Significant value unlocking on the cards

Transcription

1 BSE Sensex S&P CNX 25,779 7, September 2015 Update Sector: Financials IDFC CMP: INR139 TP: INR205 (+48%) Buy Significant value unlocking on the cards Story intact; strong earnings growth ahead Stock Info (IDFC) Bloomberg IDFC IN Equity Shares (m) 1587 M.Cap.(INR b)/(usd b) 221.3/ Week Range (INR) 188 / 122 1, 6, 12 Rel. Per (%) 8/-11/2 12M Avg Val (INR M) 1003 Free float (%) Financial Snapshot- IDFC Bank (INR Billion) Y/E Mar 2HFY E 2018E NII PPP Cons. PAT EPS (INR) EPS Gr. (%) n.a n.a 50.3 BV/Sh. (INR) RoAA (%) n.a Core RoE (%) n.a Payout (%) We met the management to apprise ourselves of the banking operation plans. While our broad thesis (refer to the report dated 22 nd April, 2015) remains unchanged, management guidance of strong 25-30% growth (we expect it at the cost of margin - to acquire relationship) and higher up-fronting of technology-related expenses is leading us to downgrade bank earnings estimates by ~30%/20% for FY17/18. Nevertheless, IDFC Bank is likely to report the trough ROA/ROE of ~1.1%/~10%. Our fair value for IDFC (pre demerger) is INR205, after assigning 20% holding company discount for IDFC Bank (2x PBV for sustainable ROE of 18-20% and ROA of ~1.8%, and strong growth of 20%+). Our fair value for IDFC Ltd (post demerger) is INR119/share and INR86/share for IDFC Bank (please refer to Ex.6 for detailed calculations). Customer assets CAGR of 21%+; infra segment can push growth further We expect at least 25% balance sheet growth for FY17, driven by PSL (~INR180b) and wholesale banking (non-infra working capital corporate loans). Customer assets CAGR is expected to be 21%+ over FY17-21, with continued diversification in loan book infra loans expected to be 57% of customer assets in FY21 v/s 78% in 1HFY16). If the economic and infrastructure growth picks up, expertise in Infrastructure lending and high risk appetite can push up overall loan growth to 25%+. Earnings cut led by up-fronting of technology costs and lower margins The priority on the wholesale banking side is to build relationships and growth, which in turn can impact profitability (low margins on new loans to be compensated by fees in medium term). Considering the expected traction in wholesale banking, margins could be ~2.5% (v/s our initial estimate of 2.7%). Our initial estimates already factored in regulatory drag of PSL, CRR and SLR. Up-fronting of technology-related expenses is likely to push up the overall expenses (v/s earlier estimates) by INR1b to INR13b. We have also lowered the estimates for FY17 non-interest income to INR7b v/s INR10.5b earlier. Overall, we cut our earnings estimates by 30%/20% for FY17/18. Story intact; valuations attractive In the near term, quarterly trends are irrelevant considering that IDFC is creating a cushion (build-up of SLR book, prudent provisioning and moderate growth) before starting banking operations an approach that we like. Higher leverage, low cost to assets and higher share of infra bonds (less regulatory drag) will lead to higher sustainable ROE v/s infrastructure lending business. With the cut in earnings, we lower SOTP to INR205 from INR213 earlier. At 2x PBV for IDFC Bank and 20% holdco discount, our fair value (post demerger) for IDFC ltd (listed entity) is INR119/share and INR86/share for IDFC Bank. Alpesh Mehta (Alpesh.Mehta@MotilalOswal.com); Vallabh Kulkarni (Vallabh.Kulkarni@MotilalOswal.com) / Dhaval Gada (Dhaval.Gada@MotilalOswal.com) Investors are advised to refer through disclosures made at the end of the Research Report. Motilal Oswal research is available on Bloomberg, Thomson Reuters, Factset and S&P Capital.

