au small finance bank ltd. · • up to 59% of loan portfolio up to rs 25 lakhs as against the...

AU Small Finance Bank Ltd.India Equity Analytics 24-Jan-19 Result Update

IndustryBloombergBSE CODE

FinancialAUBANK IN540611

Growth Remained Robust Along with Pristine Asset Quality

RESEARCH ANALYST

STOCK INFO

52wk Range H/L

Mkt Capital (Rs Cr)

Free float (%)

Avg. Vol 1M (,000)

No. of Shares (Crs)

Promoters Pledged %

1007/542

29764

20%

84

30

7.04%

3QFY20 Result Update

View and ValuationAUBANK has registered strong growth on the back of a rise in the retail segment. Although there is a slowdown in the car numbers while the used segment continues to perform strong. NIM is expected to increase with a rising share of the retail segment and repayment of high cost grandfathered borrowing. The asset quality has remained resilient on the back of strong recovery which is leading to lower credit cost thus boosting profitability; however, on account of continued real estate stress, we remain cautious on the asset quality front. As a consequence management has done cautious disbursement on the wholesale segment with no additional exposure to NBFC sector. Due to recent run up in the stock price, valuation has got little stretched and hence we remain Neutral on the stock with the target price of Rs 909 at 5.5x BV on FY21e.

Risks to our rating and target• Asset quality concern in real estate.• Persistent slow down in NBFC & Real estate segment will impact disbursement

growth.

• NII has grown at a robust rate of 45% majorly driven by strong AUM growth of 37% YoY.

Other income has grown at 52% on the back of strong growth in the processing fees.

PAT has almost doubled to Rs 190 Cr.

• IRR has remained at 14.7% but the disbursement IRR in retail and Small &

mid-corporate segment has declined to 15.6% & 15.3%. The cost of funds has

cumulatively improved to 7.8% from 7.9%. The IRR of the incremental disbursement

has been slightly decreased to 15.5% in wheels, 15.7% in SBL-MSME, 13.3% in HL. The

IRR in wholesale segment has declined from 15.5% to 15.3% QoQ.

• Other income was majorly driven by Rs 87 Cr processing fees and Rs 25 Cr PSLC fees.

• AUM growth has grown at the rate of 43% YoY with retail growth registering 46% YoY

while wholesale has grown at 32% YoY.

• The disbursement has grown at a rate of 20% YoY majorly driven by 86% in the retail

segment. The share of disbursement in states other than Rajasthan stands at 45%.

• Up to 59% of loan portfolio up to Rs 25 lakhs as against the requirement of 50%

• The retail segment was majorly driven by the used vehicle segment by 68% YoY,

SBL-MSME has grown at the rate of 51% YoY. The share of Home loan, gold loan,

consumer durable, agri SME and OD facility has increased to 6% of the retail segment.

• In the wholesale segment, the NBFC has declined 7% of the portfolio because of the

rundown of the portfolio. Agri SME and Business banking have increased by 31% &

45% YoY.

• The GNPA has improved to 1.9%, NNPA stood at 1% and PCR stood at 47%. The

slippages & recovery both stood at Rs 130 Cr during the quarter.

• In the Real estate Book, the GNPA in the construction finance segment stands 1.8%

while NNPA stood at 1.1% while in Builder LAP the GNPA & NNPA stands at 7.9% and

5.5%.

• AUBANK has an exposure of Rs 50 Cr to Altico RE lender against which AU has an FD of

Rs 36 Cr, which shall be utilized for scheduled repayment

• The Deposit has grown at 63% YoY with CASA standing at 17% as of 3QFY20.

