• Maintain reduce with target price of Rs 1000
• Q4 results: Strong numbers; FY25 guidance key monitorable
• Strong quarter driven by lower credit costs
• Improvement in asset quality and lower ECL/EAD drive credit cost moderation
• Margins expand driven by rise in yields and stable CoF
• Healthy AUM growth despite tepid disbursement levels
• Rich valuations leave no margin of safety
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