Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

I possess investment research experience across asset classes and geographies, acquired at Investcorp (New York) and Howe & Rusling (Rochester). At Investcorp, an alternative asset manager, I was part of an investment team managing >$1bn in discretionary client assets. I was also a member of investment recommendation, monitoring, cross-asset strategy and macro outlook committees that met periodically for investment decisions and top-down views. At Howe & Rusling, a long-only asset manager, I helped cover US large-cap equity investments across sectors for growth and income focused portfolios as well as assisted in managing a US small-cap growth focused equity portfolio. I possess an MBA in finance and corporate accounting from University of Rochester in US, a CFA Charter, and an Engineering degree from Indian Institute of Technology Bombay in India.  

My current focus is L/S equity fundamental research across market cap and sectors with an eye on corporate governance and forensic accounting. I am currently based in India and my current coverage universe is biased towards India.

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Regulatory Disclosure: Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details -
Address: 5184, Dolatganj Bajar, Ankit Hospital, Dahod (Gujarat) - 389151 |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289

Compliance/Grievance Officer -
Name: Ankit Agrawal |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289
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Equity L/S Analyst | Forensic Accounting | India

India Micro-Finance: Noteworthy Trends and Updates

Indian Banks and NBFCs: Noteworthy Trends and Updates

Ujjivan Small Finance Bank IPO: An Opportunity to Cherish!

Ujjivan SFB IPO - Might Not Be as Good as the Previous Listing but It Has an Alternative as Well

Ujjivan Small Finance Bank Pre-IPO - Shouldn't Be Forced to List

Equity Bottom-Up

Ujjivan Small Finance Bank  / Equity Bottom-Up

Ujjivan Small Finance Bank  (UJJIVANS IN)

<a href="https://www.smartkarma.com/entities/ujjivan-small-finance-bank-ltd" target="_blank" data-smartkarma-citation="entities:28443:1" rel="noopener">Ujjivan Small Finance Bank (USFB IN)</a> reported its first earnings post its IPO. In this insight, we discuss the key performance updates and insights into the business based on reported earnings and management interaction post Q3FY20 earnings.
Key Takeaways:
<ul>
<li>Reported strong Q3FY20 earnings, despite stress in micro-finance (MFI) segment in certain geographies</li>
<li>Cost to Income ratio continues to remain elevated at 70% for Q3FY20 and 68% for 9MFY20, however it is well within the 72% target for FY20. Management has guided for 5% points reduction per year for the next 2-3 years.</li>
<li>Management continues to focus on building scale. Bulk of the investments in terms of branch expansion and investments into technology has been done. Management is now focusing on leveraging the infrastructure in place to scale the business.</li>
<li>Asset quality continues to be decent. Despite volatility in the Assam book post protests, Cumulative Repayment Rate (CRR) in Assam book has been healthy at around 98%.</li>
<li>Digital adoption remains strong with digital transactions growing to 25% of total transactions vs 16% QoQ.</li>
</ul>
For more background on USFB, please also refer to our prior insight initiated during its IPO – <a href="https://www.smartkarma.com/insights/ujjivan-small-finance-bank-ipo-an-opportunity-to-cherish" target="_blank" data-smartkarma-citation="insights:34918" rel="noopener">Ujjivan Small Finance Bank IPO: An Opportunity to Cherish!</a>

Ujjivan Small Finance Bank (USFB IN) reported its first earnings post its IPO. In this insight, we discuss the key performance updates and insights into the business based on reported earnings and management interaction post Q3FY20 earnings.
Key Takeaways:

Reported strong Q3FY20 earnings, despite stress in micro-finance (MFI) segment in certain geographies
Cost to Income ratio continues to remain elevated at 70% for Q3FY20 and 68% for 9MFY20, however it is well within the 72% target for FY20. Management has guided for 5% points reduction per year for the next 2-3 years.
Management continues to focus on building scale. Bulk of the investments in terms of branch expansion and investments into technology has been done. Management is now focusing on leveraging the infrastructure in place to scale the business.
Asset quality continues to be decent. Despite volatility in the Assam book post protests, Cumulative Repayment Rate (CRR) in Assam book has been healthy at around 98%.
Digital adoption remains strong with digital transactions growing to 25% of total transactions vs 16% QoQ.

For more background on USFB, please also refer to our prior insight initiated during its IPO – Ujjivan Small Finance Bank IPO: An Opportunity to Cherish! 

Ujjivan Small Finance Bank: Growth Momentum Continues; Ripe for Scaling Up