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For the quarter ended September, KFin Tech reported 28 percent YoY jump in consolidated net profit at Rs 61.4 crore. The company’s revenue from operations grew 16 percent YoY to Rs 209 crore in Q2FY24 from Rs 180 crore in Q2FY23.
The company said during the quarter it added 172 new corporate clients and four million investor folios under issuer solutions.
Jefferies has retained its ‘buy’ call on KFin Technologies and raised its target price to ₹560 from ₹500 earlier. The new target implies a potential upside of over 22 percent.
Jefferies initiated coverage on Kfin Technologies with a target price of Rs 500. The domestic opportunity rides on financialisation of savings and growing market share. The International & alternatives are at new growth avenues.
Operating in markets characterised by duopolies or oligopolies with high entry barriers, KFin holds the second position in the mutual fund registrar and transfer agent sector, commanding around 30 percent market share