26 June 2024
Digital Payments Tracker
Card Addition
(Nos. in ’000)
Total Industry
HDFCB
AXSB
SBI Cards
IDFC First
ICICIBC
Yes
IIB
BOB
RBK
Federal
SBM
AMEX
SCB
KMB
May'24
760.6
289.1
117.1
113.8
88.9
76.7
40.9
30.1
21.8
17.8
15.6
6.7
6.5
2.9
-64.7
YoY growth
(%)
-38
19
-40
-60
62
-25
-707
-44
-37
-54
-62
-131
18
-155
NA
Credit card industry adds ~0.76m cards in May’24
Outstanding card base grew ~18% YoY; spending rose 17% YoY
Total spends and YoY growth (%)
YoY growth
(INR b)
May'24
(%)
Total
1,654.0
17.3
HDFCB
415.4
3.1
ICICIBC
320.2
30.6
SBI Cards
264.3
10.8
AXSB
192.7
11.1
IIB
82.5
15.2
RBK
75.2
24.2
KMB
73.6
42.7
AMEX
48.5
23.7
IDFC First
30.1
52.1
Yes
26.5
54.4
BOB
25.4
30.0
Federal
16.6
42.5
SCB
11.1
0.4
SBM
1.4
-6.4
Outstanding card base and YoY
growth (%)
YoY growth
(Nos. in m) May’24
(%)
Total
103.3
17.7
HDFCB
21.1
16.5
SBI Cards
19.1
11.5
ICICIBC
17.1
16.4
AXSB
14.3
15.0
KMB
5.9
16.0
RBK
5.2
14.7
IIB
3.0
27.5
IDFC First
2.7
68.8
BOB
2.6
30.1
Yes
2.2
48.4
AMEX
1.4
1.0
SCB
1.0
-2.5
Federal
1.0
55.4
SBM
0.9
-11.9
Source: MOFSL, RBI
The credit card industry added ~0.76m cards in May’24 (~0.74m in Apr’24 and ~1.2m in
Mar’24). Among large players, HDFCB witnessed highest growth, followed by AXSB,
SBICARD, IDFCB and ICICBC. The outstanding credit card base has thus increased to
103m, up 18% YoY.
During May’24, HDFCB added the highest number of new cards at ~289k, followed by
AXSB at ~117k, SBICARD at ~114k and ICICIBC at ~77k. KMB saw a sharp decline amid
RBI restrictions. Among emerging players, IDFCB reported strong growth at ~89k cards
during the month, taking its total card base to 2.7m.
Card spending grew 17% YoY to INR1.65t. Among key players, KMB, ICICIBC, SBICARD
and HDFCB witnessed 43%, 31%, 11%, and 3% YoY growth, respectively. IDFCF and FB
reported faster growth of 52% and 43% YoY, respectively.
Among key players, the share in card spending stood at 25.1% for HDFCB (-103bp
MoM), 19.4% for ICICIBC (+60bp MoM), and 16% for SBICARD (+27bp MoM). AXSB’s
share in card spending stood at 11.6% (-16bp MoM).
In terms of CIF market share, small and emerging players (IDFCB, BOB, IIB, FB) have
gained market share, while large players have been cautious with unsecured loans,
resulting in a slight decline in market share. HDFCB remains the largest player with an
outstanding card market share of 20.4%.
Outstanding credit card base grew ~18% YoY to 103m
The total number of outstanding credit cards in the system grew 17.7% YoY to
103.3m in May’24. Among key players, IIB and BOB reported strong YoY growth (up
27.5%/30.1%, albeit on a low base), followed by HDFCB (up 16.5%), ICICIBC (up
16.4%), KMB (up 16%), AXSB (up 15%), RBK (up 14.7%) and SBICARD (up 11.5%).
Among foreign players, Standard Chartered (SCB) witnessed a 2.5% YoY decline,
while AMEX grew 1.0% YoY. In terms of CIF market share, small and emerging
players (IDFCB, BOB, IIB, FB) have gained market share, while large players have
been cautious with unsecured loans, resulting in a market share decline for
SBICARD, AXSB, HDFCB, and ICICI by 102bp, 33bp, 22bp, and 19bp YoY to 18.5%,
13.9%, 20.4%, and 16.5%, respectively.
