Reliance Capital reported flattish PAT at | 207 crore, up 3% YoY, below our estimate, led by higher opex at | 2629 crore (up 76% YoY). Topline growth remained healthy at 49% YoY to | 3663 crore, led by healthy growth in lending business and consolidation of life insurance. • AMC reported a PBT of | 122.2 crore; up 13% YoY, with AUM growth at 23.4% YoY to | 300180 crore.

Valuation: With lending business expected to grow at healthy pace, they have revised target price from | 481 to | 498 per share on a SoTP basis. They have built in a 15% holding company discount. With recent rally in stock price, downgrade their rating to HOLD.