CARE Ratings Q4 Review - FY21 Earnings Beat; Positive Changes Effected: Centrum Broking
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Centrum Broking Report
CARE Ratings Ltd.'s Q4 FY21 earnings were positive.
Revenue was a beat for Q4 and full year FY21 which flowed to the profit after tax that surprised positively.
In-line with management guidance, revenue for FY21 was similar to FY20.
Sales in FY22 would depend on FY22 gross domestic product growth which the company has revised lower from 11.2% to ~9%, due to the second Covid-19 wave.
We see a revenue compound annual growth rate of 13% over FY21-23E.
Alternate businesses may contribute one-third to sales over the next two-three years.
As part of the transformation efforts, the company has hired senior professionals while focus on new technology may lead to cost reduction benefits.
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