• Distribution Network spread across 11 states; 59% of our branches are in Rural & Semi

Urban Areas (Tier 2 to Tier 6)

FINANCIAL

NII

PPP

PAT

NIM %

EPS (Rs)

EPS growth (%)

ROE (%)

ROA (%)

BV

P/B (X)

P/E (x)

FY19 FY20E

1342

722

382

6.7

13

28

14.0

1.5

108

5.5

45.4

1900

1202

746

6.6

25

89

20.4

2.0

138

7.1

39.5

2474

1477

870

6.3

29

17

19.0

1.8

165

5.9

33.8

FY21E

Fig in Rs Cr

Eastwind Capital Advisors Pvt. Ltd.

The views expressed above accurately reflect the personal views of the authors about the subject companies and its(their) securities. The authors have not and will not receive any compensation for providing a specific recommendation or view. Eastwind Capital Advisors Pvt. Ltd. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

3QFY20 Results

AUBANK

Above Our Expectations

FINANCIALS

Interest Inc.

Interest Exp.

NII

Other Income

Total Income

Ope Exp.

PPP

Provisions

PBT

Tax

Extra Items

Net Profit

3QFY19

788

440

348

106

454

275

179

32

146

51

-

95

4QFY19

877

490

387

131

517

302

216

39

176

58

-

118

1QFY20

957

562

396

211

607

316

291

32

259

70

-

190

YoY %

41.0%

37.3%

45.7%

52.2%

47.2%

29.1%

75.1%

23.6%

86.5%

62%

99.5%

QoQ%

7.6%

3.9%

12.2%

6.9%

10.9%

9.4%

12.7%

-34.3%

25.9%

84.5%

10.6%

FY18

1,767

827

940

388

1,329

753

576

133

443

151

-

292

FY19

2,949

1,606

1,342

462

1,805

1,083

722

142

580

198

-

382

YoY %

66.9%

94.3%

42.7%

19.1%

35.8%

43.8%

25.3%

6.9%

30.9%

31.1%

31%

Concall Highlights

• Portfolio IRR has remained stable at 14.7% while there is a reduction in the cost of the fund has to lead to an increase in

spreads to 7.1%. NIM has sequentially improved to 5.8% in 3QFY20. NIM is expected to remain in the same range going

forward. Management has availed refinance line upto Rs 2015 Cr at 7.25% interest rate and securitized portfolio at close to

7%.

• Disbursement yield for vehicles declined as the product mix has changed in terms of new than used. The share of new

business increased due to festive season.

• Management has guided the C/I ratio will be 52-55% in the next year. Even though there is addition of 1000 ground employees

there is not much of an effect because of Rs 15000 per employee cost.

• The corporate loan segment remains under the scanner while the share of the retail portfolio has increased in the

disbursement. NBFC exposure has shrunken to 7% of the portfolio because of the normal rundown of the portfolio.

• New car sales have dipped down while the used market is getting more organized. Management said the stress is prevalent in

the SCV & LCV range which will affect AUSFB.

• The geographical mix is changing to MP, Gujarat & Maharashtra. Non-Rajasthan retail disbursement grew 45% in 9MFY20.

• The cow is top up to our existing customers; buy out from another financier book. Largely the loan is allowed up to 60 days.

• Personal loan average ticket size is Rs 1.69 Lakh, this loan is provided 100% is to ETB (Existing to Bank) customers, and with

most of this ETB is to salaried liability customers (Metro & semi Urban).

• Housing is another which is expected to become big management is eyeing for Rs 50 Cr a month.

• 80% of the used segment customers are new to the bank (which needs a guarantee from the existing customer while 20% of

the customers are ETB.

• Branch addition is expected to drive by another 200 by March 2022 in the semi-urban & rural areas which will not lead to a

higher C/I ratio.

• The deposit was divided into 2 parts B2B & B2C. SA book is having minimum Rs 25000 initial payment.

• MSME disbursement is major to NTB (up to 90%) customer.

• AUSFB has Rs 62 Cr exposure to Altico against FD of Rs 50 Cr. The company has appropriated the deposit which led to falling

in deposit to Rs 38 Cr while loan outstanding declined to Rs 62 to Rs 50 Cr while deposit has come down to Rs 38 Cr. Court has

ordered to appropriate the deposit if the loan is repaid.

