External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>ICICI Bank: ICICI Bank (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans), maintaining its robust asset quality alongside a healthy PCR (~83%)</li><li>Loan growth was driven by healthy deposit growth (+19% YoY), largely retail TDs as the CASA ratio eased to 40.8% (-222bps QoQ), resulting in a 22-bps QoQ spike in the cost of deposits</li><li>With limited yield reflation despite improving retail mix, NIMs softened by 25bps QoQ to 4.53% and are likely to trend further lower</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 (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans), maintaining its robust asset quality alongside a healthy PCR (~83%)Loan growth was driven by healthy deposit growth (+19% YoY), largely retail TDs as the CASA ratio eased to 40.8% (-222bps QoQ), resulting in a 22-bps QoQ spike in the cost of depositsWith limited yield reflation despite improving retail mix, NIMs softened by 25bps QoQ to 4.53% and are likely to trend further lowerContent 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, Kotak Mahindra Bank, Metro Brands

<ul><li>Exchanges: MCX revenue is expected to increase by 12% QoQ, led by growth in options revenue (+30% QoQ)</li><li>The higher payout to erstwhile tech vendors will impact profitability for Q2 and Q3 of FY24E</li><li>MCX will post an EBITDA/PAT loss in Q2. Post the tech transition the focus is on stabilising the new system and getting the volume back to normal level</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.

Exchanges: MCX revenue is expected to increase by 12% QoQ, led by growth in options revenue (+30% QoQ)The higher payout to erstwhile tech vendors will impact profitability for Q2 and Q3 of FY24EMCX will post an EBITDA/PAT loss in Q2. Post the tech transition the focus is on stabilising the new system and getting the volume back to normal levelContent 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.

Exchanges, Staffing and Internet (Q2FY24E Results Preview): On growth path

<ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,700/sh is premised on (1) recovery in the O2C businesses, (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated EBITDA at INR 381bn (+1% YoY, -1% QoQ, HSIE: INR 382bn) and APAT at INR 160bn (-11% YoY, -17% QoQ) came in below our estimates</li><li>Earnings in Q1 were largely impacted by weaker-than-expected O2C profitability. ICICI Bank: ICICI Bank (ICICIBC) reported yet another impressive quarter on the back of strong loan growth (+18% YoY), treasury gains, and continued robust asset quality</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.

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,700/sh is premised on (1) recovery in the O2C businesses, (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated EBITDA at INR 381bn (+1% YoY, -1% QoQ, HSIE: INR 382bn) and APAT at INR 160bn (-11% YoY, -17% QoQ) came in below our estimatesEarnings in Q1 were largely impacted by weaker-than-expected O2C profitability. ICICI Bank: ICICI Bank (ICICIBC) reported yet another impressive quarter on the back of strong loan growth (+18% YoY), treasury gains, and continued robust asset qualityContent 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: Reliance Industries, ICICI Bank, Kotak Mahindra Bank

<ul><li>Exchanges: MCX revenue is expected to increase by 10.7% QoQ led by growth in options revenue (+23% QoQ)</li><li>Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)</li><li>The tech transition remains the key overhang, MCX has been conducting mock trading sessions but the transition timeline has been extended to Q3FY24E</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.

Exchanges: MCX revenue is expected to increase by 10.7% QoQ led by growth in options revenue (+23% QoQ)Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)The tech transition remains the key overhang, MCX has been conducting mock trading sessions but the transition timeline has been extended to Q3FY24EContent 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.

Exchanges, Staffing and Internet: The road to recovery

Equity Bottom-Up

<ul><li>Tanla is expected to witness growth acceleration, led by a revival in the Enterprise business (volume uptick and ILD price hike) and traction in the Platform business (new product launches)</li><li>The growth in Enterprise business will be driven by (1) a continued surge in transactional SMS traffic, led by UPI and OTP; (2) a price hike of ~30% in ILD rates in Q1; (3) the acquisition of ValueFirst, which will lead to market share gains and pricing power; and (4) client-specific issues being over and enterprise gross margins back at 20% level</li><li>The growth in the platform segment will be powered by Wisely platforms and continued strength in Trubloq</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.

Tanla is expected to witness growth acceleration, led by a revival in the Enterprise business (volume uptick and ILD price hike) and traction in the Platform business (new product launches)The growth in Enterprise business will be driven by (1) a continued surge in transactional SMS traffic, led by UPI and OTP; (2) a price hike of ~30% in ILD rates in Q1; (3) the acquisition of ValueFirst, which will lead to market share gains and pricing power; and (4) client-specific issues being over and enterprise gross margins back at 20% levelThe growth in the platform segment will be powered by Wisely platforms and continued strength in TrubloqContent 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.

Tanla Platforms - Growth Tailwinds. Maintain BUY

India

Tanla Platforms Limited develops and markets computer software.  The Company develops software for wireless communications.

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Tanla Platforms (TANS IN)

HSIE Results Daily: ICICI Bank, Kotak Mahindra Bank, Metro Brands

ICICI Bank (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans)

HDFC Securities

Exchanges, Staffing and Internet (Q2FY24E Results Preview): On growth path

MCX will post an EBITDA/PAT loss in Q2. Post the tech transition the focus is on stabilising the new system and getting the volume back to normal...

HDFC Securities

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank

RIL’s consolidated EBITDA at INR 381bn (+1% YoY, -1% QoQ, HSIE: INR 382bn) and APAT at INR 160bn (-11% YoY, -17% QoQ) came in below our estimates

HDFC Securities

Exchanges, Staffing and Internet: The road to recovery

Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)

HDFC Securities

Tanla Platforms - Growth Tailwinds. Maintain BUY

Tanla is expected to witness growth acceleration, led by a revival in the Enterprise business (volume uptick and ILD price hike) and traction in...

HDFC Securities

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