2 Demerger-related timelines a) Record date for being eligible for IDFC Bank shares is Oct 5. Further, the day on which IDFC shares will trade ex-demerger (i.e., ex-bank) is Oct 1. The ex-date is the working day before the record date; but since Oct 2, 3 and 4 are holidays; Oct 1 is the ex-bank date for IDFC shares. b) To facilitate price discovery for IDFC shares exbank, a one-hour window (pre-open) from 9 to 10 am will be provided on Oct 1 on NSE and BSE. c) IDFC Bank shares will be allotted to IDFC shareholders on Oct 9. d) IDFC Bank shares are likely to be listed and traded by Nov 6. Hence, for the period Oct 9 to Nov 5, IDFC Bank shares will be unlisted. Exhibit 1: We cut earnings estimates by 15-30% to factor in lower margins and fees INR b Old Estimates Revised Estimates Change (%) FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19 Net Interest Income Other Income Total Income Operating Expenses Operating Profits Provisions PBT Tax PAT Margins (%) RoA (%) RoE (%) Exhibit 2: Implied PBV for banking business at current price at different holding company discount Holdco discount (INR b) 20% 30% 40% A. IDFC Limited - Current Mkt. Cap B. Value of Non-banking businesses C. Implied value of IDFC Bank (including holdco discount of IDFC ltd) (A-B) E. Overall valuation of Banking business (excluding holdco discount) F. Banking Networth FY G. Implied PBV for Banking Business (E/F) Exhibit 3: Implied holding company discount at different target multiple at current market price Banking Business valuation (INR 2x PBV A. IDFC Limited - Current Mkt Cap B. Value of Non-banking businesses C. Implied value of IDFC Bank (including holdco discount of IDFC ltd) (A-B) E. Valuation of Banking business (at the assumed multiple) F. Banking Networth FY G. Implied Holdco discount 86% 71% 52% 29 September

3 Exhibit 4: Trough ROA of 1.1% and expected to rise to 1.6%+ by FY21 RoA RoE Leverage FY17 FY18 FY19 FY20 FY21 Exhibit 5: IDFC s target price sensitivity to valuation multiple of the banking business (INR b) SOTP Valuation Bank Multiple (Based on FY17) Bank IDFC (holdco) Total Bank value Other business SOTP Exhibit 6: SOTP FY17E based (INR b) (USD b) Per Share (INR) Valuation Rationale IDFC Bank (53% direct stake) x NW, 20% holdco disc IDF x Networth Alternative assets management % of FY17E AUM NSE Stake % stake, base price of last deal IB and Broking x FY17E NW Mutual Fund Business % of FY17E AUM Cash on balance sheet (Parent) x Cash IDFC parent value Post demerger IDFC Bank (listed bank value) x NW, BV of INR43 IDFC (current listed share TP) CMP (INR) 139 Upside (%) September

4 Exhibit 7: Dupont analysis: Higher revenues and leverage to improve RoA Y/E MARCH FY17 FY18 FY19 FY20 FY21 Net Interest Income Fee income Fee to core Income Core Income Operating Expenses Cost to Core Income Employee cost Emp to total exp (%) Technology Others Core Operating Profit Trading and others Operating Profit Provisions NPA Others PBT Tax Tax Rate RoA Leverage (x) RoE September

5 Strong growth story with customer assets CAGR of 21%+ Infrastructure segment revival can boost growth We expect at least 25% balance sheet growth for FY17, driven by PSL (~INR180b) and wholesale banking (non-infra working capital corporate loans). Customer assets CAGR is expected to be 21%+ over FY17-21, with continued diversification in loan book infra loans expected to be 57% of customer assets in FY21 v/s 78% in 1HFY16. If the economic and infrastructure growth picks up, expertise in Infrastructure lending and high risk appetite can push up overall loan growth to 25%+. Exhibit 8: Loan growth in FY17/18 would be led by PSL requirements and wholesale banking 22 Loans (INR b) Growth YoY (%) Exhibit 9: The bank is open to aggressive growth in infra sector if economic growth recovers 78.7 Infra loans (INR b) 66.9 % of customer assets ,042 1,269 1,541 FY16 FY17 FY18 FY19 FY20 FY ,041 2HFY16 FY16 FY17 FY18 FY19 FY20 FY21 Exhibit 10: Bharat banking and non-infra corporate loans key growth drivers Customer Assets Mix FY16 FY17 FY18 FY19 FY20 FY21 Loans Infra Eligible for Infra bonds Others PSL loans (in-house) Other loans Investments PSL related PTC+Securitisation RIDF Non SLR (Bonds etc.) Exhibit 11: We factor in the gradual rise in in-house sourcing of PSL loans RIDF devolvement PTC/Securitisation In-house sourcing FY17 FY18 FY19 FY20 FY21 29 September