System added 0.76m cards in May’24; HDFCB added the highest number of
cards
The industry saw a net addition of ~0.76m credit cards in May’24 (~0.74m in
Apr’24), led by healthy traction by HDFCB, ICICIBC, AXSB, and SBICARD. HDFCB
added the highest numbers of new cards (~289k), followed by AXSB (~117k),
SBICARD (~114k), ICICIBC (~77k), IIB (~30k) and RBK (18k). KMB witnessed a sharp
decline of ~65k amid RBI restrictions. Among emerging players, IDFCB reported
strong growth of ~89k during the month, thus taking its total card base to 2.7m.
Card spending grew 17% YoY to INR1.65t
Card spending grew 17% YoY (5% MoM growth) to INR1.65t in May’24 (47% growth
on a three-year CAGR basis). Among the top players, KMB, ICICIBC, SBICARD, and
HDFCB clocked YoY growth of 43%, 31%, 11%, and 3%, respectively. IDFCB and FB
reported faster growth of 52% and 43% YoY, respectively. On a three-year basis,
spending for the industry recorded a CAGR of 47%, led by healthy growth for all
large players (40%-65% range). Among foreign players, SCB declined 1.2% MoM,
while AMEX grew 8% MoM.
Nitin Aggarwal - Research Analyst
(Nitin.Aggarwal@MotilalOswal.com)
Research Analyst: Dixit Sankharva
(Dixit.sankharva@MotilalOswal.com)
|
Disha Singhal
(Disha Singhal@MotilalOswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
26 June 2024
1
 Motilal Oswal Financial Services
Spending per card flat YoY; transaction per card increases to 3.8
Monthly spending per card for the industry increased 4% MoM to ~INR17.3k, flat
YoY. The ticket size also declined to ~INR4,500, while the number of transactions per
card increased to 3.8. The industry has seen a continuous decline from the base of
Jan’24 owing to the lack of the festive season and cautious stance by some players
amid asset quality issues. We believe that June and July too will see tepid growth,
and thereafter, the festive season will bring some improvement. Among players, IIB
and AMEX have the highest spending per card at INR31k and INR36k, respectively.
UPI payments grew 34.7% YoY; ticket size stable at ~INR1.5k
UPI continued to witness robust growth, with total payments growing 34.7% YoY to
INR20.3 in May’24. The ticket size was broadly stable MoM at ~INR1,500. UPI’s
market share has been constantly increasing and stood ~86% in FY23 from a mere
9% in FY18 (81% in FY22).
Exhibit 1:
Trend in net card addition – Industry added 0.76m cards in May’24
(Nos. in '000)
HDFCB
ICICIBC
SBI Cards
AXSB
KMB
IDFC First
RBK
IIB
Yes
BOB
Federal
AMEX
SCB
SBM
Total Industry
FY19
1,800.5
1,648.2
2,013.1
1,473.5
540.3
FY20
2,012.7
2,465.0
2,276.1
1,025.9
321.5
FY21
486.2
1,473.7
1,274.1
159.6
85.6
FY22
1,550.9
2,394.4
1,945.3
1,889.4
786.5
566.7
720.9
352.3
237.9
459.4
134.8
-149.1
-135.7
443.9
11,578.2
FY23
999.2
1,479.8
2,995.6
3,092.3
1,720.6
744.6
727.9
344.2
234.9
843.4
417.4
-46.4
-280.9
510.7
11,675.9
FY24
3,055.0
2,496.1
2,126.6
