ICICI Direct is bullish on Geojit Financial Services has recommended buy rating on the stock with a target price of Rs 46 in its research report dated August 07, 2020.
ICICI Direct's research report on Geojit Financial Services
Geojit reported a healthy performance on all fronts. Total revenue was up 22.9% to Rs 91.1 crore, on the back of robust increase in cash average daily turnover (ADTO) thereby, improving yields. Healthy topline & steady opex led to strong PAT growth of 669% YoY & 38% QoQ to Rs 23.8 crore.
Given higher proportion of cash business that is positive in current scenario, we revise our target price to Rs 46, valuing the company at 14x FY22E EPS. We upgrade from HOLD to BUY.For all recommendations report, click here
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