6 Building relationships will be a priority Near-term margins to be under pressure; cut estimates by 20bp PSL build-up, recognition of stress loans, wholesale liabilities and aggression of management to acquire relationship (at the cost of near-term profitability) to build up of non infra corporate business will keep the NIMs under pressure; we have factored NIMs of 2.5% in FY17 (3.2% in 1QFY16, which largely factored in the regulatory drag of SLR and CRR. IDFC Bank is expected to recognize stress loans (NPA or RL or otherwise) aggressively (to rise from 8.5% of loans to 12-15% of loans). Considering the conservative stance adopted regarding the provisioning of stress loans, we don t rule the same for revenue recognition. With the build-up of retail liabilities, higher benefit of infra bonds and in-house sourcing of PSL loans, we expect NIMs to improve to ~3% over the next five years. Exhibit 12: Building a strong retail liability franchise would take time Liability mix* FY16 FY17 FY18 FY19 FY20 FY21 Deposits CA SA Retail term+bulk Infra bonds Other borrowings Exhibit 13: Margins expected to be 2.5% in FY17 as focus moves to building relationships; with liability and scale benefits, it will progressively rise to ~3.1% Yield on loans Cost of funds NIM FY17 FY18 FY19 FY20 FY21 FY22 29 September

7 Cost efficiency to be the key differentiator C/I to rise sharply initially; however, expected to decline to ~30% by FY21 The bank plans to take bulk of the technology cost upfront (within 6-12 months) through P&L one of the reasons for high C/I ratio guidance in the initial years; however, it targets a C/I ratio 30-40% lower than the best-in-class banks in five years. The bank has also invested aggressively in 75 discrete technology items (of which 8-10 will be exclusively for wholesale banking). We have factored in FY17 C/I ratio at 40%, gradually declining to ~30% by FY20-21 With the strong corporate relationship, IDFC Bank has the significant scope to improve the share of fees in overall earnings. However, success depends upon how soon the management is able to leverage the new and existing relationships. On a conservative basis, we have lowered FY17 fee estimates from INR9b (80bp of assets) to INR6b (55bps). IDFC Bank plans to add branches by FY16, >100 by FY17 and ~500 by FY21 (largely in line). Employee headcount is expected to reach 2000 by FY16 (our estimate: 2100) and ~2500 by FY17 (our estimate: 3000) v/s the current Exhibit 14: Significant low hanging fruits on fees Fees (INR b) as % of avg. assets FY17 FY18 FY19 FY20 FY21 FY22 Exhibit 16: Branch rollout focused around Tier II-V cities Exhibit 15: Bulk of technology exp. to be booked in FY17-18 Employee Technology Other expenses HFY16 FY17 FY18 FY19 FY20 FY21 Exhibit 17: Operating leverage to play out No. of branches Cost to Core Income (%) FY16 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 29 September

8 Exhibit 18: Factor in high opex per branch Exhibit 19: Aggressive in assumption of employee cost Opex per branch 119 Private Banks average (FY15) Cost per employee Private Banks average (FY15) FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 29 September

9 What is factored in at the current market price? IDFC Bank s implied multiple at 1.2x-1.3x PBV Assuming the value of other ventures at INR66b, lending business market cap is INR157b (this factors in holding company discount for 53% stake of IDFC Ltd). Net worth of IDFC Bank is expected to be INR145b by FY17. Assuming 20% holdco discount for IDFC Ltd s stake (53%) in IDFC Bank, the latter s market cap is expected to be INR177b. Thus, the bank s shares are now trading at 1.2x PBV. Due to the step-down subsidiary (NOFHC) structure, if the market is giving 30% holdco discount for IDFC Ltd s stake (53%) in IDFC Bank, the market is factoring the bank s market cap to be INR188b (implied 1.3x PBV). Exhibit 20: Implied PBV for banking business at the current price and at different holding company discounts Holdco discount (INR b) 20% 30% 40% A. IDFC Limited - Current Mkt. Cap B. Value of Non-banking businesses C. Implied value of IDFC Bank (including holdco discount of IDFC ltd) (A-B) E. Overall valuation of Banking business (excluding holdco discount) F. Banking Networth FY G. Implied PBV for Banking Business (E/F) Exhibit 21: Implied holding company discount at different target multiples at the current market price Banking Business valuation (INR 2x PBV A. IDFC Limited - Current Mkt Cap B. Value of Non-banking businesses C. Implied value of IDFC Bank (including holdco discount of IDFC ltd) (A-B) E. Valuation of Banking business (at the assumed multiple) F. Banking Networth FY G. Implied Holdco discount 86% 71% 52% A. IDFC Limited - Current Mkt Cap September