2,084.3
1,037.3
1,028.3
778.6
668.7
648.1
572.9
415.5
11.5
-39.1
-132.7
16,499.5
Apr-24
May-24
231.2
289.1
53.6
76.7
114.6
113.8
12.0
117.1
46.1
-64.7
82.0
88.9
25.4
17.8
43.5
30.1
43.7
40.9
33.7
21.8
2.1
15.6
5.8
6.5
3.6
2.9
-5.3
6.7
737.0
760.6
Source: MOFSL, RBI
FY23
8.6
12.7
25.7
26.5
14.7
6.4
6.2
2.9
2.0
7.2
3.6
-0.4
-2.4
4.4
FY24 YTDFY25
18.5
34.7
15.1
8.7
12.9
15.2
12.6
8.6
6.3
-1.2
6.2
11.4
4.7
2.9
4.1
4.9
3.9
5.6
3.5
3.7
2.5
1.2
0.1
0.8
-0.2
0.4
-0.8
0.1
Source: MOFSL, RBI
915.1
280.8
234.0
105.7
-
277.0
37.0
-
9,603.7
966.2
291.9
373.9
236.6
-
232.0
159.9
-
10,656.5
280.4
173.9
73.2
176.7
-
-160.8
27.1
118.2
4,304.0
Exhibit 2:
Market share in net card addition
Market Share in net card adds (%)
HDFCB
ICICIBC
SBI Cards
AXSB
KMB
IDFC First
RBK
IIB
Yes
BOB
Federal
AMEX
SCB
SBM
FY20
18.9
23.1
21.4
9.6
3.0
0.0
9.1
2.7
3.5
2.2
0.0
2.2
1.5
0.0
FY21
11.3
34.2
29.6
3.7
2.0
0.0
6.5
4.0
1.7
4.1
0.0
-3.7
0.6
2.7
FY22
13.4
20.7
16.8
16.3
6.8
4.9
6.2
3.0
2.1
4.0
1.2
-1.3
-1.2
3.8
HDFCB, SBI Cards and IDFC First
gained market share in net card
additions over FY24 levels
26 June 2024
2
 Motilal Oswal Financial Services
Exhibit 3:
Trend in Outstanding Credit Cards – Card base rises to 103.3m; HDFCB maintains leadership position
(No.s in m)
HDFCB
SBI Cards
ICICIBC
AXSB
KMB
RBK
IIB
IDFC First
BOB
Yes
AMEX
SCB
Federal
SBM
Total Industry
FY19
12.5
8.3
6.6
6.0
2.0
1.7
1.1
0.2
0.5
1.5
1.3
-
-
47.1
FY20
14.5
10.5
9.1
7.0
2.3
2.7
1.4
0.5
0.9
1.7
1.5
-
-
57.7
FY21
15.0
11.8
10.6
7.1
2.4
3.0
1.5
0.2
0.6
0.9
1.5
1.5
-
0.1
62.0
FY22
16.5
13.8
13.0
9.0
3.2
3.7
1.9
0.8
1.1
1.2
1.4
1.3
0.1
0.6
73.6
FY23
17.5
16.8
14.5
12.1
4.9
4.4
2.2
1.5
1.9
1.4
1.3
1.1
0.6
1.1
85.3
FY24
20.6
18.9
17.0
14.2
6.0
5.2
2.9
2.6
2.5
2.1
1.3
1.0
1.0
0.9
101.8
Apr-24
May-24
20.8
21.1
19.0
19.1
17.0
17.1
14.2
14.3
6.0
5.9
5.2
5.2
2.9
3.0
2.7
2.7
2.6
2.6
2.1
2.2
1.4
1.4
1.0
1.0
1.0
1.0
0.9
0.9
102.5
103.3
Source: MOFSL, RBI
HDFCB, SBIC, and ICICIBC remain
the largest players;
Among new players, IDFC First
continues to be aggressive, while
RBK maintains healthy market share
Exhibit 4:
Trend in O/S credit card market share
Market Share in O/S CC
HDFCB
SBI Cards
ICICIBC
AXSB
KMB
RBK
IIB
IDFC First
BOB
Yes
AMEX
SCB
Federal
SBM
FY20
25.1
18.3
15.8
12.1
4.0
4.6
2.3
0.0
0.8
1.5
2.9
2.5
0.0
0.0
FY21
24.2
19.1
17.1
11.5
3.9
4.8
2.5
0.4
1.0
1.5
2.5
2.4
0.0
0.2
FY22
22.5
18.7
17.6
12.3
4.3
5.0
2.6
1.1
1.5
1.6
1.9
1.8
0.2
0.8
FY23
20.6
19.7
16.9
14.2
5.8
5.2
2.6
1.8
2.3
1.7
1.6
1.2
0.6
1.3
FY24 May-24
20.2
20.4
18.6
18.5
16.7
16.5
14.0
13.9
5.8
5.7
5.1
5.1
2.8
2.9
2.5
2.7
2.5
2.5
2.0
2.1
1.3
1.3
1.0
1.0
1.0
1.0
0.9
0.9
Source: MOFSL, RBI
Exhibit 5:
Growth in O/s Credit card base – industry grew ~18% YoY
Growth – YoY (%)
Federal
IDFC First
Yes
IIB
BOB
KMB
RBK
HDFCB
ICICIBC
AXSB
SBICARD
AMEX
SCB
SBM
Industry
FY19
FY20
FY21
35.9
36.9
114.4
16.8
33
32.8
32.2
23.4
3
25.6
74.9
27.5
102.3
16.1
56.3
