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 grew by 55.2% YoY to Rs24.06bn vs NBIE estimate of Rs24.56bn, a 2.1% miss on our estimate and 0.38% miss vs street estimate.</li></ul><div><div><div><div><ul><li>Gross margin came in at 36.9% vs our estimate of 32% as COGS was 9.1% below our estimate while revenue miss was 2.1%.</li></ul><div><div><div><div><ul><li>PBT was up 33.2% vs NBIE estimate at Rs4.95bn; Share of JV/Associates was a 11.8% beat at Rs723mn.</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 grew by 55.2% YoY to Rs24.06bn vs NBIE estimate of Rs24.56bn, a 2.1% miss on our estimate and 0.38% miss vs street estimate.Gross margin came in at 36.9% vs our estimate of 32% as COGS was 9.1% below our estimate while revenue miss was 2.1%.PBT was up 33.2% vs NBIE estimate at Rs4.95bn; Share of JV/Associates was a 11.8% beat at Rs723mn.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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