Cholamandalam Investment Q1 Review - Best-In-Class Growth, Likely To Continue; Maintaining A Buy: Anand Rathi

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Anand Rathi Report

Driven by strong, 46.5% y/y, net interest income growth, Cholamandalam Investment and Finance Company Ltd. Q1 net profit rose 27% YoY to Rs 9.4 billion. With its new businesses being more profitable and a strong collections architecture, we maintain our Buy rating, despite premium valuations.

At our raised Rs 1,650 target price, the stock would trade at 4.4 times FY26e book value (earlier 4.1 times FY26e book value).

Risks: Higher slippages, more-than-expected cost of funds.

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