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Anand Rathi Report
Driven by strong, ~58% YoY, ~9% QoQ, assets under management growth, Poonawalla Fincorp Ltd.’s Q3 FY24 net profit shot up ~76% YoY to Rs 2,651 million (surpassing our estimate).
Increasing product share, competitive cost of funds and tech savviness are likely to drive a best-in-class 40% assets under management compound annual growth rate over FY24- 26.
We retain our 'Buy' rating on the company’s high growth with a target price of Rs 595, 4.1 times FY26E price/book value, for a 16% return on equity expectation.
Risks: higher slippages, less-than expected loan growth.
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