Axis Securities has buy call on CreditAccess Grameen Ltd. with a target price of Rs 1200.0. The current market price of CreditAccess Grameen Ltd. is Rs 980.75.
CreditAccess Grameen Ltd., incorporated in the year 1991, is a Mid Cap company (having a market cap of Rs 15298.33 Crore) operating in NBFC sector.
CreditAccess Grameen Ltd. key Products/Revenue Segments include Interest, Income From Sale Of Share & Securities, Other Services and Fees & Commission Income for the year ending 31-Mar-2022.
For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 814.31 Crore, up 7.07 % from last quarter Total Income of Rs 760.52 Crore and up 31.64 % from last year same quarter Total Income of Rs 618.58 Crore. Company reported net profit after tax of Rs 176.15 Crore in latest quarter.
Investment Rationale
The brokerage maintains BUY recommendation on the stock and value CA Grameen at 3.2x FY24E BV to arrive at a target price of Rs 1,200/share, implying an upside of 22% from the CMP. It believes CA Grameen’s superior return ratios, deep rural penetration and best-in-class asset quality underpin premium valuations for the company vis-à-vis its peers.
Promoter/FII Holdings
Promoters held 73.74 per cent stake in the company as of 30-Sep-2022, while FIIs owned 8.67 per cent, DIIs 12.68 per cent.
CreditAccess Grameen Ltd., incorporated in the year 1991, is a Mid Cap company (having a market cap of Rs 15298.33 Crore) operating in NBFC sector.
CreditAccess Grameen Ltd. key Products/Revenue Segments include Interest, Income From Sale Of Share & Securities, Other Services and Fees & Commission Income for the year ending 31-Mar-2022.
Financials
For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 814.31 Crore, up 7.07 % from last quarter Total Income of Rs 760.52 Crore and up 31.64 % from last year same quarter Total Income of Rs 618.58 Crore. Company reported net profit after tax of Rs 176.15 Crore in latest quarter.
Investment Rationale
The brokerage maintains BUY recommendation on the stock and value CA Grameen at 3.2x FY24E BV to arrive at a target price of Rs 1,200/share, implying an upside of 22% from the CMP. It believes CA Grameen’s superior return ratios, deep rural penetration and best-in-class asset quality underpin premium valuations for the company vis-à-vis its peers.
Promoter/FII Holdings
Promoters held 73.74 per cent stake in the company as of 30-Sep-2022, while FIIs owned 8.67 per cent, DIIs 12.68 per cent.
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