1. Healthcare

INSTITUTIONAL SECURITIES
ICICI Bank
Earnings in-line, but operationally modest
OUTPERFORMER
30 January 2015
Q3FY15 result highlights
BSE Sensex: 29183
™
ICICI Bank’s Q3FY15 profits were up 14% yoy, in-line with our estimates.
Operationally, however, it was a modest quarter with core PPOP (ex-trading,
forex gains) up 10% yoy and increased pressure on asset quality.
™
Loan growth remained modest at 13% yoy – remains retail biased (+26% yoy),
with domestic corporate lending slow at +4% yoy.
™
NIMs were up 5bps qoq to 346bps on higher domestic NIMs (388bps in Q3).
™
Core fee growth remains muted at +5.7% yoy, but was supported by forex
gains on repatriation from overseas branches (Rs1.92bn) and treasury gains.
™
Asset quality was weaker – stressed asset creation was higher at 3.5%
annualized, NPLs increased to 3.5% loans, credit costs to 107bps and coverage
levels reduced to 64%. Restructuring pipeline (Rs23bn) and management
guidance suggests similar trends in slippages and credit costs in Q4FY15.
™
Operating costs were up 9.5% yoy on tight cost controls, a key positive.
Sector: Financials
Stock data
CMP (Rs)
361
Mkt Cap (Rstrn/USDbn)
2.1 / 33.7
Target Price (Rs)
425
Change in TP (%)
+11.5
Potential from CMP (%)
+17.8
Earnings change (%)
FY15E
FY16E
FY17E
Bloomberg code
-1.8
-2.0
-2.0
ICICIBC IN
1-yr high/low (Rs)
393/189
6-mth avg. daily volumes (m)
12.30
6-mth avg. daily traded value
(Rsm/USDm)
4009.1 / 64.73
Shares outstanding (m)
Free float (%)
Promoter holding (%)
5,792.5
100.0
-
Price performance – relative and absolute
Key positives: Improvement in NIMs, strong CASA mix (44%), cost control.
Key negatives: Increase in asset quality stress, modest loan, fee income growth.
Impact on financials: Reduce earnings by ~2% for FY15-17E on higher credit costs.
Valuations & view
ICICI Bank’s core operating profit remains subdued, asset stress was significantly
higher and management commentary suggests caution near term. However,
gradual rise in loan growth, improving ROEs (ex-subsidiary investments and
dividends) to ~18% by FY17E (16% now) and possible monetization of stake in life
insurance, should support higher valuations medium term. We revise our SOP
based target price to Rs425, valuing the standalone bank at Rs375 per share (2.75x
Mar’16E P/BV, from 2.5x) and its subsidiaries at Rs53. Maintain Outperformer.
Key financials (quarterly)
3Q14A
2Q15A
3Q15A % ch qoq
Net Interest Income
42,551
46,567
48,117
3.3
13.1
Non-Interest Income
28,010
27,384
30,917
12.9
10.4
1.9
150
Operating Income
70,561
73,951
79,033
6.9
12.0
(0.3)
115
Operating Expenses
26,170
26,971
28,663
6.3
9.5
(4.7)
PPoP
44,390
46,980
50,370
7.2
13.5
2.4
6,946
8,495
9,797
15.3
41.0
21.8
(5.9)
ICICI Bank
Sensex
220
185
80
Jan-12
(%)
ICICI Bank
Sensex
Oct-12
Jul-13
3-mth
11.7
6.7
Apr-14
6-mth
21.2
11.9
Jan-15
1-yr
85.1
42.4
Provisions
% ch yoy % var from IDFC est
(1.7)
Taxes
12,122
11,394
11,683
2.5
(3.6)
Net Profits
25,322
27,091
28,890
6.6
14.1
0.5
Advances
3,326,321 3,617,573 3,763,451
4.0
13.1
0.0
Deposits
3,169,695 3,520,554 3,553,397
0.9
12.1
(2.5)
Manish Chowdhary
Sameer Bhise
[email protected] [email protected]
91-22-6622 2563
91-22-6622 2635
For Private Circulation only.
Important disclosures appear at the back of this report”
SEBI Registration Nos.: INB23 12914 37, INF23 12914 37, INB01 12914 33, INF01 12914 33.
