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    Pranav Gundlapalle

    Senior Analyst at AllianceBernstein

    Pranav Gundlapalle is a Senior Analyst at Bernstein, specializing in Indian financials with detailed coverage of major private and public sector banks. He is recognized for his robust earnings forecasts, including projecting an average EPS CAGR of approximately 15% for covered banks between FY23 and FY25, and he has consistently delivered sector insights supporting strong investment returns. Gundlapalle began his career in credit derivatives and gained research experience at Nomura before joining Bernstein, where he now leads Indian financial sector research; he holds degrees from Indian Institute of Management Tiruchirappalli and the Indian School of Business. He is noted in industry reports for precise sector modeling and maintains professional credentials standard for research analysts in global finance.

    Pranav Gundlapalle's questions to HDFCBANK leadership

    Pranav Gundlapalle's questions to HDFCBANK leadership • Q2 2025

    Question

    Pranav Gundlapalle questioned the bank's loan yields, asking if they are still higher than peers, as they have been historically, or if the conservative underwriting stance is resulting in incrementally lower yields compared to the competition.

    Answer

    CFO Srinivasan Vaidyanathan provided a segmented view. He stated that in mortgages, HDFC Bank's rates are similar to private peers but face a ~50 basis point differential from legacy public sector banks. In commercial and rural banking, he noted that demand is highly price-elastic, limiting their ability to raise rates. For large corporate loans, he explained that loan spreads are not keeping pace with rising bond spreads, leading the bank to moderate growth in that segment rather than compromise on pricing for the entire credit life cycle.

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