Q2 FY27 profit rises 75% as funding costs pressure margins
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Q2 FY27 revenue rose 4% to INR 5,141 crore and PAT jumped 75% to INR 778 crore on better credit costs. Cards in force grew 8% to 23.2 million and quarterly spends reached INR 1.11 lakh crore. Net interest margin was 10.8%, gross NPA 1.9% and credit cost 5.6%. Management expects FY27 retail spend growth in the mid-teens to high teens, credit cost near 6% and cost-to-income of 57% to 59%.
Strong profits and better asset quality are positive, but higher funding costs may limit margin gains; no receivables growth guidance was provided.