RESULT NOTE
INDIA RESEARCH
ICICI Bank – Q3FY15 result
Exhibit 1: Quarterly results
ICICI Bank
3Q15A
3Q14A
% YoY
2Q15A
124352
114550
8.6
121507
(76,236)
(71,999)
5.9
(74,939)
1.7
Net Interest Income
48,117
42,551
13.1
46,567
3.3
Fee-Based Income
26,487
23,540
12.5
24,364
8.7
Interest Income
Interest Expense
% QoQ Comments
2.3
Margins slightly higher qoq even as cost of
funding and asset yields remain stable
Includes Rs1.92bn of forex gains on repatriation
of gains from overseas operations; core fees
excluding this was up 5.7% yoy
Other Non-Interest Income
Non Interest Income
Operating Income
Operating Expenses
4,430
4,470
-0.9
3,020
46.7
30,917
28,010
10.4
27,384
12.9
79,033
70,561
12.0
73,951
6.9
(28,663)
(26,170)
9.5
(26,971)
6.3
Strong treasury gains, in-line with our estimates
Operating expenses lower than our estimates
as management continues to focus on
productivity, expect some catch in costs ahead
Pre-Provision Profit
50,370
44,390
13.5
46,980
7.2
PPOP (ex-trading gains and one-off gains) was
up a relatively moderate 10% yoy
Charges for Bad Debts
(9,797)
(6,946)
41.0
(8,495)
15.3
Credit costs (107bps annualised) were higher
than our estimates due to higher stress creation
(Rs32bn, 3.5% of loans annualised) in Q3.
Management expects stress creation to remain
high in Q4FY15 as well
Pre-Tax Profit
Tax
Net Profit
40,573
37,444
8.4
38,485
(11,683)
28,890
5.4
(12,122)
-3.6
(11,394)
2.5
25,322
14.1
27,091
6.6
Earnings in-line with our estimates, though
operating profitability was relatively modest and
asset quality pressures higher than expected
EPS
Customer Loans
5.0
4.4
13.7
4.7
6.5
3,763,451
3,326,321
13.1
3,617,573
4.0
Loan growth remains modest - domestic loans
were up 16% yoy, led by retail loans (up 26%
yoy)
Customer Deposits
3,553,397
3,169,695
12.1
3,520,554
0.9
AIEA
5,566,409
5,130,331
8.5
5,464,630
1.9
AIBL
5,111,493
4,711,053
8.5
5,062,467
1.0
Total Assets
6,170,984
5,741,258
7.5
6,111,428
1.0
Avg Assets
6,141,206
5,688,168
8.0
5,914,981
3.8
130,826
103,991
25.8
115,467
13.3
Non-Performing Loans (NPL)
CASA ratio inches up marginally to 44% in Q3
Management guided to a restructuring pipeline
of Rs23bn in Q4 and fresh stress creation
(including slippages) of less than Rs35bn
Loan Loss Reserves (LLR)
(83,095)
(72,807)
14.1
(76,044)
9.3
Shareholders’ Funds
817,594
740,566
10.4
788,703
3.7
141
128
10.0
136
3.6
Tier 1 ratio is quite comfortable at 12.96% as
per Basel 3
Book Value Per Share
2 |IDFC SECURITIES
30 January 2015
ICICI Bank – Q3FY15 result
Key Ratios (%)
3Q15A
3Q14A ∆ YoY (Bps) 2Q15A ∆ QoQ (Bps)
ROAA (annualized)
1.9
1.78
10
1.8
5
ROAE (annualized)
14.1
13.68
46
13.7
39
Comments
Profitability has been improving gradually,
though remains lower than most peers
Net Interest Margin (bps)
346
332
14
341
5
NIMs keep improving gradually, expect some
moderation as interest rates decline medium
term. Domestic NIMs now at 3.88% in Q3
Fee Inc/Operating Income
33.5
33.4
15
32.9
57
Other Non-Interest Inc/Op Inc
39.1
39.7
-58
37.0
209
Op. Cost/ Operating Income
36.3
37.1
-82
36.5
-20
Continued deceleration in cost ratios - amongst
the lowest cost banks now
Loan-to-Deposit Ratio (LDR)
105.9
104.9
97
102.8
316
3.5
3.1
35
3.2
28
NPL/Loan Ratio
Total gross stressed assets now at 6.7% of
loans (including restructured loans)
LLR/NPL Ratio
64
70
-650
66
-234
Coverage levels drop further and will likely keep
credit costs elevated near term
Source: Company, IDFC Securities Research
Other highlights
™
ICICI Bank’s asset quality deterioration was relatively high in Q3 with incremental slippages at 2.5% of loans,
annualized. Of these, slippages from restructured loans stood at Rs7.8bn (34% of Q3 slippages). Incremental
restructurings in Q3 were at Rs17.7bn (1.9% of loans).