10 Story intact; valuations attractive An unique business model at play In the near term, quarterly trends are irrelevant considering that IDFC is creating a cushion (build-up of SLR book, prudent provisioning and moderate growth) before starting banking operations an approach that we like. Higher leverage, low cost to assets and higher share of infra bonds (less regulatory drag) will lead to higher sustainable ROE v/s infrastructure lending business. The bank is expected to start operations with strong CET I capital of ~16%. Considering the low hanging fruits and less than 1% market share, we expect growth to be strong at 20%+. Pick-up in the infrastructure segment can push growth to 25%+. With the cut in earnings, we lower SOTP to INR205 from INR213. At 2x PBV for IDFC bank, our fair value for IDFC Ltd (post demerger) is INR119/share and INR86/share for IDFC Bank (please refer to Ex.6 for detailed calculations). Exhibit 22: Return ratios to improve on a sustainable basis RoA RoE Leverage FY17 FY18 FY19 FY20 FY21 Exhibit 23: IDFC s target price sensitivity to valuation multiple of the banking business (INR b) SOTP Valuation Bank Multiple (Based on FY17) Bank IDFC (holdco) Total Bank value Other business SOTP September

11 Exhibit 24: Timelines for banking operations Sl. No. Event Date 1 IDFC Limited F&0 contracts to be cash settled 30-Sep 2 a) IDFC and IDFC Bank to take on record various other operational licences b) Move all assets and liabilities of IDFC FHCL to IDFC Bank Effective Date of Demerger and starting of banking operations IDFC shares to become ex-demerger (only holding company portion) IDFC - holding company only to trade (price discovery) one hour (pre-open) window from 9 to 10 am on stock exchanges 1-Oct IDFC - holding company only live trading to commence post 10 am on stock exchanges IDFC holding company only new series of F&O contracts to commence 3 Record Date for issue of IDFC Bank shares to shareholders of IDFC Limited 5-Oct 4 Allotment of IDFC Bank shares to shareholders of IDFC Limited 9-Oct 5 IDFC Bank shares to remain unlisted 9-Oct to 5-Nov 6 Filing of Information Memorandum with National Stock Exchange of India Limited and BSE Limited 12-Oct 7 Advertisement as per SEBI Circular dated Feb 4, Oct 8 Tentative Listing Approval for IDFC Bank shares from National Stock Exchange of India Limited and BSE Limited 6-Nov 9 IDFC Bank shares Trading on Exchanges Price discovery of IDFC Bank shares 6-Nov 29 September

12 Management comments on banking operations Source: Interview of Mr. Rajiv Lall in Business Standard dated September 25 th 2015 (Link) IDFC Bank, set to begin operations from October 1, has set a target of more than doubling its balance sheet to INR2t in five years. Edited excerpts: At 15 per cent of overall advances, you are starting with very high stressed assets. Also, you are starting the bank with bad loan provisioning of INR45b. Will that be enough? We believe it will be enough; it is more than the regulatory requirement. What we have effectively done is created a mini bad bank within the organisation. We have created a team whose task is to recover what has already been provided for. Recently, you secured the Reserve Bank of India's approval to use INR25b of reserves as provisioning against bad loans. How much would that help? If infrastructure returns in three years, we will be in very good shape from a profitability point of view because every rupee we used in bond financing to fund the infrastructure book will not require PSL (priority sector lending), CRR (cash reserve ratio) or SLR (statutory liquidity requirement). Your aim has been to be profitable from the first day. Today, we have INR18b of profit; what we have done is moved the balance sheet to IDFC Bank and our cost has gone up. So, we'll still have, say, INR10b even after the expenses are incurred. Every year, we will increase that profit per cent. How difficult will it be to meet PSL requirements? Yes, it will be difficult for us to meet the requirements in the first three to four years. The idea is to do aggressive PSL; we will take three to four years to get there. As the size of our balance sheet is huge, it will be difficult for us to meet the requirements on our own initially. So, we will have to pay a penalty and meet the requirements. How do you plan to scale up business and what will be the key focus areas? Our balance sheet will be in the range of INR1.5-2t within five years. We are starting the balance sheet with INR b. Of this, about two thirds will be corporate and wholesale banking, while a third will be personal and business (urban) and Bharat (rural) banking. In the personal business, banking mortgages will be a significant component. In personal and business banking, I think we will be able to acquire three to four million customers and in Bharat, million across the country. That gives us a target of 15 million customers in five years. The focus on technology will be a key driver. How do you plan to use it? The world is moving to smartphones; so, the focus on technology design will be a phone. The idea is you should be able to do everything on a smartphone; you don't have to go to a bank branch. You should be able to get your queries answered 24x7; 29 September

