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Jayant Kharote

Research Analyst at Axis Capital Holdings LTD

Jayant Kharote is Executive Director at Axis Capital, specializing in equity research and institutional banking with coverage focused on major Indian financials including ICICI Bank and blue-chip companies such as Infosys. Recognized for his detailed sector analysis, Kharote's research has influenced investment decisions in the Indian equity market, with positive performance metrics reflected in analyst polls and company reports. He began his career as an analyst and Vice President at Jefferies India and JM Financial before joining Axis Capital, where his tenure aligns with top performers in the banking and technology sectors. Possessing extensive credentials in securities research, he is listed as an institutional research analyst for Axis Capital and maintains an active role in investment analysis and market strategy.

Jayant Kharote's questions to HDFC BANK (HDB) leadership

Question · Q2 2026

Jayant Kharote inquired about the credit card book's sequential growth, which appeared tepid despite strong issuances and spends, and asked about the mix of new card acquisitions (existing vs. new to bank).

Answer

Srinivasan Vaidyanathan (CFO) mentioned 1.5 million new card additions but noted the bank's caution on certain spend categories and credit lines for revolvers, leading to a decline in the revolver rate. Sashidhar Jagdishan (CEO) added that the bank strategically chose not to participate in some large e-commerce festival spends that did not make economic sense, impacting net receivables. Srinivasan Vaidyanathan (CFO) confirmed that the mix of new acquisitions remained consistent, with 65-75% being existing customers.

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