™
Management reiterated its guidance of fresh impairment (slippages + incremental restructurings) in FY15E not
exceeding FY14 levels (Rs104.5bn). For 9MFY15, ICICI Bank’s fresh impairment stands at Rs69.6bn. Management
has guided to a restructuring pipeline of ~Rs23bn for Q4FY15E and closely monitoring some its restructured
accounts.
™
ICICI Bank’s gross stressed assets stand at 6.7% of loans (up 50bp qoq). Credit costs in Q3 increased 10bp qoq to
106bps due to higher stress creation during the quarter.
Exhibit 1: GNPLs (%), Gross stressed assets (%)
GNPLs (%)
Slippages, Fresh restructurings (% of loans)*
Fresh slippages (%of loans)
Gross stressed assets (%)
7.5%
3.0%
6.0%
2.5%
Fresh restructurings (%of loans)
2.0%
4.5%
1.5%
3.0%
1.0%
1.5%
0.5%
0.0%
0.0%
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
Source: Company, IDFC Securities Research *annualized
™
Loan growth in Q3 slowed down to +13% yoy – growth was led primarily by retail loans (+26% yoy). Domestic
corporate loans grew at a modest 4% yoy. SME loans increased +15% yoy.
™
Within retail loans, growth in home loans (+27% yoy), personal loans (+121% yoy) and auto loans (+33% yoy) was
robust and are expected to remain the key growth drivers near term.
3 |IDFC SECURITIES
30 January 2015
ICICI Bank – Q3FY15 result
Exhibit 3: Overall loan growth and domestic loan growth (% yoy)
Loan grow th (% yoy)
Domestic loan grow th (% yoy)
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
Source: Company, IDFC Securities Research
Exhibit 4: Loan mix (%)
Domestic corporate
Retail Loan mix (%)
Retail
SME
International
Others, 14.0%
100%
Personal loans,
3.4%
75%
Credit cards,
2.6%
Business
Banking, 5.6%
50%
Home loans,
55.0%
CV loans, 7.1%
25%
Auto loans,
11.6%
0%
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Source: Company, IDFC Securities Research
Exhibit 5: SA (%), CA (%) and CASA growth (% yoy)
Savings deposits (% of total - LHS)
Current deposits (% of total - LHS)
CASA (% yoy grow th - RHS)
50%
20%
40%
16%
30%
12%
20%
8%
10%
4%
0%
0%
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
Source: Company, IDFC Securities Research
™
ICICI Bank’s CASA inched up 30bp qoq to 44% with savings deposits up 16% yoy and current account deposits
up 11% yoy.
™
NIMs increased 5bp qoq to 346bps in Q3 with domestic NIMs at 388bps (+4bp qoq) and international NIMs at
167bps (+9bp qoq).
4 |IDFC SECURITIES
30 January 2015
ICICI Bank – Q3FY15 result
Exhibit 6: Domestic NIMs, International NIMs and overall NIMs (bps)
Domestic NIMs (%)
International NIMs (%)
Overall NIMs (%)
500
400
300
200
100
0
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
Source: Company, IDFC Securities Research
™
Core fee income growth for ICICI Bank was modest at 5.7% yoy. Management indicated continued pressure on
corporate banking fees. Non-interest income was however, augmented by Rs1.92bn of forex gain on repatriation
of overseas profits and relatively high treasury gains (Rs4.43bn).
™
Management expects sluggishness in corporate fee income to continue to be a drag on overall fee income growth
in the coming quarters, even as retail fee income growth is likely to remain healthy (led by insurance and MF
distribution, higher processing fees).
