elevated gross slippages at 2%, primarily from MFI and the CV book in addition to higher credit costs (144bps), suggest that IIB continues to operate at the higher end of the risk spectrum, especially given its historically sub-par/non-granular deposit profile</li><li>Over its next three-year planning cycle, IIB is focusing on achieving deposit granularity through its branch expansion strategy</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.

IndusInd Bank: IndusInd Bank (IIB) reported its highest-ever quarterly earnings, in line with estimates, predominantly led by strong loan growth (+21% YoY), stable margins and sustained traction in fee incomeHowever, elevated gross slippages at 2%, primarily from MFI and the CV book in addition to higher credit costs (144bps), suggest that IIB continues to operate at the higher end of the risk spectrum, especially given its historically sub-par/non-granular deposit profileOver its next three-year planning cycle, IIB is focusing on achieving deposit granularity through its branch expansion strategyContent 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 - IndusInd Bank, ICICI Prudential Life, L&T Technology Services

<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

ICICI Prudential Life Insurance Company Ltd. is a prominent Indian life insurance company, a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. The company offers a diverse range of products including life insurance, health, and retirement solutions, as well as term plans, unit-linked insurance plans (ULIPs), and traditional savings plans. Headquartered in Mumbai, Maharashtra, India, the company commenced operations in the fiscal year 2001.

ICICI Prudential Life Insurance (IPRU IN)

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ICICI Prudential Life Insurance (IPRU IN)

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life

Bajaj Finance: Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer...

HDFC Securities

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life, L&T Technology Services

Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer additions (+37% YoY)...

HDFC Securities

India Equity Strategy: Input cost deflation hurts topline but boosts profitability

Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 55% YoY, while the midcap category grew by 24% YoY

HDFC Securities

HSIE Results Daily - IndusInd Bank, ICICI Prudential Life, L&T Technology Services

IndusInd Bank (IIB) reported its highest-ever quarterly earnings, in line with estimates, predominantly led by strong loan growth (+21% YoY),...

HDFC Securities

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

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