Religare Retail Research report on Nippon Life India Asset Management
Nippon Life’s standalone revenue from operations increased by 3.6% YoY but declined sequentially by 1.6% QoQ as margins declined marginally by 0.2bps YoY and 0.8bps QoQ at 48bps in Q4FY23 at Rs 325cr. Other income declined by 21% QoQ due to mark to market losses in fixed income securities but increased by 34% YoY.
Outlook
We maintain Buy with a revised target price of Rs 291 valuing the company at 20x of FY25E P/E.
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