Exhibit 7: Core Fee income growth
Core Fee income grow th (% yoy)
18.0%
13.5%
9.0%
4.5%
0.0%
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
Source: Company, IDFC Securities Research
™
Employee expenses grew 12% yoy while other operating expense grew a modest 8% yoy. Total number of
employees declined by 4,700 since Mar-14 to 67,510 employees (including 1,900 in Q3) as management continues
to focus on increasing productivity.
™
ICICI Bank’s core CIR (ex-trading gains) was down 100bp yoy to 38.4%. Its reported cost-income ratio declined to
36.3% in Q2 – management expects CIR to remain at current levels going forward.
5 |IDFC SECURITIES
30 January 2015
ICICI Bank – Q3FY15 result
Exhibit 8: Cost-income ratio, core CIR (ex-trading gains) (%)
Cost-income ratio (%)
Employee expenses, other expenses (% yoy growth)
Core CIR (ex-trading gains)
Employee expenses (% yoy)
46.0%
45.0%
42.0%
30.0%
38.0%
15.0%
34.0%
0.0%
30.0%
Other expenses (% yoy)
-15.0%
2Q13 3Q13
4Q13
1Q14
2Q14 3Q14
4Q14 1Q15
2Q15 3Q15
2Q13 3Q13 4Q13 1Q14
2Q14
3Q14 4Q14 1Q15 2Q15 3Q15
Source: Company, IDFC Securities Research
Exhibit 10: Earnings revision ummary
Net profit
EPS
Dividend
Old
New
% change
Old
New
% change
Old
New
FY15E
113,576
111,514
(1.8)
19.7
19.3
(1.8)
5.2
5.2
FY16E
135,072
132,396
(2.0)
23.4
22.9
(2.0)
6.0
6.0
FY17E
Source: IDFC Securities Research
162,706
159,425
(2.0)
28.2
27.6
(2.0)
7.0
7.0
Exhibit 11: Sum of Parts Summary
Business Segment
Rs/Share (Old)
Rs/Share (New)
341
373
4
6
13
20
20x NBAP Multiple, 15% Margins
Non-Life Insurance
9
13
15x Mar-16E profits
Broking
2
3
10x Mar016E profits
Housing Finance
2
2
1x Networth
10
10
1x Networth
381
426
Standalone Bank
Asset Management
Life Insurance
International Subs, Others
Total
Source: IDFC Securities Research
6 |IDFC SECURITIES
Valuation Basis
2.75x Mar-16E P/BV adjusted for investments in subsidiaries
4% of Mar-16E AUMs
30 January 2015
ICICI Bank – Q3FY15 result
Income statement
Valuation Metrics
Year to 31 Mar (Rs m)
Net Interest Income
FY14 FY15E
FY16E
FY17E
FY13
FY14 FY15E
FY16E FY17E
138,664 164,756 189,121
FY13
222,411
264,647
Net Profit
83,255
98,105 111,514
132,396 159,425
EPS (Rs)
14.4
17.0
19.3
22.9
27.6
EPS growth (%)
28.7
17.7
13.6
18.7
20.4
PE (x)
25.0
21.2
18.7
15.7
13.1
yoy growth (%)
29.2
Fee Income
Trading Profits
18.8
14.8
17.6
19.0
77,806 100,105 102,074
118,466
140,056
16,069
11,248
9,561
83,457 104,279 118,143
129,714
149,617
P/BV (x)
3.1
2.8
2.6
2.3
2.0
222,121 269,034 307,264
352,126
414,264
P/Adj BV (x)
3.2
3.0
2.8
2.5
2.2
14.6
17.6
P/PPOP (x)
15.8
12.5
10.8
9.4
8.0
RoA (%)
1.6
1.7
1.8
1.8
1.9
RoE (%)
13.1
14.0
14.5
15.5
16.6
1.1
1.3
1.4
1.7
1.9
5,651
Non Interest income
Net Operating Revenue
yoy growth (%)
4,174
21.8
Operating Expenses
21.1
14.2
(90,129) (103,089) (114,240) (131,430) (153,778)
yoy growth (%)
10.8
15.0
17.0
131,992 165,946 193,024
14.8
220,696
260,486
16.3
14.3
18.0
Provisions for Bad Debts (18,025) (26,264) (34,848)
