Kotak Mahindra Bank Ltd. share price target

Kotak Mahindra Bank (KMB) reported mixed performance in Q1FY25. Net interest income (NII) at
Rs. 6,842 crore, lagged estimates, but grew by 10% y-o-y/ down 1% q-o-q.

Healthy business growth in Q4, deposits outpaced credit growth driven by TDs, NIIs remained modest while boost in other income aided PPOP

Boosted by robust loan growth and the higher NIM, Kotak Mahindra
Bank delivered healthy, 20% q/q, core earnings growth in Q4.

We maintain our BUY recommendation on the stock.

Kotak Mahindra Bank (Kotak) reported a huge 28% beat on PAT (which stood
at Rs41bn), mainly on treasury gains/debt syndication fees, reversal of AIF
provisions (Rs1.6bn), and lower tax rate @21%.

Kotak Mahindra Bank (KMB) posted a standalone PAT of INR41.3b (21% beat),
which grew 18.2% YoY in 4QFY24 aided by steady revenue growth and one-off
gains from the reversal of AIF provisions (INR1.57b), interest on IT refund
(INR1.4b), and tax credit (INR2b). Consol. PAT grew 16.9% YoY to ~INR53.4b.