• 30+ DPD in the wheel portfolio is at 11% while 1+ DPD stands at 20%.

• 1.4 Lakh new customers were added last quarter.

• CASA % is at 17% as of 3QFY20.

Fig in Rs Cr

2QFY20

1,033

582

452

151

602

325

278

61

217

45

-

172

3QFY20

1,112

605

507

161

668

355

313

40

273

83

-

190

Strong Growth


AUBANK

Profitability Matrix

C/I Ratio %

Empl. Cost/ Tot. Exp. %

Other Exp/Tot. Exp.%

Provision/PPP %

Tax Rate %

Int Exp./Int Inc. (%)

Other Inc./NII %

PPP/ Net Income %

PAT/ Net Income %

NII Growth % (YoY)

PPP Growth YoY %

PAT Growth %

1QFY19

60.9

36.1

24.8

23.0

34.5

52.3

0.6

39.1

19.7

56.1

22.4

24.2

2QFY19

60.5

33.8

26.7

20.0

34.8

53.0

0.6

39.5

20.6

46.1

21.6

34.0

3QFY19

60.6

33.3

27.3

18.2

34.8

55.9

0.5

39.4

21.0

39.0

16.8

20.8

4QFY19

58.3

30.8

27.5

18.2

33.0

55.9

0.5

41.7

22.9

34.9

39.6

42.4

1QFY20

52.0

31.0

28.0

10.8

35.0

58.7

0.8

48.0

31.3

38.1

90.9

147.1

-7.47

-2.32

0.68

-5.35

-4.54

-1.45

0.05

7.47

7.47

6.70

58.26

78.72

QoQ (+/-)

-0.73

0.00

0.00

-9.15

9.61

-1.90

0.00

0.73

-0.07

4.99

16.58

11.42

YoY (+/-)2QFY20

53.9

31.0

28.0

22.0

20.7

56.3

0.5

46.1

28.5

40.7

58.5

88.1

3QFY21

53.2

31.0

28.0

12.8

30.3

54.4

0.5

46.8

28.5

45.7

75.1

99.5

Margin Performance

Yield on Advances(%)

Cost Of Funds (%)

Spreads (%)

NIM (%)

0.40

-0.30

0.70

-0.20

QoQ (+/-)

0.00

-0.20

0.20

0.10

1QFY19

14.6

7.9

6.7

6.2

2QFY19

14.2

7.8

6.4

6.0

3QFY19

14.3

7.9

6.4

5.6

4QFY19

14.3

8.0

6.3

5.5

1QFY20

14.5

7.9

6.6

5.0

YoY (+/-)MARGIN % 2QFY20

14.7

7.8

6.9

5.3

3QFY21

14.7

7.6

7.1

5.4

Exhibit: Yield and Cost Exhibit: Net Interest Margin

Yield & Cost of fund has remain Stable NIM Improvement QoQ

Asset & Borrowings Growth Trend

Disbursements

Growth YoY %

AUM

Growth YoY %

Borrowings

Growth YoY %

3QFY18

2588

110

13416

38

11041

-

4QFY18

4205

90

16038

45

15562

120

1QFY19

2885

91

17322

61

16874

106

2QFY19

4109

63

20221

67

20699

120

3QFY19

4048

56

21765

62

23502

113

5030

20

24246

51

28036

80

1QFY20

4033

40

25610

44

28856

71

4QFY19

Fig in Rs Cr

2QFY20

4729

15

27876

38

30732

48

3QFY20

4872

20

29867

43

32534

38

AUM Composition %

Retail (%)

Wholesale (%)