(31,559)
(32,735)
Profit Before Tax
113,967 139,682 158,177
189,137
227,750
Tax
(30,712) (41,577) (46,662)
(56,741)
(68,325)
PPoP
yoy growth (%)
14.4
27.1
Profit After Tax
83,255
yoy growth (%)
25.7
98,105 111,514
28.8
17.8
13.7
132,396
18.7
159,425
20.4
Balance sheet
As on 31 Mar (Rs m)
FY13
FY14
FY15E
FY16E
FY17E
Customer Loans
2,902,494
3,387,026
3,869,003
4,570,690
5,404,380
yoy growth (%)
14.4
16.7
14.2
18.1
18.2
Investments
1,713,936
1,770,218
1,931,958
2,214,451
2,602,736
414,175
415,296
421,227
475,707
535,470
Fixed Assets
46,471
46,781
51,459
56,605
62,266
Other Assets
290,871
327,094
359,803
395,784
435,362
5,367,947
5,946,416
6,633,450
7,713,237
9,040,214
Cash & bank balances
Total assets
Networth
667,060
732,133
809,863
903,276
1,017,221
Deposits
2,926,136
3,319,137
3,752,762
4,545,770
5,545,839
12.6
13.0
12.8
12.7
12.7
- Current %
- Savings %
29.3
29.9
30.6
30.4
30.4
- Term %
58.1
57.1
56.6
57.0
57.0
1,120,563
1,213,002
1,344,322
1,490,278
1,652,557
650,688
678,644
723,003
770,414
821,096
Borrowings
Other Liabilities
Year to 31 Mar
Net Interest Margin
Key Financials ratios
Year to 31 Mar
FY13
290
FY14 FY15E FY16E
309
319
328
FY13
FY14 FY15E
FY16E FY17E
RoA
1.6
1.7
1.8
1.8
1.9
RoE
13.1
14.0
14.5
15.5
16.6
Tier I Capital adequacy
11.7
12.8
13.6
12.8
12.2
Gross NPL
3.3
3.1
3.7
3.3
2.9
Net NPL
0.8
1.0
1.6
1.2
1.1
Loan Loss Coverage
76.8
68.6
57.5
61.6
63.8
CASA ratio
41.9
42.9
43.4
43.0
43.0
Assets / Equity
Dividend Payout
8.0
8.1
8.2
8.5
8.9
27.7
27.1
26.9
26.2
25.4
1-year forward P/BV (x)
-1SD
Avg.
Icici Bank Ltd
+1SD
4.0
3.0
2.0
1.0
0.0
Jan06
Operating Ratios
Year to 31 Mar (Rs m)
Dividend Yield (%)
Jan07
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
FY17E
333
Non Interest Income /
Operating Income
37.6
38.8
38.5
36.8
36.1
Cost/Income
40.6
38.3
37.2
37.3
37.1
Operating Expense/Avg assets
1.8
1.8
1.8
1.8
1.8
Credit Costs / Avg Loans
0.7
0.8
1.0
0.7
0.7
Effective Tax Rate
26.9
29.8
29.5
30.0
30.0
Loan Deposit Ratio
99.2
102.0
103.1
100.5
97.4
Shareholding pattern
Nonpromoter
corporate
holding
2.2%
Public &
Others
5.2%
Institutions
21.4%
Foreign
71.1%
As of December 2014
7 |IDFC SECURITIES
30 January 2015
ICICI Bank – Q3FY15 result
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Affiliates of IDFC SEC may have issued other reports that are inconsistent with and reach different conclusions from, the information presented in this report.
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jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject IDFC SEC and affiliates to any
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of investors. Persons in whose possession this document may come are required to inform themselves of, and to observe, such applicable restrictions.
Reports based on technical analysis centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and,
as such, may not match with a report on a company's fundamentals.
