ETMarkets.comJM Financial, incorporated in the year 1986, is a mid cap company (having a market cap of Rs 6253.96 crore) operating in financial services sector.
JM Financial key products/revenue segments include fees & commission income, income from financial services, interest and income from sale of share & securities for the year ending 31-Mar-2022.
Financials
For the quarter ended 31-03-2023, the company has reported a consolidated total Income of Rs 871.16 crore, down -7.92 % from last quarter total income of Rs 946.13 crore and up 3.81 % from last year same quarter total income of Rs 839.22 crore. Company has reported net profit after tax of Rs 32.55 crore in latest quarter.
The company’s top management includes Mr.Nimesh Kampani, Mr.Vishal Kampani, Mr.Atul Mehra, Mr.Adi Patel, Ms.Jagi Mangat Panda, Mr.P S Jayakumar, Mr.Navroz Udwadia, Ms.Roshini Bakshi, Mr.Sumit Bose. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-03-2023, the company has a total of 95 crore shares outstanding.
Promoters held 56.49% stake in the company as of 31-Mar-2023, while FIIs owned 21.24% , DIIs 7.47% .
Investment Rationale
Loan growth momentum continues; traction in nonlending business is key to rerating. With FY23 largely in line with expectations despite the challenging environment, we believe FY24E could be better for the company due to: 1)
sustained pick-up in its lending business, 2) steady-state income from investment banking while investment phase is expected to continue in AWS business, and 3) anticipated recoveries from the ARC segment. Maintain BUY with an unchanged SoTP-based target price of Rs109.
Key risks: i) Deferral in resolution of ARCstressed assets, and ii) modest earnings trajectory in Platform AWS due to
continued investments.
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