3QFY18

83

17

4QFY18

83

17

1QFY19

82

18

2QFY19

80

19

3QFY19

80

19

80

19

1QFY20

80

19

4QFY19

Fig in Rs Cr

2QFY20

80

19

3QFY20

80

19


AUBANK

Exhibit: AUM Growth % Exhibit: Disbursement Growth %

Wheel Mix

Cars (%)

Multi-utility Vehicle (%)

Small commercial Vehicle (%)

Sports Utility Vehicle (%)

Light commercial vehicle(%)

Tractor(%)

Heavy commercial vehicle(%)

Three wheeler(%)

Construction Equipment(%)

Two wheeler (%)

Trade Advance to dealers(%)

Other (%)

4QFY18

28

24

22

8

6

3

4

2

2

-

2

1QFY19

28

23

21

8

6

3

4

2

2

-

2

2QFY19

27

22

20

9

6

3

5

2

2

1

3

3QFY19

28

21

21

9

6

4

5

1

2

1

2

4QFY19

27

21

20

10

6

4

5

1

3

1

2

1QFY20

27

20

20

10

6

5

5

1

2

1

1

1

2QFY20

27

20

20

10

6

5

5

1

2

1

2

1

3QFY20

27

20

20

11

6

6

5

1

2

1

1

Borrowings Mix

Money Market/CBLO/Line of Credit/others(%)

Deposits (%)

Tier II Capital (%)

Loans from banks & NBFC (%)

CPs (%)

Refinance from FIs (%)

NCDs (%)

Total Borrowings

Deposits%

CASA%

4QFY18

0

51

2

5

-

23

20

100

43.3

31.6

1QFY19

1

59

2

2

22

14

100

47.8

27.6

2QFY19

2

62

1

2

23

10

100

52.2

25.9

3QFY19

2

62

3

1

23

9

100

53.5

23.6

4QFY19

3

69

3

1

19

6

100

60.9

21.0

1QFY20

3

69

3

1

20

5

100

62.6

18.8

2QFY20

3

69

3

1

20

5

100

67.1

16.2

3QFY20

2

73

2

-

19

4

100

73.4

15.7

Number of Account

Current Account

Saving Account

Term Deposit

4QFY18

22838

450204

58020

1QFY19

28869

555639

62177

2QFY19

35377

666597

74984

3QFY19

41761

768675

97988

4QFY19

47783

873031

107912

1QFY20

54167

961949

127962

2QFY20

62281

1045423

154659

3QFY20

70195

1144173

184973

Branches

Asset Centers

Bank Branches

4QFY18

97

377

1QFY19

96

400

2QFY19

88

395

3QFY19

84

396

4QFY19

83

408

1QFY20

81

418

2QFY20

78

428

3QFY20

31

496


Exhibit: AUM MIX New v/s Old Exhibit: Break Up on Wheels

Exhibit: Asset Quality Exhibit: Provisions

Assets Quality Slightly Improved Sequentially PCR has remained Stable

AUBANK

Exhibit: Total Borrowings & Deposit% Exhibit: On Book & Off Book %

Asset Quality

GNPA

GNPA %

NNPA

NNPA %

Total Specific PCR %

1QFY19

334

2.2

211

1.4

37

2QFY19

371

2.0

232

1.3

38

3QFY19

421

2.1

263

1.3

38

470

2.0

295

1.3

37

1QFY20

486

2.1

289

1.3

41

4QFY19 YoY (+/-)

83

(0.2)

5

(0.3)

9

QoQ (+/-)

-

(0.1)

(15)

(0.1)

3

Fig in Rs Cr

2QFY20

504

2.0

283

1.1

44

3QFY20

504

1.9

268

1.0

47


Y/E March FY14 FY15 FY16 FY17 FY18 FY19 FY20E

Share Capital

Equity Capital

Preference Capital

Reserves & Surplus

Networth

Deposit

Change (%)

CASA Deposit

Change (%)

Total Borrowings

Provisions

Total Liabilities

Cash & Bank

Investments

Change (%)

Advances

Change (%)

