Brokerages bullish on Nippon Life after strong Q4 earnings; raise share price target
On April 24, Nippon Life reported its highest-ever quarterly profit after tax (PAT) at Rs 343 crore for the January-March quarter, marking a 73 percent jump from the year-ago period
Nippon Life AMC has rallied over 27 percent so far in 2024
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Multiple brokerages have raised their target prices on Nippon Life AMC stock citing strong growth in Assets Under Management (AUM) and Exchange Traded Funds (ETF), and rich valuations.
HSBC has the highest target price for Nippon Life at Rs 665 while Equirus Securities has assigned the lowest target price of Rs 630. Shares of Nippon Life closed at Rs 581.5 on April 25, falling 0.5 percent for the day
traded over 1 percent lower at Rs 578. The stock has rallied over 27 percent so far in 2024.
On April 24, Nippon Life reported its highest-ever quarterly profit after tax (PAT) at Rs 343 crore for the January-March quarter, marking a 73 percent jump from the year-ago period. Total income rose to Rs 560.57 crore in the March quarter from Rs 388.03 crore in the year-ago period.
Also Read | Their funds make you money; now, their stock is also raking it in. The story of Nippon Life AMC
For the quarter ended March, the Nippon India Mutual Fund’s average AUM was Rs 4.31 lakh crore, up 47 percent on-year, the asset manager said. Nippon Life India Asset Management is the asset manager of Nippon India Mutual Fund.
The company’s market share in the ETF space increased by 135 basis points on quarter to 16.7 percent with its contribution to total AUM rising to approximately 25.9 percent. “We remain confident of the company’s ability to improve its market share further, considering its focused client approach and improving performance of its schemes,” InCred Equities said in a report.
Additionally, the consolidated margin of Nippon Life stood at 62.1 percent, improving from 60 percent a year ago. Margins are expected to see further improvement in FY25, said Religare Broking.
The brokerage firm said that Nippon Life has a strong distribution reach and strategic collaboration with banks, national distributors, and mutual fund distributors. The company is investing in tech enablement to increase it further.
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