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: WDL's 4QFY22 topline grew by 27.3% YoY to Rs4.55bn (vs. our est. 22% growth to Rs4.36bn), led by SSSG growth of 23% YoY (vs. our est. 17%).</li></ul><div><div><div><div><ul><li>FY22 performance: Revenue and EBITDA grew by ~60% and ~161%, respectively. EBITDA margin stood at 12.6% (up 490bps over FY21).</li></ul><div><div><div><div><ul><li>Other key highlights: (1) WDL did not take any price hike in 4QFY22, but has taken a price hike of 3-5% in 1QFY23. (2) Metro and smaller town mix stands at ~70:30, and at most can change to ~60-40% in coming years.</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: WDL's 4QFY22 topline grew by 27.3% YoY to Rs4.55bn (vs. our est. 22% growth to Rs4.36bn), led by SSSG growth of 23% YoY (vs. our est. 17%).FY22 performance: Revenue and EBITDA grew by ~60% and ~161%, respectively. EBITDA margin stood at 12.6% (up 490bps over FY21).Other key highlights: (1) WDL did not take any price hike in 4QFY22, but has taken a price hike of 3-5% in 1QFY23. (2) Metro and smaller town mix stands at ~70:30, and at most can change to ~60-40% in coming years.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.

Westlife Development - Strong SSSG Performance