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>4QFY22 consolidated headline performance: Revenue grew by 8% YoY to Rs21.9bn (vs our est. of Rs25.1bn). Consolidated gross margin was down by 480bps YoY at 38.9% (+220bps QoQ; vs our est. of 40.1%).</li></ul><div><div><div><div><ul><li>Standalone 4QFY22 Revenue, EBITDA and APAT grew by 7.3%, 3.8% and 1.6% YoY, respectively.</li></ul><div><div><div><div><ul><li>International &amp; subsidiary business performance: Polish subsidiary Bolix S.A had a robust topline growth, aided by improved sales in the UK and France.</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>

4QFY22 consolidated headline performance: Revenue grew by 8% YoY to Rs21.9bn (vs our est. of Rs25.1bn). Consolidated gross margin was down by 480bps YoY at 38.9% (+220bps QoQ; vs our est. of 40.1%).Standalone 4QFY22 Revenue, EBITDA and APAT grew by 7.3%, 3.8% and 1.6% YoY, respectively.International &amp; subsidiary business performance: Polish subsidiary Bolix S.A had a robust topline growth, aided by improved sales in the UK and France.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.

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