Q1FY24E earnings growth momentum on a sequential basis for HFC-NBFC MFIs is likely to be better on the following grounds: i) Continuous benefit of upward repricing in asset portfolio given the lenders have hiked rates between 25-50bps during Mar-Apr’23 and the same is likely to outweigh pressures on funding cost which may help lenders in either maintaining spread sequentially or improving it,
Both Titan and Kalyan reported strong demand prints in 1QFY24. Kalyan’s India jewellery revenue growth of ~34% YoY was higher compared to Titan’s jewellery (standalone) revenue growth of ~21% YoY.