CRISIL
Results inline with expectations
BUY
CMP: Rs 2,140 Target Price: Rs 3,650
CRISIL's CY08 numbers were in line with our expectations. The operating revenues have grown by 31%yoy to Rs5.3bn. The reported net profit at Rs1.4bn has grown by 67.7% yoy. However Q4CY08 performance was moderate on account of slower growth in advisory business, Forex losses and one-time expenditure. The reported operating margins contracted by 266bps yoy and 1,630bps sequentially to 27.4% during the quarter on account of higher employee expenses, goodwill write off and Forex loss during the quarter.
The stock is currently quoting at 9.3x CY09E EPS, The company has declared a total dividend of Rs70 per share (including Rs35 per share interim) reflecting a dividend yield of 3.3%. We maintain our BUY recommendation with price target of Rs3,650.
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