Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 1984.39 Crore, down -28.02 % from last quarter Total Income of Rs 2756.93 Crore and down -.37 % from last year same quarter Total Income of Rs 1991.74 Crore. Company reported net profit after tax of Rs 272.31 Crore in latest quarter.
Investment Rationale
The brokerage revises down FY22E/FY23E EBITDA/PAT estimate by 7%/5%. The stock trades at an attractive valuation of 12x/10x FY22E/FY23E. This is a far cry from its historic multiples of 25-30x. Any potential re-rating will be governed by: a) steady earnings growth, coupled with a consistent and disciplined investment approach, and b) avoiding non-core investments.
Promoter/FII Holdings
Promoters held 4 per cent stake in the company as of March 31, 2021, while FIIs held 64.2 per cent, DIIs 12.6 per cent and public and others 19.3 per cent.
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