Peer results- HDFC sec( 40%+ YoY in topline and bottomline)
ICICI security numbers would be in similar/better range given better digital push participation and plans.
Base case /Good performance - Revenue 900-950 cr and OPM of 62-63%, PAT, 350 cr+
V Good performance - Revenue 1000cr+, Opm of 65%, PAT closer to 400 cr - Annualized PE at 1600 cr profit would still still be under 15, further rerating potential though a shallow cyclical biz.
Key monitorable - Operating leverage, Market share and Neo plan performance and non brokerage segment performance. Price volume action at taking out ATH last week indicates optimism.
Invested