Fixed Assets

Other Assets

Total Assets

44

44

-

767

811

-

N/A

-

N/A

2,552

1,483

4,035

-

140

23

3,624

37

19

253

4,035

44

44

-

965

1,009

-

-

N/A

3,817

2,477

6,294

123

232

66

5,842

61

25

72

6,294

284

284

-

1,703

1,988

-

N/A

-

N/A

7,071

674

9,812

625

2,150

829

6,551

12

276

179

9,812

286

286

-

1,995

2,281

6,743

N/A

2,134

N/A

15,562

989

18,833

1,761

3,051

42

13,312

103

386

323

18,833

292

292

-

2,871

3,163

17,079

153

3,590

68

28,036

1,424

32,623

1,740

7,162

135

22,819

71

447

455

32,623

302

302

-

3,863

4,165

27,883

63

5,604

56.1

36,369

1,527

42,062

2,218

8,030

12

30,783

35

569

462

42,062

302

302

-

4,697

4,999

39,569

42

8,310

48.3

49,462

1,731

56,192

3,937

9,101

13

41,865

36

683

607

56,192

43

43

-

598

641

-

N/A

-

N/A

1,742

1,271

3,013

-

114

(85)

2,637

37

17

245

3,013

FY21E

Balance Sheet

Financial Details


Interest income

Interest expended

Net Interest Income

Change (%)

Other Income

Change (%)

Total Net Income

Operating Expenses

Change (%)

Employee Expenses

Pre-provisioning Profit

Change (%)

Provisions

Change (%)

PBT

Tax

Profit After Tax

Change (%)

Adjusted Profit After Tax

Change (%)

704

282

422

31

2

(70)

424

155

35

95

269

25

61

(21)

208

68

140

52

140

52

1,010

395

615

46

5

110

620

258

66

158

362

35

40

(34)

323

111

212

51

212

51

1,280

496

784

27

140

2,682

923

353

37

193

570

57

97

145

1,143

321

822

288

822

288

1,767

827

940

20

388

178

1,329

753

113

425

576

1

133

36

443

151

292

(64)

292

(64)

2,949

1,606

1,342

43

462

19

1,805

1,083

44

601

722

25

142

7

580

198

382

31

382

31

4,293

2,393

1,900

42

690

49

2,590

1,388

28

769

1,202

67

194

37

1,008

262

746

95

746

95

5,585

3,110

2,474

30

797

15

3,271

1,795

29

977

1,477

23

315

62

1,162

292

870

17

870

17

611

289

322

36

8

168

330

115

18

70

215

51

77

173

138

46

92

15

92

15

FY21E

Income Statement

Fig in Rs Cr

Fig in Rs Cr

AUBANK



Balance Sheet Metrics

AUM

AUM Growth (%)

Borrowing Growth (%)

Loan/Borrowing (%)

CASA Ratio

CRAR (%)

Tier 1 (%)

Tier 2 (%)

5,568

25

47

142

-

18.5

17.1

1.5

8,221

48

50

153

-

17.1

13.7

3.4

11,055

34

85

93

18

23.0

21.5

1.6

16,038

45

120

86

32

19.3

18.4

0.9

24,246

51

80

81

21

19.3

16.0

3.3

33,459

38

30

85

18

16.9

16.5

0.4

45,505

36

36

85

18

15.1

14.8

0.3

4,449

20

(19)

151

-

20.4

17.5

2.9

Financial Details

FY21E

Key Ratios

-

-

-

-

-

1.2

-

1.3

-

0.8

-

0.6

125

1.9

80

1.2

35

1.0

270

2.0

169

1.3

37

1.0

470

2.0

295

1.3

37

0.7

531

1.7

304

1.0

45

0.7

666

1.6

399

1.0

45

0.8

-

-

-

-

-

1.9

-

-

-

-

-

8.4

-

-

-

14.7

-

-

8.9

-

10.2

0.8

11.6

14.0

(2.4)

