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Q1FY24 Net Interest Income (NII) increased 26.5% YoY to Rs. 8,395cr. -
Profit After Tax (PAT) rose by 32.4% YoY to Rs. 3,437cr, aided by better operating leverage. -
Highest-ever quarterly AUM growth of Rs. 22,718cr.
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Engaged in lending across retail, SME, and commercial customers, also accepts public and corporate deposits. -
Asset quality strong, with GNPA/NNPA ratios at 0.87%/0.31%. -
Market leadership, strong distribution reach, customer additions, digital transformation, and robust AUM growth bode well for future performance. -
NIM levels may moderate in upcoming quarters due to rising cost of funds, but long-term growth prospects are promising. -
Reiterated BUY rating on the stock with a revised target price of Rs. 8,252 based on 6.1x FY25E BVPS.
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