16.1
37.1
17.2
27.5
15.9
12.4
22.6
8.4
12.8
37.8
3.7
10.5
3.4
16.2
2.3
12.1
-9.5
1.9
7.5
FY22
0.0
243.7
25.1
23.1
71.3
32.6
24.3
10.3
22.6
26.4
16.5
-9.7
-9.2
375.6
18.7
FY23
309.6
93.2
19.8
18.3
76.4
53.8
19.8
6.0
11.4
34.2
21.8
-3.4
-20.9
90.9
15.9
FY24
75.2
66.6
45.7
30.1
29.4
21.1
17.7
17.4
17.3
17.2
12.7
0.9
-3.7
-12.4
19.3
Apr-24
May-24
63.6
55.4
69.0
68.8
45.0
48.4
29.2
27.5
31.3
30.1
19.2
16.0
15.3
14.7
16.5
16.5
16.7
16.4
15.9
15.0
12.7
11.5
0.9
1.0
-3.3
-2.5
-14.3
-11.9
18.5
17.7
Source: MOFSL, RBI
26 June 2024
3
 Motilal Oswal Financial Services
Exhibit 6:
Credit Card spends grew 17% YoY to INR1.65t in May’24
(INRb)
HDFCB
SBI Cards
ICICIBC
AXSB
IIB
RBK
KMB
AMEX
IDFC First
BOB
Yes
Federal
SCB
SBM
Total
FY19
1704.2
1036.0
673.0
620.8
251.4
164.3
165.8
559.1
0.0
12.5
40.6
0.0
131.4
0.0
8913.1
FY20
2122.8
1314.5
900.6
768.3
301.6
295.4
198.9
534.7
0.0
26.1
65.2
0.0
107.1
0.0
9142.8
FY21
1956.3
1227.9
923.3
530.0
260.5
296.0
160.7
233.0
9.3
33.8
62.2
0.0
95.9
2.9
9402.3
FY22
2570.3
1867.1
1953.1
835.8
460.0
435.3
255.0
292.0
105.5
68.6
87.8
8.6
125.5
34.7
9749.8
FY23
4007.8
2614.6
2579.0
1347.7
725.5
599.1
466.6
385.9
184.9
172.9
155.6
80.0
136.4
86.4
14373.0
FY24
4954.4
3269.8
3256.9
2180.8
904.7
796.2
716.7
486.4
283.7
260.5
244.9
162.8
128.8
16.0
18354.1
Apr-24
410.4
246.6
294.4
185.3
76.0
69.3
70.7
44.8
28.3
23.6
25.9
15.0
11.3
1.2
1569.6
May-24
415.4
264.3
320.2
192.7
82.5
75.2
73.6
48.5
30.1
25.4
26.5
16.6
11.1
1.4
1654.0
FY25 YTD
825.8
510.9
614.6
378.0
158.5
144.5
144.3
93.3
58.3
49.0
52.4
31.5
22.4
2.6
3223.5
Source: MOFSL, RBI
Exhibit 7:
Trend in credit card spend market share
Spends Market Share (%)
HDFCB
SBI Cards
ICICIBC
AXSB
IIB
RBK
KMB
AMEX
IDFC First
BOB
Yes
Federal
SCB
SBM
FY20
23.2
14.4
9.9
8.4
3.3
3.2
2.2
5.8
0
0.3
0.7
0
1.2
0
FY21
20.8
13.1
9.8
5.6
2.8
3.1
1.7
2.5
0.1
0.4
0.7
0
1
0
ICICIBC gains market share in large
players, along with RBK, IDFCB in
the small players; while HDFCB,
SBIC, and AXSB lost some share in
YTD basis
FY22
26.4
19.1
20
8.6
4.7
4.5
2.6
3
1.1
0.7
0.9
0.1
1.3
0.4
FY23
27.9
18.2
17.9
9.4
5
4.2
3.2
2.7
1.3
1.2
1.1
0.6
0.9
0.6
FY24
27
17.8
17.7
11.9
4.9
4.3
3.9
2.7
1.5
1.4
1.3
0.9
0.7
0.1
FY25 YTD
25.6
15.8
19.1
11.7
4.9
4.5
4.5
2.9
1.8
1.5
1.6
1
0.7
0.1
Source: MOFSL, RBI
Exhibit 8:
Trend in card spends growth
Growth - YoY (%)
Federal
AXSB
Yes
KMB
IDFC First
BOB
RBK
ICICIBC
AMEX
SBICARD
IIB
HDFCB
SCB
SBM
Industry
FY19
40.1
112.6
53.5
24.8
136.9
30.6
21.1
34.5
61.9
28.7
13.1
31.3
FY20
23.7
60.4
20.0
109.1
79.8
33.8
-4.4
26.9
20.0
24.6
-18.5
21.3
FY21
-31.0
-4.6
-19.2
29.4
0.2
2.5
-56.4
-6.6
-13.7
-7.8
-10.4
27.7
FY22
57.7
41.2
58.7
1037.8
103.1
47.0
111.5
25.3
52.1
76.6
31.4
30.8
1077.8
3.6
FY23
826.0
61.2
77.2
83.0
75.2
152.1
37.6
32.0
32.2
40.0
57.7
55.9
8.7
149.5
47.4
FY24
103.6
61.8
57.4
53.6
53.4
50.7
32.9
26.3
26.1
25.1
24.7
23.6
-5.6
-81.5
27.7
Apr-24
48.1
18.4
59.2
45.3
48.8