13 you should be able to withdraw cash in places that are more ubiquitous than automated teller machines. The idea will be to use technology to customise banking needs. You have said focus on people will be a key priority. What are your plans on the hiring front? The top management is in place. We have introduced the senior-most management team; the next 45 is the core, and they are already in place. There are another 150 people who will comprise the nerve centre of IDFC Bank; they are all on board. Currently, 1,200 people are on board we expect to go to 2,500-2,700 by March-end. The cultural aspects of this are the toughest. What challenges have you faced in the past 18 months? Since the idea is to do hatke (different) banking, we have to redesign all processes. One of the challenges of training has been hiring. That is because we have been hiring from other banks; they came with their own baggage of how things work. Cocreating a training programme and cultural acclimatisation with us takes time. So, the word we are using, 'un-banked', comes into play and is very powerful. It helps us destabilise the process from the beginning and this cascades down the organisation. By far, that is the toughest job. I keep calling myself the chief cultural officer; the rest of my work is done. 29 September

14 Exhibit 25: Financials: Valuation metrics 66 Rating CMP Mcap EPS (INR) P/E (x) BV (INR) P/BV (x) RoA (%) RoE (%) (INR) (USDb) FY16 FY17 FY16 FY17 FY16 FY17 FY16 FY17 FY16 FY17 FY16 FY17 ICICIBC* Buy HDFCB Buy 1, AXSB Buy KMB* Neutral YES Buy IIB Buy DCBB Buy FB Buy JKBK Neutral SIB Buy Private Aggregate SBIN (cons)* Buy PNB Buy BOI Neutral BOB Buy CBK Buy UNBK Buy OBC Buy INBK Buy CRPBK Neutral ANDB Buy IDBI Neutral DBNK Neutral Public Aggregate HDFC* Buy 1, LICHF Buy DEWH Buy IHFL Buy GRHF Buy REPCO Buy IDFC Buy RECL Buy POWF Buy SHTF Buy MMFS Buy BAF Buy 5, ,342 1, NBFC Aggregate *Multiples adj. for value of key ventures/investments; For ICICI Bank and HDFC Ltd BV is adjusted for investments in subsidiaries 29 September

