JPM on Angle One ; OW, TP Rs 370

• 2Q PAT improved +58.2/44.8% YoY/QoQ, coming in 7.5% above JPMe. Despite flattish adj. revenues (net of interest) at Rs 12.84bn, profit held up as IPL expenses were not incurred in 2Q (1Q had IPL expenses of Rs 1.37bn). • Gross broking revenues came in lower by 9.5% QoQ to Rs 7.8bn, mainly due to lower order numbers (due to CAS impact and lower volatility). • Order numbers were up 1.8% YoY but down 10% QoQ, coming in at just 367mn. • Other revenue line items continued to do well as interest income scaled up 34.4/9.2% YoY/QoQ to Rs 5.1bn on the back of a strong buildup in average MTF book, which grew 40.5/21.5% YoY/QoQ to Rs 74.6bn and ended 2Q at Rs 82.1bn (+38/14.8% YoY/QoQ).

ONE POINT ONE SOL LTD

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