Axis Bank, SBI Cards, Tanla Platforms, Ramco Cements Q3 Reviews: HDFC Securities

HDFC Securities Institutional Equities

Axis Bank Ltd. - Axis Bank’s earnings surprised positively (17% ahead of our estimates), driven by strong traction in loan growth and further normalisation in credit costs. The asset quality overhang seems largely over with muted net slippages, a steady restructured pool, and a receding sub-investment grade portfolio, alongside comfortable provisioning.

SBI Cards and Payment Services Ltd. - SBI Cards reported earnings 12% below estimates due to higher-than-expected provisioning. The business momentum witnessed steady traction in terms of CIF and unit spends, translating into higher fee income.

Tanla Platforms Ltd. - Tanla reported a decent quarter with a slight miss on revenue (Rs 8.8 billion versus estimate of Rs 9.1 billion) but better-than-expected margin performance. The gross margin of enterprise business improved up 244 basis points QoQ to 24.6%, powered by a better mix.

The Ramco Cements Ltd. - The Ramco Cements continued to deliver strong volume growth, weak pricing and fuel price spike resulted in 42/59% YoY decline in Ebitda/adjusted profit after tax (despite 16% revenue growth) in Q3 FY22.

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