15 Financials and valuations Balance Sheet Y/E March FY16 FY17 FY18 FY19 FY20 FY21 Share Capital 33,815 33,815 33,815 33,815 33,815 33,815 Reserves & Surplus 102, , , , , ,784 Net Worth 136, , , , , ,598 Deposits 37, , , , , ,923 Change (%) n.a CA 18,750 31,163 43,628 58,336 76,785 99,821 SA 1,500 6,563 16,406 32,156 53,747 82,113 Borrowings 712, ,875 1,059,525 1,166,724 1,279,750 1,397,487 Change (%) Infra Bonds 110, , , , , ,389 Other borrowings 602, , , , , ,099 Other Liabilities & Prov. 30,000 36,000 43,200 51,840 62,208 74,650 Total Liabilities 916,100 1,219,824 1,448,260 1,685,450 1,965,229 2,294,659 Current Assets 35,100 44,024 45,620 51,961 68,729 85,554 Investments 289, , , , , ,250 Change (%) G Sec 160, , , , , ,533 RIDF and PTC 79, , , , , ,301 Other investments 50,000 60,000 72,000 86, , ,416 Loans 558, , ,360 1,041,836 1,268,708 1,540,741 Infra loans 460, , , , ,935 1,041,118 PSL loans 8,800 46,240 87, , , ,951 Non Infra loans 90, , , , , ,672 Other Assets 33,000 39,600 47,520 57,024 68,429 82,115 Total Assets 916,100 1,219,824 1,448,260 1,685,450 1,965,229 2,294,659 Income Statement (INR Million) Y/E March 2H2016 FY17 FY18 FY19 FY20 FY21 Interest Income 39,421 94, , , , ,763 Interest Expense 28,437 69,876 81,302 96, , ,539 Net Interest Income 10,984 24,879 33,055 40,055 48,321 58,224 Change (%) Non Interest Income 2,850 7,000 10,500 13,700 17,710 21,252 Fee income 2,350 6,000 9,000 11,700 15,210 18,252 Change (%) Net Income 13,834 31,879 43,555 53,755 66,031 79,476 Change (%) Operating Expenses 4,521 12,531 14,980 17,540 19,551 21,422 Change (%) Pre Provision Profits 9,313 19,348 28,575 36,215 46,480 58,054 Change (%) Provisions (excl tax) 1,324 1,863 2,299 3,782 4,621 5,619 Credit Cost (%) PBT 7,990 17,485 26,276 32,433 41,859 52,435 Tax 2,637 5,770 8,671 10,703 13,813 17,304 Tax Rate (%) PAT 5,353 11,715 17,605 21,730 28,046 35,132 Change (%) Equity Dividend (Incl tax) 1,253 2,741 4,120 5,085 6,563 8,221 Core PPP* 8,813 18,348 27,075 34,215 43,980 55,054 Change (%) *Core PPP is (NII+Fee income-opex) 29 September

16 Financials and valuations Asset quality 2HFY16 FY17 FY18 FY19 FY20 FY21 GNPA (INR m) 6,500 6,428 6,578 8,128 10,894 14,705 NNPA (INR m) 1,950 1,928 1,973 2,438 3,268 4,412 GNPA Ratio NNPA Ratio PCR (Excl Tech. write off) E: MOSL Estimates Ratios Y/E March FY17 FY18 FY19 FY20 FY21 Spreads Analysis (%) Avg. Yield-Earning Assets Avg. Yield on loans Avg. Yield on Investments Avg. Cost-Int. Bear. Liab Interest Spread Net Interest Margin Profitability Ratios (%) RoE RoA Int. Expense/Int.Income Fee Income/Net Income Non Int. Inc./Net Income Efficiency Ratios (%) Cost/Income Empl. Cost/Op. Exps Cost per Empl. (INR m) of which for ex-infra bus. INR M NP per Empl. (INR Mn) Valuation Book Value (INR) Change (%) Adjusted BV (INR) Change (%) EPS (INR) Change (%) Dividend Per Share (INR) E: MOSL Estimates 29 September

17 Corporate profile: IDFC Company description IDFC was established in 1997 as a private sector enterprise by a consortium of public and private investors to provide infrastructure financing. It was mainly started as a government initiative, but the structure of ownership changed in with its IPO. In its current format it generates its income from core lending, as well has built a steady source of fee income business from its principal investments, asset management as well broking and investment. Last year IDFC got a new banking license from RBI and currently in transition of becoming a bank. Exhibit 15: Sensex rebased Shareholding pattern (%) Jun-15 Mar-15 Jun-14 Promoter DII FII Others Note: FII Includes depository receipts Top holders Holder Name % Holding President Of India 16.4 Sipadan Investments (Mauritius) Ltd 9.5 Depository of First State Asia Pacific Leaders Fund A 4.5 Actis Hawk Ltd 2.3 Orbis Sicav - Asia Ex Japan Equity Fund 2.0 Top management Name Designation Directors Name Name Rajiv B Lall Executive Chairman Rajiv B Lall Gautam Kaji* Vikram Limaye Managing Director & CEO Vikram Limaye Omkar Goswami* S H Khan* Marianne Okland* S S Kohli* Joseph Dominic Silva Donald Peck* Snehlata Shrivastava *Independent Auditors Name Deloitte Haskins & Sells LLP Type Statutory MOSL forecast v/s consensus MOSL EPS (INR) forecast Consensus forecast Variation (%) FY FY September

18 REPORT GALLERY IDFC OTHER BANK COMPANIES SECTOR UPDATES

19 N O T E S 29 September

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