Buy
Analyst consensus on ICICI Bank is buy
Trendlyne Analysis
Consensus from 38 analysts on ICICI Bank is buy, with a target price of Rs. 1188.
Buy
ICICI BANK LIMITED
Geojit BNP Paribas
Buy
Resilient business growth; Margins to decline further but at a slower pace
ICICI Securities Limited
As of September 30, 2023, the loan book stood at INR 1,11,05,421 Mn, a growth of 18.3% YoY/ 5.0% QoQ, led by 19.3% YoY/ 4.8% QoQ growth in the domestic loan portfolio. The overseas book declined by 4.4% YoY, contributing 3.3% to the overall loan book. On the domestic side, the retail loan growth was 21.4% YoY/ 5.5% QoQ, from which the mortgage portfolio grew by 16.2% YoY/ 4.1% QoQ, while Auto loans grew by 24.1% YoY/ 5.5% QoQ.
Buy
HSIE Results Daily: ICICI Bank, Kotak Mahindra Bank, Metro Brands, CreditAccess Grameen, Kajaria Ceramics, Tanla Platforms, …
HDFC Securities
Kajaria Ceramics: We upgraded Kajaria Ceramics (KJC) to BUY with a revised target price of INR 1,470/share (35x Sep-25 EPS). Kajaria's Q2FY24 tiles volume/consolidated revenue growth remained muted at 6/4% YoY on subdued demand. EBITDAM expanded 400bps YoY to 16% on a sharp 68% cool-off in gas prices (despite partial cost benefits passing through). Tiles/non-tiles revenue rose 3/18% YoY. Consolidated EBITDA/APAT rose 39/47% YoY. KJC expanded its tiles capacity by 4.9MSM in Q2FY24 and will be further adding 5.1MSM in Nepal next year. The company expects demand to accelerate H2FY24E. We estimate KJC to deliver 12/22/26% consolidated revenue/EBITDA/APAT CAGR during FY23-26E and its RoE/RoCE should remain robust at 20%+. Tanla Platforms: Tanla's revenue growth of 10.7% QoQ was led by ValueFirst acquisition but the organic growth was flat. The enterprise business volume was impacted by a decline in promotional traffic but the platform revenue registered strong growth of 8.4% QoQ, led by OTT (WhatsApp). The NLD price hike (effective Aug-23) led to volume decline but is expected to normalise. The growth in Enterprise business will be driven by (1) growth in transactional SMS traffic, led by UPI and OTP, (2) NLD price hike, and (3) market share gains with ValueFirst acquisition. The platform segment growth will be powered by Wisely and Trubloq. Wisely anti-phishing product (ATP) is a promising product and is under POC with large private banks. The growth in ATP will offset the impact of Wisely Network (termination of the VI network deal). The EBITDA margin post the integration of the VF India business...
Buy
Result Update:ICICI Bank
Axis Direct
We maintain our BUY recommendation on the stock.
Buy
ICICI BANK LTD EQ
Prabhudas Lilladhar
Buy
ICICI Bank | Q2FY24 Result Update
Edelweiss
Sustains strong RoA
Buy
Strong quarter; credit cost continues to undershoot
Motilal Oswal
Buy
ICICI Bank: Q2FY24 Result Review
IDBI Capital
Buy
Delivering all-round performance
Motilal Oswal
Buy
Another strong quarter led by healthy business momentum, Retail NPAs higher driven by seasonal impact
KRChoksey
As of June 30, 2023, the loan book stood at INR 1,05,75,826 Mn, a growth of 18.1% YoY/ 3.7% QoQ, driven by robust growth in the domestic loan portfolio. The domestic loan book grew by 20.6% YoY/ 4.0% QoQ as of June 30, 2023, while the overseas book declined by 29.5% YoY contributing 3.1% to the overall loan book.
Buy
HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank, AU Small Finance Bank, CreditAccess Grameen, …
HDFC Securities
CreditAccess Grameen: CreditAccess Grameen (CREDAG) delivered a strong all-around performance in a seasonally muted quarter, with most key metrics well ahead of our estimates. AUM growth was at a staggering 39.7% YoY, driven by new customer additions and simultaneously higher average ticket sizes. Asset quality stayed impressive with PAR-0/GNPA at 1.2%/0.9%, resulting in subdued credit costs. Sustained asset yield reflation and subdued credit costs drove RoA/RoE of 5.8%/26.4%. While the management reiterated that the Q1FY24 earnings profile could see incremental pressure from higher funding costs and opex intensity, CREDAG is poised to sustain a combination of strong growth, low credit costs and sustained profitability in the medium term. We raise our FY24E/FY25E earnings estimates by 5%/4% for higher-than-expected loan growth and NIMs and maintain BUY, with a revised TP of INR1,470 (3.2x Mar-25 ABVPS). Our implied multiple reflects the snowballing effect as a consistently conservative underwriting approach in an inherently risky business translates into high cross-cycle potential RoEs (>20%). IndiaMART InterMESH: IndiaMART posted in-line revenue growth and strong cash collections (+26% YoY). The growth in supplier additions was lower than estimated at ~5K, which was partially offset by higher realisations (+2.3% QoQ). The price hike in the entry-level package impacted paid supplier addition but led to ARPU improvement, also supported by migration to a higher ARPU bucket (~2% of the paid suppliers upgrade). Strong cash collections provide visibility of >25% YoY growth in FY24E, the margin will gradually expand to ~30% as most of the investments are behind. The sales headcount growth will be in line...
Hold
ICICI Bank (HOLD): High core income and lower provisions buoy PAT
BOB Capital Markets Ltd.
NII growth of 38% YoY along with moderate provisioning aided 40% PAT growth in Q1
Buy
ICICI Bank: Q1FY24 Result Review
IDBI Capital
Results Update
ICICI Bank
SMC online
Buy
Result Update:ICICI Bank
Axis Direct
We maintain our BUY recommendation on the stock.
Buy
All-round performance, Continues to deliver on expectations...
Bonanza
ICICI Bank reported Q1FY24 PAT at ? 96.5 bn (+40% YoY) led by strong operating profit growth of 35% YoY. The business growth momentum was also strong during the quarter with 18% YoY and 5% QoQ growth led by both advances and deposits.
Buy
Another solid quarter; RoE sustains at 19 %
Motilal Oswal
Buy
ICICI BANK LTD EQ
Prabhudas Lilladhar
Buy
ICICI Bank | Q1FY24 Result Update
Edelweiss
Sustains strong RoA
