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Revenue
₹7,077 Cr
verified against source
Revenue YoY
17%
reported change
EBITDA
Pending
latest reported figure
Source
screener in partial
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IndusInd Bank delivered a strong Q1 FY24 with 22% YoY loan growth and 30% YoY PAT growth to INR 2,124 crore, driven by broad-based momentum across vehicle, retail, and corporate segments. NIM improved 8 bps YoY to 4.29%, supported by asset repricing and liability management. Asset quality improved with gross slippages declining to INR 1,376 crore and credit cost falling to 33 bps. Management guided for full-year credit cost of 110-130 bps and NIM in the 4.2%-4.3% range. Key growth drivers include retailization of liabilities (retail deposits up 21% YoY), scaling of new initiatives (home loans, INDIE digital platform), and expansion of small corporate book. Risk: Elevated operating expenses (cost-to-income ratio at 45.9%) due to continued investments in distribution and technology may pressure near-term profitability.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects annualized credit cost to remain in the 110-130 bps range, including contingent reserve build-up.
- Net interest margin expected to stay stable between 4.2% and 4.3% for the year.
- Management expects cost-to-income ratio to stabilize at 45% by year-end, improving to 41%-43% in year 2.
- Retail loan share expected to increase to 55%-57% by end of FY24, with corporate at 43%-45%.
Risks flagged
- OpEx grew 24% YoY due to employee additions, branch expansion, and technology investments, with cost-to-income ratio at 45.9%.
- Q1 is seasonally weak for vehicle and microfinance, leading to higher slippages in vehicle finance (INR 581 crore).
- Management noted that corporate yields may decline in H2 as benchmark rates stabilize, which could offset gains from lower deposit costs.
- Demand for diamonds remains muted in US and China, impacting working capital utilization and growth in the diamond portfolio.
Key quotes
- Our profit after tax grew by 4% quarter-on-quarter and 30% year-on-year to INR 2,124 crores.
- We have thus begun well on the '26 strategy execution, and are committed to the ambition laid down, outlined in our strategic plan.
- Our cost of deposit, I think, you should see the peak out in Q2, and I think, what has happened in Q1 is a lot of maturities which have come in and which are contracted at a low, lower price, got repriced.
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