Aided by Issuer Solutions’ strong, 13% y/y, performance and International & Other Investor Solutions’ 26% y/y,KFin Tech’s revenue grew 10.3% y/y to Rs3.09bn. Notably, momentum in new international deals, the AIF platform and Issuer Solutions is healthy.
OutlookConsidering steady revenue growth in its core businesses, with international operations and AIF being primary drivers, we maintain a Buy on the company with a 12-mth TP of Rs1,572, valuing the stock at 53x Sep’27e EPS.
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