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PL First Cut - Indusind Bank Q1FY24 - Good quarter with beat on all fronts
PL First Cut – Indusind Bank Q1FY24 – Gaurav Jani – Research Analyst, Prabhudas Lilladher Pvt Ltd
Indusind Bank Q1FY24–Good quarter with beat on all fronts
--NII was ahead at Rs48.7bn (PLe Rs47.4bn) +18% YoY while credit growth was 3.9% QoQ/21.4% YoY
--NIM was a beat at 4.7% (PLe 4.6%) driven by better loan yields at 12.87% (PLe 12.65%)
--Deposit growth was 14.6% YoY and 3.2% QoQ. CASA was largely flat QoQ at ~40%.
--Other income at Rs21.2bn was higher (PLe Rs20.45bn) mainly driven by higher fee income.
--Opex was a slight miss at Rs32.5bn (PLe 31.9bn) largely due to other opex.
-- PPoP at Rs38.3bn was 3.0% ahead of PLe due to better NII and fees.
--GNPA was 10bps lower to PLe and reduced by 4bps QoQ to 1.94% likely due to lower slippages
--Provisions were a tad lower at Rs9.9bn (PLe Rs10.3bn).
--PAT was higher at Rs21.2bn (PLe Rs20.5bn)
--At CMP of 1388 stock is valued at P/ABV of 1.6x on FY25E ABV.
