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Results ahead of expectations |
ACCUMULATE
CMP: Rs6,118 Target Price: Rs7,000
n CRISIL’s Q3CY10 operating revenue grew by strong 5.2% qoq. A strong 12.5% qoq growth in research surprised positively. Stable currency means FTEs have grown strong
n Despite yoy appreciation in INR, the research revenues have grown by 20% yoy. Rating business grew strong at 32% yoy
n QOQ expansion in operating margins and one time gain on sale of shares in Gas strategies Group Ltd. & NCDEX and sale of office space boost earnings growth
n Upgrade to ACCUMULATE with TP of Rs7000 with +14% EPS change for Pipal Research in CY11E and rolling over the multiple to avg CY11/12E EPS (CY12E introduced now)
We have also found that India medical tourism represents the most potential medical tourism market in the world. Factors such as low cost, scale and range of treatments provided by India differentiate it from other medical tourism destinations.
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