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 earnings performance: ROSSARI’s 4QFY22 consolidated revenue growth of 101% YoY was broadly in line with our estimate.</li></ul><div><div><div><div><ul><li>HPPC/TSC/AHN grew by 180%/25%/17% YoY, including acquisitions. Unitop and Tristar revenue came in at Rs1,240mn and Rs495mn, respectively in 4QFY22, with EBITDA margin coming in at ~15% and ~12%, respectively.</li></ul><div><div><div><div><ul><li>The share of HPPC revenue increased from 50% in 4QFY21 to 69% in 4QFY22.</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 earnings performance: ROSSARI’s 4QFY22 consolidated revenue growth of 101% YoY was broadly in line with our estimate.HPPC/TSC/AHN grew by 180%/25%/17% YoY, including acquisitions. Unitop and Tristar revenue came in at Rs1,240mn and Rs495mn, respectively in 4QFY22, with EBITDA margin coming in at ~15% and ~12%, respectively.The share of HPPC revenue increased from 50% in 4QFY21 to 69% in 4QFY22.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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