8.1

7.1

9.2

4.9

10.3

7.3

3.0

6.9

5.5

11.7

5.4

11.2

7.4

3.8

6.7

5.1

11.8

7.7

11.4

7.4

4.0

6.6

5.0

11.5

7.0

11.1

7.2

3.9

6.3

4.9

-

-

-

-

-

7.9

-

-

0.6

36.6

4.4

32.7

39.1

0.8

41.6

5.0

34.4

38.8

17.8

38.2

4.4

28.1

54.5

34.4

60.0

4.2

34.2

55.7

36.3

53.6

3.7

26.0

55.7

32.2

54.9

3.7

25.1

-

2.5

34.8

3.7

33.2

32

48.9

-

-

-

-

184

148.1

184

-

-

48

50.9

-

-

-

-

229

24.5

229

-

-

29

(39.8)

10.1

10.2

-

-

70

(69.5)

67

-

-

10

(64.7)

13.7

2.0

5.9

0.1

80

14.2

74

7.7

60.5

13

28

14.0

1.5

6.9

0.1

108

35

98

5.5

45.4

25

89.0

20.4

2.0

4.9

0.1

138

27.3

128

7.1

39.5

29

16.6

19.0

1.8

5.2

0.1

165

20.0

152

5.9

33.8

21

7.9

-

-

-

-

74

28.9

74

-

-

Assets Quality Metrics

Gross NPA (Rs)

Gross NPA (%)

Net NPA (Rs)

Net NPA (%)

Provision Coverage (%)

Provision/Average Advances (%)

Margin Metrics

Yield On Advances (%)

Yield On Investment (%)

Yield On Earning Assets (%)

Cost Of Funds (%)

Spread (%)

NIM on AUM (%)

NIM on Earning Assets (%)

Profitability & Effeciency Metrics

Int. Expense/Int.Income (%)

Fee Income/NII (%)

Cost to Income (%)

Cost on Average Assets (%)

Tax Rate (%)

Valuation Ratio Metrics

EPS (Rs)

Change (%)

ROAE (%)

ROAA (%)

Dividend Payout (%)

Dividend yield (%)

Book Value (Rs)

Change (%)

ABVPS (Rs)

P/B (X)

P/E (X)

46.8

41.3

56.7

5.3

34.1

AUBANK


Financial Details

FY17 FY18 FY19

Interest Income

Interest expended

Net Interest Income

Non-Fund Based Income

Total Income

Total Operating Expenses

Employee Expenses

Other Expenses

Operating Profit

Provisions

Others

PBT

Tax

Equity Multiplier (x)

PAT/RoAA

ROAE

15.9

6.2

9.7

1.7

11.5

4.4

2.4

2.0

7.1

1.2

5.9

4.0

5.4

1.9

10.1

12.3

5.8

6.6

2.7

9.3

5.3

3.0

2.3

4.0

0.9

3.1

1.1

6.7

2.0

13.7

11.5

6.2

5.2

1.8

7.0

4.2

2.3

1.9

2.8

0.6

2.3

0.8

9.5

1.5

14.0

11.5

6.4

5.1

1.8

6.9

3.7

2.1

1.7

3.2

0.5

2.7

0.7

10.2

2.0

20.4

11.4

6.3

5.0

1.6

6.7

3.7

2.0

1.7

3.0

0.6

2.4

0.6

10.7

1.8

19.0

FY20E

Exhibit: DuPont Analysis

FY21E

AUBANK



EASTWIND Capital Advisors Private Ltd. (EASTWIND) is a SEBI Registered Investment Advisors having SEBI Registration Number INA300005439 valid till

24.08.2021. Registered Office: 59, 2nd Floor, A C Market, Gel Church Complex, Main Road, Ranchi, Jharkhand 834 001, CIN:- U67120JH2007PTC012791,

Compliance Officer: Manish Agarwal, Email Id: [email protected], Contact No.: 033-40541759

EASTWIND is owned by Narnolia Capital Advisors Private Ltd. which is NBFC registered with RBI. Narnolia Capital Advisors Private Ltd is owned by

Narnolia Securities Ltd. under the Promotership of Mr. Krishnanand Narnolia. Details of associate entities of Eastwind Capital Advisors Private Ltd. are

available on the website at www.narnolia.com

There is no pending regulatory matter against EASTWIND as on date.

