KVB Q1 Fy23 Results- Press Release
The Bank has a delivered a strong performance in terms of business growth, which has grown 12%
YoY as well as a commendable 110% growth in Net Profit.
Reduction in NPA, improved credit off take and stable NIM has resulted in improved profitability

Business performance

• Total business as on 30th June 2022 stands at Rs. 1,30,780 crore, registering a Y-o-Y growth of 12.05% i.e. up Rs. 14,067 crore from Rs. 1,16,713 crore as on 30.06.2021. Business has grown by Rs. 4,554 crore during Q1, from a level of Rs. 1,26,226 crore as on 31.03.2022.

• Credit portfolio grew by ~14% Y-o-Y (Rs. 7,297 crore) and gross advances stands at Rs. 59,612 crore as on 30.06.2022, up from Rs. 52,315 crore a year ago.

• Credit off take continues to improve both Y-o-Y as well as Q-o-Q terms aiding the growth of advances portfolio.

• Jewel Loan portfolio registered a Y-o-Y growth of Rs. 1,667 crore (~13%) and stands at Rs. 14,873 crore as on 30.06.2022 (up from Rs. 13,206 crore a year ago).

• Total deposits grew by Rs. 6,770 crore (~11%) to Rs. 71,168 crore, up from Rs. 64,398 crore as of 30.06.2021. CASA portfolio and retail term deposits were growth drivers.

• CASA share is up by 118 bps to 36.42%; CASA deposits are up at Rs.25,916 crore i.e. a growth of 14.23% on Y-o-Y basis (Rs. 22,688 crore a year ago).

• Basel III CRAR stands at 19.21% (with CET1 Ratio of 17.25%), up from 19.06% as on 30.06.2021.

• As at 30.06.2022, Gross NPA has declined to 5.21% (Rs. 3,107 crore) as compared to 7.97%
  (Rs. 4,167 crore) a year ago. GNPA as on 31.03.2022 was Rs. 3,431 crore (5.96%).

• Net NPA stands at 1.91% (Rs. 1,098 crore) as on 30.06.2022 (3.69% a yr ago - Rs. 1,845 cr).

• Provision Coverage Ratio stands at 82.74% (72.40% a year ago).

• Branch and ATM + Cash Recyclers network as on 30.06.2022 stands at 789 & 2,237 respectively (corresponding position was 781 & 2,251 as on 30.06.2021).

Financial Performance
Net profit for the quarter grew by 110% and stood at Rs. 229 crore from Rs. 109 crore during Q1 of previous year.
 Operating profit for the quarter was Rs. 475 crore as compared to Rs. 412 crore.
 Net interest income for the quarter improved by ~17% (Rs. 108 crore) to Rs. 746 crore for the current quarter vis-à-vis Rs. 638 crore for Q1 of previous year.
 Net interest margin stands at 3.82% up 27 bps from 3.55% a year ago.
 Cost of deposits has improved by 44 bps and stands at 4.09% as compared to 4.53% during the previous year.
 Yield on advances is at 8.27% (8.55% for Q1 of previous year).
 Non-interest income for the quarter is Rs. 199 crore during the current
quarter as compared to Rs. 203 crore a year ago.
 Fee based income has improved by Rs. 40 crore on Y-o-Y basis to Rs. 187 crore from Rs. 147 crore during the previous year.
 Operating expenses for the quarter was Rs. 469 crore as compared to Rs. 429 crore during Q1 of previous year.
 Cost to income ratio stands at 49.68% (51.03% for Q1 of previous year).

Symphony
Another stock that falls in my should-avoid list.

Weekly Chart :
a) Could not cross 61.8 % of its decline since Jan 2018 (even in 2years bull run)

b) Lot of ups and downs around key moving averages (10 WMA, 30 WMA)

c) No clear impulse (as per EW)

On monthly charts -

a) Trading below 40 months moving average
b) Could never cross 61.8 % of its latest declines (3 times) in last 2 years
c) RSI never crossed 60 in last 3 and half years.
d) Just taking support at a key level -any break from here can be brutal

Disclaimer : Charts are for study purpose. Opinions are personal. No suggestions, no recommendations.

FY23Q1 concall notes

• Highest ever Q1 quarter sales (13% over Q1FY20), significant increase in volume
• Haven’t taken proportional price increase to increase volumes, despite this have maintained gross margins due to value engineering and product mix change
• Channel inventory is normal
• Subsidiary accounted for 43% of sales and 44% of EBITDA
• Gross margins are slightly higher than pre-covid (Q1FY20), EBITDA and PAT margins are lower due to higher advertisement, freight, change in warranty estimates, D2C and e-commerce channel
• US demand is very strong because of a hot summer, however due to recession and inflation concerns retailers are giving discounts which has to be absorbed by Symphony
• No significant market share shift in India
• Market share in Australia ~ 30-35%, Mexico ~ 35-40% whereas it is low in USA which is a huge market where company is looking to penetrate. Most USA sales happen in Q3 & Q4 of Indian fiscal year

Growth drivers:

• Mexico & Australian markets are low growth and they already have sizeable market shares
• USA should lead to higher growth due to increase in penetration
• Greenfield in Brazil should also unlock a growth avenue
• In India, domestic residential should be a growth driver. The Large Space Venti-cooling is a nascent market which Symphony is trying to create

Disclosure: Not invested

Have they shared the receivables numbers? Cashflows went for a toss the last FY22 and this Quarterly they haven’t shared the balance sheet yet.

just a formality after merger of DHFL with piramal. Point to be noted though is that -
" Non-banking financial institution not accepting public deposits"
DHFL was deposit taking NBFC.