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
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Bfsi Q4fy23 Result Preview – yet Another Strong Quarter!
We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.
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Housing Finance: New market structures open up investment universe
India’s home loan (HL) market (INR26trn, 17% of overall credit) is poised to double by FY28E on the back of secular trends around improving...
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Quarterly tracker (Q3FY23): Commodity pressure easing, margin expansion on the cards
BFSI Strong credit growth reported by banks while deposit growth remained a challenge. Asset quality continued to improve and NIM expanded...
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India Equity Strategy: Commodity pressure easing, margin expansion on the cards
Aggregate revenue/PAT grew by 19%/6% YoY across the HSIE coverage universe (~208 stocks), their three-year CAGR being 15%/15%
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