HDFC Securities has given Buy recommendation for Cholamandalam Investment and Finance Company with a target price of Rs. 502 in its research report issued on Feb 02, 2021

HDFC Securities’ research report on Cholamandalam Investment and Finance Company

CIFC’s 3QFY21 earnings were 19.2% ahead of estimates, on account of betterthan-expected operating performance (PPOP 14.8% ahead of estimates), offset by higher provisions. Higher margins, a strong rebound in disbursals and better efficiencies were among the positives. Improving macros reflected in a cyclical uptick in CV sales, adding to CIFC’s potent combination of a fortified balance sheet and a superior ability to access funds.


We reiterate BUY with a revised target price of INR 502; CIFC remains our top pick among NBFCs.