Sharekhan has given Buy recommendation for Nippon India Life Asset Management with a target price of Rs. 502 in its research report issued on Oct 26, 2021
Sharekhan’s research report on Nippon India Life Asset Management
Q2 numbers beat estimates with PAT growing by 47% y-o-y and ~18% q-o-q to Rs. 231 crore led by a strong rise in other income. Quarterly average assets under management (QAAUM) stood at Rs 2,655 billion, rising by ~33% y-o-y and ~11% q-o-q. Market share rose by 22 bps to 7.3% in H1FY22 driven by robust performance of funds, strong risk management and a wide distribution network.
Outlook
We maintain a Buy rating on NAM India with price target (PT) of Rs. 502.