IDFC SEC and affiliates, their directors, officers, and employees may from time to time have positions in, purchase or sell, or be materially interested in any of the securities
mentioned or related securities. IDFC SEC and affiliates may from time to time solicit from, or perform investment banking, or other services for, any company mentioned
herein. Without limiting any of the foregoing, in no event shall IDFC SEC, any of its affiliates or any third party involved in, or related to, computing or compiling the
information have any liability for any damages of any kind including but not limited to any direct or consequential loss or damage, however arising, from the use of this
document. Any comments or statements made herein are those of the analyst and do not necessarily reflect those of IDFC SEC and affiliates.
This document is subject to changes without prior notice and is intended only for the person or entity to which it is addressed and may contain confidential and/or
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IDFC Capital (USA) Inc. has reviewed the report and, to the extent that it includes present or past information, it is believed to be reliable, although its correctness cannot be
assured.
The analyst certifies that all of the views expressed in this research report accurately reflect his/her personal views about any and all of the subject issuer(s) or securities. The
analyst certifies that no part of her compensation was, is, or will be directly or indirectly related to the specific recommendation(s) and/or views expressed in this report.
Additional Disclosures of interest:
Unless specifically mentioned in Point No. 9 below:
1. The Research Analyst(s), IDFC Sec, Associate of Analyst or his relative does not have any financial interest in the company(ies) covered in this report.
2. The Research Analyst, IDFC SEC or its associates or relatives of the Research Analyst affiliates collectively do not hold more than 1% of the securities of the company
(ies) covered in this report as of the end of the month immediately preceding the distribution of the research report.
3. The Research Analyst, his associate, his relative and IDFC SEC do not have any other material conflict of interest at the time of publication of this research report.
4. The Research Analyst, IDFC SEC and its associates have not received compensation for investment banking or merchant banking or brokerage services or for any other
products or services from the company(ies) covered in this report, in the past twelve months.
5. The Research Analyst, IDFC SEC or its associates have not managed or co-managed in the previous twelve months, a private or public offering of securities for the
company (ies) covered in this report.
6. IDFC SEC or its associates have not received compensation or other benefits from the company(ies) covered in this report or from any third party, in connection with the
research report.
7. The Research Analyst has not served as an Officer, Director or employee of the company (ies) covered in the Research report.
8. The Research Analyst and IDFC SEC has not been engaged in market making activity for the company(ies) covered in the Research report.
9. Details IDFC SEC , Research Analyst and its associates pertaining to the companies covered in the Research report:
Sr. No.
1.
2.
3.
4.
5.
Particulars
Yes / No.
Whether compensation has been received from the company(ies) covered in the Research report in the past 12 months for investment
banking transaction by IDFC SEC
Whether Research Analyst, IDFC SEC or its associates or relatives of the Research Analyst affiliates collectively hold more than 1% of the
company(ies) covered in the Research report
No.
No
Whether compensation has been received by IDFC SEC or its associates from the company(ies) covered in the Research report
No
IDFC SEC or its affiliates have managed or co-managed in the previous twelve months a private or public offering of securities for the
company(ies) covered in the Research report
Research Analyst, his associate, IDFC SEC or its associates have received compensation for investment banking or merchant banking or
brokerage services or for any other products or services from the the company(ies) covered in the Research report, in the last twelve months
No
No
Explanation of Ratings:
1. Outperformer
2. Neutral
3. Underperformer
:
:
:
More than 5% to Index
Within 0-5% (upside or downside) to Index
Less than 5% to Index
Copyright in this document vests exclusively with IDFC Securities Ltd.
8 |IDFC SECURITIES
30 January 2015
ICICI Bank – Q3FY15 result
Annexure
Associates of IDFC Securities Limited
Sr.
No.
Name of Company
Category
Non Banking Finance Company,
SEBI registered Merchant Banker, SEBI registered
Debenture Trustee
1.
IDFC Ltd.
2.
IDFC Capital (USA) INC.
Subsidiary
Broker Dealer registered with FINRA
3.
IDFC Capital (Singapore) Pte. Ltd.
Subsidiary
Fund Manager
4.
IDFC Securities Singapore Pte. Ltd.
Subsidiary
Dealing in Securities
5.