35.4
21.1
29.7
22.2
1.3
20.4
7.8
6.0
-19.0
17.9
May-24
FY25 YTD
42.5
45.1
11.1
14.6
54.4
56.7
42.7
43.9
52.1
50.5
30.0
32.5
24.2
22.7
30.6
30.2
23.7
23.0
10.8
6.0
15.2
17.6
3.1
5.4
0.4
3.2
-6.4
-12.8
17.3
17.6
Source: MOFSL, RBI
26 June 2024
4
 Motilal Oswal Financial Services
Exhibit 9:
Outstanding cards grew 18% YoY in May’24
Credit Cards o/s (Nos in mn)
% Growth
Exhibit 10:
Spends rose 18% over FY25-YTD
Credit Cards Spends (INRb)
% Growth
Source: RBI, MOFSL
Source: RBI, MOFSL
Exhibit 11:
AMEX has the highest spend/card followed by IIB (INR’000)
Apr-24
35.8
31.1
21.2
20.2
14.6
14.4
15.3
17.3
10.7
May-24
13.3
AMEX
IIB
HDFCB
ICICIBC SBI Cards AXSB
RBK
KMB
SCB
Industry
Source: MOFSL, RBI
Exhibit 12:
Annual spends per card – AMEX has the highest spends per card, followed by IIB
Annual Average Spend
per Card (INR 000)
AMEX
IIB
HDFCB
Federal
ICICIBC
SBI Cards
RBK
AXSB
Yes
IDFC First
KMB
SCB
BOB
SBM
Industry
FY19
422.7
272.7
147.1
115.6
142.6
130.7
118.9
106.2
0.0
95.7
103.3
69.9
143.7
FY20
339.0
249.7
157.3
114.3
139.7
134.4
118.7
94.9
0.0
91.9
78.1
74.6
140.6
FY21
144.5
180.7
132.7
93.8
109.8
104.9
75.0
68.3
39.9
67.9
65.5
60.7
49.8
157.1
FY22
200.3
269.9
163.1
128.1
165.8
145.9
131.0
103.3
82.4
204.6
91.0
89.0
78.4
101.9
143.7
FY23
283.7
353.5
235.3
232.8
188.0
171.3
148.1
127.4
119.5
157.9
115.0
113.5
113.3
105.8
180.9
FY24
362.3
353.5
259.9
214.2
207.4
183.4
165.9
165.6
140.5
137.9
131.9
123.6
116.6
15.9
196.2
Apr-24
33.2
29.2
21.2
19.2
18.6
13.8
14.2
14.0
14.5
13.4
12.8
10.8
10.5
1.2
16.6
May-24
FY25 YTD
35.8
68.7
31.1
53.7
21.2
39.4
20.4
32.3
20.2
36.1
14.6
26.8
15.3
27.7
14.4
26.5
14.7
24.6
13.8
21.6
13.3
24.2
10.7
21.8
11.1
19.1
1.4
2.7
17.3
31.3
Source: MOFSL, RBI
26 June 2024
5
 Motilal Oswal Financial Services
Exhibit 13:
IIB/AMEX has the highest ticket size at ~INR9k; others in range of INR 3.5-7.2k
Apr-24
May-24
IIB
AMEX
RBK
SBI
Cards
HDFCB
KMB
ICICIBC
SCB
AXSB
Total
Industry
Source: MOFSL, RBI
Exhibit 14:
Trend in ticket size per transaction - IIB/AMEX has a higher ticket size
Average Ticket Size (INR)
IIB
AMEX
RBK
HDFCB
SBI Cards
Yes
KMB
ICICIBC
BOB
Federal
IDFC First
SCB
AXSB
SBM
Industry
FY19
7.0
7.2
3.8
3.5
3.7
2.7
2.8
2.8
2.3
0.0
0.0
2.4
3.7
0.0
3.4
FY20
6.9
6.2
3.4
3.5
3.4
2.8
2.8
2.8
2.2
0.0
0.0
2.4
3.9
0.0
3.4
FY21
6.8
4.5
3.7
3.9
3.5
3.3
3.3
3.2
2.7
0.0
3.4
2.8
3.5
6.0
5.3
FY22
9.1
5.8
4.4
4.4
4.2
3.5
4.1
4.6
3.4
3.5
4.8
3.3
3.8
5.0
4.3
FY23
11.2
7.6
5.0
5.5
4.9
4.6
4.5
4.7
4.0
4.3
4.8
3.8
3.7
4.3
4.9
FY24
11.1
8.8
6.4
5.5
5.4
4.9
4.9
4.8
4.6
4.5
4.3
3.9
3.7
1.4
5.1
Apr-24
May-24
9.0
9.1
9.2
9.4
6.8
7.2
4.6
4.5
4.3
4.4
35.9
36.0
4.1
4.1
4.6
4.7
5.0
5.2
4.2
4.4
3.2
3.2
4.0
4.2
3.4
3.5
1.7
1.8
4.5
4.6
Source: MOFSL, RBI
Exhibit 15:
HDFCB has the highest number of transactions per card in a month
4.7
Apr-24
4.3
4.2
3.8
3.4
May-24
3.8
2.6
2.1
3.3
3.3
HDFCB
ICICIBC
AXSB
AMEX
IIB
SBI Cards
KMB
SCB
RBK
Total
Industry
