Fwd: CRISIL Q3CY11 Result Update; Strong operating performance; upgrade to BUY; Target: Rs1050

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Deepak Vaishnav

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Oct 22, 2011, 4:08:09 AM10/22/11
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CRISIL

Strong operating performance; upgrade to BUY

 

BUY

 

CMP: Rs839                                        Target Price: Rs1050

n     CRISIL’s Q3CY11 revenue came in at Rs2.1bn, inline with expectation. However net profit at Rs602mn was ahead of expectation led by lower opex and one off gains of Rs104mn

n     While rating revenues remain stable qoq, Research business continues to show strong growth (7.8%qoq). Continued momentum in IREVNA & leverage on pipal bus to drive rev

n     Operating margins expanded by 63bps qoq to 35% led by 165/ 41bps yoy improvement in rating and research margins

n     Shifting our valuation methodology from premium to Sensex valuations to cash flow discounting. Accordingly, revising price target to Rs1050 and upgrade to BUY

 

Regards,

Kashyap Jhaveri

Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : kashyap...@emkayglobal.com 

Board No. : +91-22-6612 1212 | Extn. : 249 | DID : +91-22-6612 1249 | Mob : +91-98202 41712 | Fax : +91-22-6624 2410 |

 

 


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CRISIL Q3CY11 Result Update.pdf
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