IDFC Fund of Funds Limited
Subsidiary
Sponsor Investments
9 |IDFC SECURITIES
Parent
Nature of business
30 January 2015
ICICI Bank – Q3FY15 result
www.idfc.com
Analyst
Sector/Industry/Coverage
E-mail
Anish Damania
Shirish Rane
Co-CEO - IDFC Securities, Head - Institutional Equities; Strategy
Head of Research; Construction, Power
[email protected]
[email protected]
Tel.+91-22-6622 2600
Prakash Joshi
Oil & Gas, Metals, Mining
[email protected]
91-22-662 22564
Nitin Agarwal
Pharmaceuticals, Real Estate, Agri-inputs
[email protected]
91-22-662 22568
91-22-6622 2522
91-22-662 22575
Hitesh Shah
IT Services & Telecom
[email protected]
91-22-662 22565
Manish Chowdhary
Financials
[email protected]
91-22-662 22563
Bhoomika Nair
Engineering, Cement, Power Equipment, Logistics
[email protected]
91-22-662 22561
Ashish Shah
Construction, Power
[email protected]
91-22-662 22560
Deepak Jain
Vijayaraghavan G
Automobiles, Auto ancillaries
Midcaps
[email protected]
[email protected]
91-22-662 22562
91-22-662 22690
Rohit Dokania
Media & Entertainment
[email protected]
91-22-662 22567
Abhishek Gupta
Telecom, IT services
[email protected]
91-22-662 22661
Mohit Kumar, CFA
Construction, Power
[email protected]
91-22-662 22573
Param Desai
Pharmaceuticals, Real Estate, Agri-inputs
[email protected]
91-22-662 22579
Sameer Narang
Strategy, Economy
[email protected]
91-22-662 22566
Probal Sen
Oil & Gas
[email protected]
91-22-662 22569
Saumil Mehta
Metals, Mining
[email protected]
91-22-662 22578
Harit Kapoor
FMCG, Retail, Alcoholic Beverages
[email protected]
91-22-662 22649
Sameer Bhise
Financials
[email protected]
91-22-662 22635
Abhishek Ghosh
Engineering, Cement, Power Equipment, Logistics
[email protected]
91-22-662 22658
Saksham Kaushal
Automobiles, Auto ancillaries
[email protected]
91-22-662 22529
Dharmendra Sahu
Database Analyst
[email protected]
91-22-662 22580
Equity Sales/Dealing
Designation
E-mail
Tel.+91-22-6622 2500
Ashish Kalra
Managing Director, Sales
[email protected]
91-22-6622 2525
Rajesh Makharia
Director, Sales
[email protected]
91-22-6622 2528
Palak Shah
SVP, Sales
[email protected]
91-22-6622 2696
Varun Saboo
VP, Sales
[email protected]
91-22-6622 2558
Arati Mishra
VP, Sales
[email protected]
91-22-6622 2597
Hemal Ghia
VP, Sales
[email protected]
91-22-6622 2533
Tanvi Dixit
AVP, Sales
[email protected]
91-22-6622 2595
Nirav Bhatt
AVP, Sales
[email protected]
91-22-6622 2681
Chandan Asrani
Manager, Sales
[email protected]
91-22-6622 2540
Sneha Baxi
Manager, Sales
[email protected]
91-22-6622 2537
Suryakant Bhatt
Director & Head - Sales trading
[email protected]
91-22-6622 2693
Mukesh Chaturvedi
Director, Sales trading
[email protected]
91-22-6622 2512
Viren Sompura
SVP, Sales trading
[email protected]
91-22-6622 2527
Rajashekhar Hiremath
SVP, Sales trading
[email protected]
91-22-6622 2516
Alok Shyamsukha
VP, Sales trading
[email protected]
91-22-6622 2523
Suketu Parekh
VP, Sales trading
[email protected]
91-22-6622 2674
IDFC Securities
Naman Chambers, C-32, 7th floor,
G- Block, Bandra-Kurla Complex,
Bandra (East), Mumbai 400 051
INDIA
IDFC Capital (USA) Inc,
Regus Business Centre
600 Third Avenue,
2nd Floor,
New York,10016
Tel: +91 22 6622 2600
Tel: +1 646 571 2303
Our research is also available on Bloomberg and Thomson Reuters
For
assistance
in access, please contact [email protected]
|IDFC
SECURITIES
10any
30 January 2015