ICICI Securities: JM Financial - Measured Growth, Low Risk Tolerance To Aid Navigate The Cycle Well
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ICICI Securities Report
JM Financial Ltd.’s Q2 FY21 earnings beat our expectations primarily due to strong momentum in fee-led investment banking, wealth management and securities business revenues (up more than 40% YoY, double QoQ).
Lending/asset reconstruction company continued to be modest given weak real estate sentiment and non-conducive resolution environment.
In wholesale mortgage lending, collection efficiency improved to 81% during the quarter and the company expects negligible restructuring.
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