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Revenue
₹7,692 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 reported a mixed Q3 FY24. PAT grew 17% YoY to INR 2,301 crore, supported by stable NIM at 4.29% and strong retail loan growth of 24% YoY. However, asset quality disappointed with gross slippages of INR 1,765 crore, driven by temporary vehicle finance stress from adverse weather and a corporate account. Management expects slippages to normalize to INR 1,100-1,200 crore in coming quarters. Retail deposit mobilization was a bright spot, with retail deposits growing 5% QoQ and LCR improving to 122%. The bank continues to invest in branches and marketing, with cost-to-income expected to improve to 41-43% over two years. Key risk: elevated slippages may persist if vehicle finance normalization is slower than anticipated.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects vehicle finance disbursements to reach INR 14,000 crore in Q4 FY24, driven by auto loans and used commercial vehicles.
- Management guided cost-to-income to improve to 41-43% over the next two years as operating leverage from investments materializes.
- Management reiterated credit cost guidance of 110-130 bps for FY24, despite higher slippages in Q3.
- Management expects net interest margin to stay within 4.2-4.3% until the interest rate reduction cycle begins, likely in H2 FY25.
Risks flagged
- Gross slippages of INR 1,765 crore were higher than guided, and normalization to INR 1,100-1,200 crore depends on vehicle finance recovery.
- Management used contingency provisions in Q3 instead of building them, delaying the creation of a buffer against cyclical risks.
- Management noted that elections could cause dullness in MHCV, LCV, and tractor segments, impacting vehicle finance growth.
Key quotes
- We had some excellent achievements as well as some misses. On the positive, the retail deposit mobilization was one of the best in several quarters... On the miss, we saw slippages on the higher side than expected.
- I don't want to give any guidance because I tell you, I missed my guidance this quarter on this.
- We will never have a book of more than 55%-57% retail at any point of time.
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