JM Financial Ltd. share price target

JM Financial (JMF) reported a consolidated PAT of Rs0.6bn in Q4FY23, down 68% YoY. However, adjusting for provisions towards SR, tax and post NCI, the company would have reported a consolidated PAT of Rs1.6bn, down 8% YoY.

JM Financial’s (JMF) Q3FY23 earnings were characterised by: 1) Consolidated loan growth was up 4% QoQ (on a higher base) and 36% YoY. 2) Retail mortgage disbursements were up 17% QoQ/ 34% YoY; AUM was up 86% YoY; network rises to 78 branches vs 50 YoY.

JM Financial’s (JMF) Q2FY23 result was characterised by: 1) Much-awaited loan growth finally materialising with 16% QoQ / 32% YoY expansion.

JM Financial’s (JMF) Q4FY22 earnings was characterised by: 1) Drag due to limited IPO financing opportunities and investment in franchise reflected in plunge in platform AWS business earnings by 64% QoQ (to Rs140mn). 2) This was offset by the much awaited 16% QoQ rise in consolidated loan book to Rs130bn.
though led by bespoke, FI financing and retail mortgages.

JM Financial is a diversified financial group engaged in various businesses providing a host of services including mortgage lending (wholesale and retail), distress asset management (ARC), investment banking, wealth management & securities (IWS) and AMC. Moderation in advances, witnessed in last several quarters, continued further with ~18% YoY decline to | 11531 crore. Mortgage book comprised | 7342 crore, | 3880 crore towards capital markets, corporate/promoter funding. In capital markets, volume stayed healthy with market share in overall ADTO at 0.85% & 2.13%...

J M Financial has become a full-fledged financial service conglomerate offering services across the spectrum including lending services, asset management, ARC business, investment banking, wealth management, broking and securities business and private equity. Over the years, its various business segments have achieved decent size and scale and are higher profitable as well. For e.g. mortgage lending business has ROA/ROE of 4.3%/17.4%, AMC's ROE 23%, ARC's IRR is 34%. Management approach to grow assets conservatively but good quality assets has worked well for them. Despite NBFC crisis which has been one of the toughest, asset quality of company has held up well. In nutshell, business model has become more resilient and less volatile and less dependent on uncertain securities business. It is present across all high-growth and important business lines where the size of opportunity is big. More importantly, management bandwidth is strong. Although, recently, Q3FY19 performance has been marred by higher borrowing cost, we are optimistic that growth will resume in FY20 and higher...

Operating Income grew by 163466.67% to Rs. 49.07 Cr in Q4FY17 when compared to the previous quarter.

JM Financial Ltd. (JMF) is one of the prominent financial group, providing the customized range of financial solutions to a range of clients. Like the IIFL and Edelweiss financial services, JFM involves in diversified financial businesses such as investment banking, equity, debt, commodity sales, trading, wealth management,...