No disciplinary action has been taken against the Company by any regulatory/statutory authority.

No complaint has been lodged by any client relating to our Investment Advisory Services.

Conflict of interest

Narnolia Financial Advisors Ltd., an Associate of EASTWIND, is a SEBI Registered Stock Broker, Depository Participant, Merchant Banker, Portfolio Manager

& AMFI registered Mutual Fund Distributor and engaged in execution/distribution of various products & services. However, we maintain appropriate

Chinese walls as expected under SEBI Investment Advisor Regulation.

EASTWIND, its associates may have managed or co-managed public offering of securities, may have received compensation for Investment Banking or

Merchant Banking or Brokerage services, may have received any compensation for products or services other than Investment Banking or Merchant

Banking or Brokerage services from the subject company in the past 12 months.

EASTWIND, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as

principal or agent in or for the securities mentioned while rendering advices. They may perform or seek to perform other services for, or solicit other

business from, any company referred to in this report. Each of these entities functions as a separate, distinct and independent of each other. The recipient

should take this into account before interpreting the document.

We are not affiliated with any intermediaries for execution or distribution services. Hence, we do not receive any consideration for execution or distribution

services. Client will not be under any obligation to avail the stock broking, depository and distribution or other services offered by EASTWIND or its

Associate/Group Companies or through any other entity as recommended by EASTWIND.

We do not receive any consideration by way of remuneration or compensation or in any other form, whatsoever, from any person other than the client being

advised in respect of the underlying products or securities for which advice is provided to the client. We will not receive any benefit in case based on our

recommendations you opt to avail any services from our affiliates/associates or other market intermediaries.

Disclaimer

This report has been prepared by Eastwind Capital Advisors Private Ltd. (EASTWIND) and is meant for sole use by the recipient and not for public

circulation. The report and information contained herein is strictly confidential and may not be altered in any way, transmitted to, copied or distributed, in

part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of EASTWIND. The report is based on the

facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The

information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no

guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are

subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer

to buy or sell or subscribe for securities or other financial instruments for the clients. Nothing in this report constitutes investment, legal, accounting and tax

advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions

expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives,

financial positions and needs of specific recipient. Certain transactions -including those involving futures, options, another derivative products as well as

non-investment grade securities - involve substantial risk and are not suitable for all investors. Each recipient of this document should make such

investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document

(including the merits and risks involved), and should consult his/her/its own advisors to determine the merits and risks of such an investment. Though

disseminated to all the customers simultaneously, not all customers may receive this report at the same time. EASTWIND will not treat recipients as

customers by virtue of their receiving this report. Neither the Company, not its directors, employees, agents or representatives shall be liable for any

damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits or lost opportunities that may arise from or in

connection with the use of the information/report. The person accessing this information specifically agrees to exempt EASTWIND or any of its affiliates or

employees from, any and all responsibility/liability arising from such misuse and agrees not to hold EASTWIND or any of its affiliates or employees

responsible for any such misuse and further agrees to hold EASTWIND or any of its affiliates or employees free and harmless from all losses, costs, damages,

expenses that may be suffered by the person accessing this information due to any errors and delays.

This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such

distribution, publication, availability or use would be contrary to law, regulation or which would subject EASTWIND & its group companies to registration or

licensing requirements within such jurisdictions.

au small finance bank ltd. · • up to 59% of loan portfolio up to rs 25 lakhs as against the...

Documents