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.

Thematic (Sector/Industry)

<ul><li>The Q4FY25 earnings season was marked by 1) Sequential improvement in capex spending, 2) A Series of positive measures in the domestic economy taken by the RBI and the government, 3) Volatile Currency, 4) Volatile Trade dynamics, and 5) Volatile Crude prices. All these developments indicate that the Q4FY25 earnings would show a mixed trend, similar to the previous quarters.</li><li>Some breather is expected in Q4FY25 numbers, led by sequential improvement in some of the pockets of high-frequency indicators.</li><li>However, the broader consumption demand could still take 1-2 quarters to get back on track. Overall, the improvement in earnings is expected in certain pockets like BFSI, IT, Healthcare, Telecom, and Industrials, while Consumer Staples, Retail, and cyclical sectors like Oil &amp; Gas remain under pressure. </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 Q4FY25 earnings season was marked by 1) Sequential improvement in capex spending, 2) A Series of positive measures in the domestic economy taken by the RBI and the government, 3) Volatile Currency, 4) Volatile Trade dynamics, and 5) Volatile Crude prices. All these developments indicate that the Q4FY25 earnings would show a mixed trend, similar to the previous quarters.Some breather is expected in Q4FY25 numbers, led by sequential improvement in some of the pockets of high-frequency indicators.However, the broader consumption demand could still take 1-2 quarters to get back on track. Overall, the improvement in earnings is expected in certain pockets like BFSI, IT, Healthcare, Telecom, and Industrials, while Consumer Staples, Retail, and cyclical sectors like Oil &amp; Gas remain under pressure. 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.

<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>Banks (incl. SFBs) under our coverage reported an in-line performance, delivering a credit growth at ~12% YoY, mirroring systemic growth.</li><li>This was owing to the continuous and conscious slowdown visible in the unsecured segments, particularly microfinance, credit cards and personal loans, as asset quality concerns continued to haunt.</li><li>Credit growth was primarily driven by Retail and SME portfolios, while banks continued to remain aloof in pursuing corporate growth given pricing pressures. </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.

Banks (incl. SFBs) under our coverage reported an in-line performance, delivering a credit growth at ~12% YoY, mirroring systemic growth.This was owing to the continuous and conscious slowdown visible in the unsecured segments, particularly microfinance, credit cards and personal loans, as asset quality concerns continued to haunt.Credit growth was primarily driven by Retail and SME portfolios, while banks continued to remain aloof in pursuing corporate growth given pricing pressures. 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.

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI) ”

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>ICICI Bank: ICICI Bank’s (ICICIBC) Q3FY25 earnings marginally beat estimates on the back of strong operating performance, healthy growth on both sides of the balance sheet, stable asset quality and flat margins</li><li>Loan growth (~14% YoY) continues to be largely driven by business banking, SME, rural and credit card segments</li><li>ICICIBC witnessed seasonally higher gross slippages in the retail and rural portfolios stemming from the KCC book, offset by lower write-offs</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.

ICICI Bank: ICICI Bank’s (ICICIBC) Q3FY25 earnings marginally beat estimates on the back of strong operating performance, healthy growth on both sides of the balance sheet, stable asset quality and flat marginsLoan growth (~14% YoY) continues to be largely driven by business banking, SME, rural and credit card segmentsICICIBC witnessed seasonally higher gross slippages in the retail and rural portfolios stemming from the KCC book, offset by lower write-offsContent 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: ICICI Bank, Shriram Finance, AU Small Finance Bank, CreditAccess Grameen

<ul><li>The systemic credit growth (as of 13th December, 2024) has tapered to ~11.5% vs 15-16% in the recent past.</li><li>This is primarily driven by a significant slowdown in the unsecured loans alongside banks, mainly private banks intending to bring down their LDRs to a balanced level.</li><li>Amidst concerns around asset quality in certain segments (majorly unsecured lending), weaker-than-expected macro data and constraints around LDR (for certain banks), banks have been cautious towards chasing aggressive 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 13th December, 2024) has tapered to ~11.5% vs 15-16% in the recent past.This is primarily driven by a significant slowdown in the unsecured loans alongside banks, mainly private banks intending to bring down their LDRs to a balanced level.Amidst concerns around asset quality in certain segments (majorly unsecured lending), weaker-than-expected macro data and constraints around LDR (for certain banks), banks have been cautious towards chasing aggressive 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.

Q3FY25 Earnings Preview - Banks, Financial Services and Insurance (BFSI)

India

Shriram Finance Limited provides consumer finance services. The Company offers automobile, commercial vehicle, business, and gold loan services. Shriram Finance serves customers in India.

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Shriram Finance (SHFL IN)

Q4FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver Revenue/EBITDA/PAT growth of 4.8%/2.9%/1.3% YoY, respectively, for the quarter.

Axis Direct

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

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI) ”

Banks (incl. SFBs) under our coverage reported an in-line performance, delivering a credit growth at ~12% YoY, mirroring systemic growth.

Axis Direct

HSIE Results Daily: ICICI Bank, Shriram Finance, AU Small Finance Bank, CreditAccess Grameen

ICICI Bank’s (ICICIBC) Q3FY25 earnings marginally beat estimates on the back of strong operating performance, healthy growth on both sides of the...

HDFC Securities

Q3FY25 Earnings Preview - Banks, Financial Services and Insurance (BFSI)

We expect banks under our coverage to deliver ~12% YoY credit growth in Q3FY25, in-line with industry growth. We would expect the systemic growth...

Axis Direct

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