Source: MOFSL, RBI
26 June 2024
6
 Motilal Oswal Financial Services
Exhibit 16:
Trend in transactions per card – Transaction per card stood at 3.8 in May’24
Transaction per card (Nos)
Federal
HDFCB
AXSB
ICICIBC
AMEX
SBI Cards
IDFC First
IIB
SCB
Yes
KMB
RBK
BOB
SBM
Total
FY19
3.5
2.7
3.4
4.9
3.2
3.2
3.6
3.2
2.8
2.9
2.5
3.5
FY20
3.8
2.6
3.4
4.6
3.4
3.0
2.7
2.9
2.7
3.3
2.8
3.5
FY21
2.9
1.8
2.4
2.7
2.6
1.0
2.2
2.0
1.7
1.7
2.4
1.9
0.7
2.5
FY22
3.0
3.1
2.3
3.0
2.9
2.9
3.6
2.5
2.2
2.0
1.9
2.5
1.9
1.7
2.8
FY23
4.5
3.5
2.9
3.4
3.1
2.9
2.7
2.6
2.5
2.2
2.1
2.5
2.4
2.0
3.1
FY24
4.0
4.0
3.7
3.6
3.4
2.8
2.7
2.7
2.6
2.4
2.2
2.2
2.1
1.0
3.2
Apr-24
May-24
4.5
4.6
4.6
4.7
4.2
4.2
4.0
4.3
3.6
3.8
3.2
3.3
4.2
4.3
3.3
3.4
2.7
2.6
0.4
0.4
3.1
3.3
2.1
2.1
2.1
2.1
0.7
0.7
3.7
3.8
Source: MOFSL, RBI
Exhibit 17:
UPI witnesses robust growth – total spends grew ~35% YoY to INR20.4t in May’24
Volume
FY19
FY20
FY21
FY22
FY23
FY24
UPI (INR t)
Growth YoY (%)
8.8
NM
21.3
143.1
41.0
92.5
84.2
105.1
141.4
64.9
203.3
43.8
Apr-24
19.6
20.4
37.7
34.7
Source: MOFSL, RBI
May-24
Exhibit 18:
UPI ticket size remains stable at ~INR1,500 (INR) in May’24
Average ticket size
UPI - ticket size
FY18
1,200
FY19
1,638
FY20
1,703
FY21
1,838
FY22
1,850
FY23
1,663
FY24
1,528
Apr-24
May-24
1,476
1,467
Source: MOFSL, RBI
Investment in securities market are subject to market risks. Read all the related documents carefully before investing
26 June 2024
7
 Motilal Oswal Financial Services
NOTES
26 June 2024
8
 Motilal Oswal Financial Services
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall be within following 30 days take
appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in
the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on
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Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for
its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of
Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products.
Details of
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http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
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derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial
instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and
other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are
completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOFSL
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https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical
Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can
have an independent view with regards to Subject Company for which Research Team have expressed their views.
Regional Disclosures (outside India)
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 MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
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professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian
Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the
United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and
under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOFSL, including the products and
services described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act
and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any
investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption
from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission
("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities
International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer,
MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research
analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets (Singapore) Pte. Ltd. (“MOCMSPL”) (UEN 201129401Z), which is a holder of a capital markets services license and an exempt
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In respect of any matter arising from or in connection with the research you could contact the following representatives of MOCMSPL. In case of grievances for any of the services rendered by MOCMSPL
write to grievances@motilaloswal.com.
Nainesh Rajani
Email: nainesh.rajani@motilaloswal.com
Contact: (+65) 8328 0276
.
Specific Disclosures
1 MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
********************************************************************************************************************************
The associates of MOFSL may have:
-
financial interest in the subject company
-
actual/beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public
appearance.
-
received compensation/other benefits from the subject company in the past 12 months
-
any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific
recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even though there might exist an
inherent conflict of interest in some of the stocks mentioned in the research report.
-
acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
-
be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or
act as an advisor or lender/borrower to such company(ies)
26 June 2024
9
 Motilal Oswal Financial Services
-
received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
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Served subject company as its clients during twelve months preceding the date of distribution of the research report.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts
which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is,
or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
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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 in this document.
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Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:
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26 June 2024
10