External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>State Bank of India: SBIN’s earnings missed our estimates on account of elevated opex (INR 16bn) towards performance-linked incentives, partly offset by strong treasury/MTM gains and revaluation of SRs (INR39bn)</li><li>Loan growth (+12% YoY) disappointed owing to lower growth in the corporate book due to higher repayments from PSU exposures</li><li>Deposit growth (+9% YoY, +2.9% QoQ) was soft as CASA ratio improved to 38.4% (+84bps QoQ), aided by seasonality in CA balances</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.

State Bank of India: SBIN’s earnings missed our estimates on account of elevated opex (INR 16bn) towards performance-linked incentives, partly offset by strong treasury/MTM gains and revaluation of SRs (INR39bn)Loan growth (+12% YoY) disappointed owing to lower growth in the corporate book due to higher repayments from PSU exposuresDeposit growth (+9% YoY, +2.9% QoQ) was soft as CASA ratio improved to 38.4% (+84bps QoQ), aided by seasonality in CA balancesContent 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: State Bank of India, Kotak Mahindra Bank, Avenue Supermarts...

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>The systemic credit growth (as of 21st March, 2025) has tapered to ~11% vs. 15-16% YoY.</li><li>This can be primarily attributed to a meaningful slowdown in the unsecured loans amidst continued asset quality challenges alongside banks, mainly private banks, intending to bring down their LDRs to a balanced level.</li><li>We expect banks under our coverage to deliver ~12% YoY credit growth, largely in line with industry growth. </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.

The systemic credit growth (as of 21st March, 2025) has tapered to ~11% vs. 15-16% YoY.This can be primarily attributed to a meaningful slowdown in the unsecured loans amidst continued asset quality challenges alongside banks, mainly private banks, intending to bring down their LDRs to a balanced level.We expect banks under our coverage to deliver ~12% YoY credit growth, largely in line with industry growth. 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.

Q4FY25 Earnings Preview - Banks, Financial Services and Insurance (BFSI)

<ul><li>The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis, led by energy, auto, and cement sectors.</li><li>Aggregate revenue/PAT grew by 5%/8% YoY and 5%/6% QoQ across the HSIE coverage (~234 stocks).</li><li>Earnings of mid/small-cap stocks grew slower at 3.8% in this quarter as compared to 8.7% registered by the large cap segment</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.

The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis, led by energy, auto, and cement sectors.Aggregate revenue/PAT grew by 5%/8% YoY and 5%/6% QoQ across the HSIE coverage (~234 stocks).Earnings of mid/small-cap stocks grew slower at 3.8% in this quarter as compared to 8.7% registered by the large cap segmentContent 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.

Quarterly Flipbook: Diminishing growth, downgrades intensify across sectors

<ul><li>For our analysis, we have considered current NSE500 stocks as our universe. Further, shareholding pattern trends have been observed for last one year period (Q2FY24 to Q2FY25).</li><li>Shareholding changes of various market participant categories have been tracked namely Promoters, FIIs, DIIs and public.</li><li>Observing trends in the reorganization of ownership structure has been the key focus area of this analysis</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.

For our analysis, we have considered current NSE500 stocks as our universe. Further, shareholding pattern trends have been observed for last one year period (Q2FY24 to Q2FY25).Shareholding changes of various market participant categories have been tracked namely Promoters, FIIs, DIIs and public.Observing trends in the reorganization of ownership structure has been the key focus area of this analysisContent 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.

<ul><li>Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were marginally above our estimates, with healthy growth on both sides of the balance sheet and stable margins, offset by elevated credit costs from the unsecured book</li><li>Loan growth came in at 15% YoY / 3.6% QoQ with healthy growth across secured businesses</li><li>Margins remained stable at 4.9%, despite strong growth, supported by a full-quarter impact of 50bps rate cut in select SA buckets, and stronger traction in CA (+5% QoQ) and TD sweeps (+31% 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.

Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were marginally above our estimates, with healthy growth on both sides of the balance sheet and stable margins, offset by elevated credit costs from the unsecured bookLoan growth came in at 15% YoY / 3.6% QoQ with healthy growth across secured businessesMargins remained stable at 4.9%, despite strong growth, supported by a full-quarter impact of 50bps rate cut in select SA buckets, and stronger traction in CA (+5% QoQ) and TD sweeps (+31% YoY)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: Kotak Mahindra Bank, SBI Life Insurance, Indian Hotels

India

Kotak Mahindra Bank is an Indian banking and financial services company that offers a comprehensive range of banking products and financial services to corporate and retail customers. These services include personal finance, investment banking, life insurance, wealth management, consumer banking, commercial banking, and treasury operations. The company provides deposit accounts, various loans, credit and debit cards, mutual funds, and insurance plans. Headquartered in Mumbai, India, the company was founded in 1985 as Kotak Mahindra Finance Limited and received its banking license in 2003.

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Kotak Mahindra Bank (KMB IN)

HSIE Results Daily: State Bank of India, Kotak Mahindra Bank, Avenue Supermarts...

SBIN’s earnings missed our estimates on account of elevated opex (INR 16bn) towards performance-linked incentives, partly offset by strong treasury...

HDFC Securities

Q4FY25 Earnings Preview - Banks, Financial Services and Insurance (BFSI)

We would watch out for management commentary on growth trajectory in FY26 and direction for recovery in the unsecured segments, particularly MFI...

Axis Direct

Quarterly Flipbook: Diminishing growth, downgrades intensify across sectors

The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis,...

HDFC Securities

HSIE Results Daily: Kotak Mahindra Bank, SBI Life Insurance, Indian Hotels

(KMB) earnings were marginally above our estimates, with healthy growth on both sides of the balance sheet and stable margins, offset by elevated...

HDFC Securities

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HSIE Results Daily: State Bank of India, Kotak Mahindra Bank, Avenue Supermarts...

SBIN’s earnings missed our estimates on account of elevated opex (INR 16bn) towards performance-linked incentives, partly offset by strong treasury...

HDFC Securities

Q4FY25 Earnings Preview - Banks, Financial Services and Insurance (BFSI)

We would watch out for management commentary on growth trajectory in FY26 and direction for recovery in the unsecured segments, particularly MFI...

Axis Direct

Quarterly Flipbook: Diminishing growth, downgrades intensify across sectors

The aggregate performance of the Q3FY25 earnings season was subdued, in line with expectations, but reflected marginal improvement on a QoQ basis,...

HDFC Securities

Share Holding Tracker (Q2FY25)

For our analysis, we have considered current NSE500 stocks as our universe. Further, shareholding pattern trends have been observed for last one...

HDFC Securities

HSIE Results Daily: Kotak Mahindra Bank, SBI Life Insurance, Indian Hotels

(KMB) earnings were marginally above our estimates, with healthy growth on both sides of the balance sheet and stable margins, offset by elevated...

HDFC Securities