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 headline performance: HUVR’s standalone turnover (including other operating income - OOI) grew by 11% YoY to Rs134.6bn (vs our est. of Rs129.9bn).</li></ul><div><div><div><div><ul><li>4QFY22 segmental performance: Home Care surprised us, growing at 23.7% YoY; segment EBIT margin was down 140bps YoY at 19.8%. Beauty &amp; Personal Care grew by 3.6% YoY; segment EBIT margin was down 130bps YoY at 26.2%.</li></ul><div><div><div><div><ul><li>Operating margins in line: While gross margin was lower than our expectation at 49.5% (vs est. of 51%), down ~300bps YoY at 49.5%.</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 headline performance: HUVR’s standalone turnover (including other operating income - OOI) grew by 11% YoY to Rs134.6bn (vs our est. of Rs129.9bn).4QFY22 segmental performance: Home Care surprised us, growing at 23.7% YoY; segment EBIT margin was down 140bps YoY at 19.8%. Beauty &amp; Personal Care grew by 3.6% YoY; segment EBIT margin was down 130bps YoY at 26.2%.Operating margins in line: While gross margin was lower than our expectation at 49.5% (vs est. of 51%), down ~300bps YoY at 49.5%.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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