Nirmal Bang

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

A Relationship Beyond Broking

External broker reports(aggregated public sources), Nirmal Bang

External broker reports(aggregated public sources)

Equity Bottom-Up

<div><div><div><div><ul><li>Revenue ahead of estimate; margins beat on better operating leverage: AL reported revenue of Rs87.4bn, ahead of our estimate by 6%, led by strong volume growth and higher realisations.</li></ul><div><div><div><div><ul><li>Gross margin was flattish at 21.8% QoQ, in line with our estimate.</li></ul><div><div><div><div><ul><li>EBITDA margin at ~9% (+170bps NBIE est.) was up 480bps QoQ on account of higher operating leverage, which was partially offset by RM inflation</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Revenue ahead of estimate; margins beat on better operating leverage: AL reported revenue of Rs87.4bn, ahead of our estimate by 6%, led by strong volume growth and higher realisations.Gross margin was flattish at 21.8% QoQ, in line with our estimate.EBITDA margin at ~9% (+170bps NBIE est.) was up 480bps QoQ on account of higher operating leverage, which was partially offset by RM inflationContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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