저자: RaamdeoAgrawal · 외국인
요약 보기
결론: 모틸랄오스왈 1분기 실적이 매출·이익 급성장을 보여 주가가 20% 가까이 급등했으며, 경영진은 장기 목표(ROE 20% 이상)를 재확인했다. 실적 개요: 1분기 매출 약 72% 증가한 365억 루피 내외, 세후 이익 약 179% 증가한 79.2억 루피(전년 28억 루피 수준)로 발표됨. 사업부별 현황: 브로커리지는 시장점유율 확대와 안정적 수수료율로 수익성이 개선됨. 주택금융(Housing Finance)은 2년 반 된 사업으로 자산이 약 4배 성장했고 이번 분기 13~14억 루피 이익을 기록, 성장 여력이 크다고 평가함. 자산운용은 국내 12위 주식운용사 수준이며 손익분기 도달 후 6~7개월로 영업레버리지가 남아 있다고 밝힘. 자기자본 투자(마진펀딩·사모펀드·뮤추얼펀드 투자, 약 7,800억 루피 배분)는 사모펀드 1호 청산에 따른 캐리(성과보수) 수익 50~55억 루피가 실적을 크게 끌어올림. 경영진 전망: 네 개 사업이 향후 핵심 수익원이 되며 나머지 연도도 긍정적이라고 봄. 각 사업의 영업레버리지가 아직 본격화되지 않았고 자본을 투입하는 기회 모두 높은 수익성을 낼 것이라고 주장. 다만 이번 분기 성과에는 일회성 캐리 수익이 포함되어 있음. 시장 맥락: 주가는 장중 고점 근처에서 약 19~20% 상승, 신고가를 경신. 같은 날 브로커리지주 대부분이 강세. 소비에서 언급된 SY옵틱 등 개별 종목은 이번 리스트 대상이 아님. 발언자 개인의 1~3개월 주가 방향 예측은 명시되지 않음. 리스크: 일회성 캐리 수익 의존, 주택금융·자산운용 등 신생 사업의 손익 변동성, 주가 급등 후 밸류에이션 부담.
다듬은 글
okay within minutes from now talking about earnings we will be hearing out from Ram Agarwal as well as Mr Mo lwal as well and highlight how their quarter has been remember the stock price has been making fresh highs and brokerages as a cluster in any case has been holding out very well so would be interesting to gather their perspective on the quarter gone by and more importantly what sort of trajectory they uh foresee for their earnings in the future quarters as well that's Modi lpan trade for you holding at that 500 Mark 19% Sy optic is what you're seeing on this one this has been one steady performer like I said it's already managed to strike a life high for itself yes indeed it has so focusing on what exactly the management will will uh in fact guide uh with respect to their numbers as well as what the Outlook is going forward today by the way is a day where most of the stocks from The Brokerage space are holding out fairly smartly uh but those are some of the highlights robust income The Profit growth also has been fairly strong for moal oswal in the quarter gone by and the stock is really paying heat to that as we speak it's currently up by good 19% that's no small feat uh for a stock so clearly holding out fairly well just walk you through the review the home finance division contributed the most to the strong Revenue growth in the quarter gone by the total income was up almost 70% at 351 crores The Profit performance very healthy this came in at 79.2 cror so a very considerable bump up from the other from the last year's 28 crores that it delivered so profit performance has been exceptional 178% higher let's cut across to announce the first quarter result of the year 201617 uh our revenues have grown uh very Hefty at about 72% uh to 365 crores uh uh profit offer tax is uh up by about 179% to about uh 79 79 crores uh all the businesses were in good shape and uh simultaneously all of them they grew we have four segments of the businesses the biggest uh and the oldest is uh broking uh which did well uh we gain market share in this particular quarter and yields remain very stable so uh because of massive operating leverage in this business the uh the there was a good pickup in the uh you know profitability in this particular segment second uh Housing Finance uh which is just about 2 and 1/2 years old business uh this has grown very rapidly almost at four times in terms of asset and in terms of even profits but this business again uh is going through uh using uh uh operating leverage because initially when you start the business there's a lot of fixed cost and now uh we are uh we are we are well above break break uh break even and uh we made last year about 40 CR profit this year in the first quarter itself we about 13 14 cres of the profit and this is where I think a lot of growth is going to come from third business is the asset management uh which has also done uh quite well I would say and we have become about uh 12th largest uh Equity manager in the country and uh here the assets have grown at about uh uh uh our Equity assets are going about ,000 crores of total assets yeah so that has also grown quite well and there again we have a lot of operating leverage in fact this business got uh it broke even only uh I think fourth fourth quarter of last year so it's just about 6 or 7 months of break even so we have lot of operting Leverage left in this particular business and it's growing well and then fourth and the last is the uh fund based business that is uh your margin funding then U our own investments into private equity and uh uh uh mutual funds uh it's about uh 7 800 cres into this uh uh allocation from the balance sheet so that's a residual business but it's a very large part of the balance sheet and uh this quarter is very very positively impacted by the carry carry uh income which we got apart from our regular income in the form of our first fund first private Equity Fund being uh liquidated because the end of the end of the term is coming uh about 50 55 CR we got it from there so all in all it was a robust quarter and uh going forward it looks the see this what what is happening in this company's result is not a fluke it's not uh of course all of them coming together is a kind of a coincidence and uh some amount of uh uh luck is there I can say but uh it's part of the design we built uh this three four businesses uh in a structured fashion and uh uh the the results are coming through all the businesses are successful at this lure few more business are under construction but these four are going to be the in the four sale Future these four business are going to be main revenue and profit contributor and uh rest of the uh rest of the year also looks to be promising anything you want to say yeah that's it I think each of our businesses have significant operating leverage uh and I think we are waiting for some of those to pan out over the years I think this is the first year where You' have seen some of our investment go through uh the operating leverage that you've seen so we remain hopeful I think the size of the opportunity in each of our businesses is pretty large and I think we have established our competitive positioning and our right to win and I think now we are looking to scale this up to much more meaningful levels I think a combination of all of these uh initiatives and businesses will help us move towards our long-term goal of a 20% plus sustainable Roe I think every rupee of capital now is invested into opportunities which can give us that each of our agency businesses are now geared to you know scale up on the opportun that remains before it so I think overall a combination of all of this has helped and has translated through the results in this quarter and we remain hopeful about the prospects of all our businesses in the foreseeable future thank you thank you thank you okay that's the word coming in from the moila management the stock at the day highs a 20% uptick is what we've seen a strong reaction coming to its earnings and can't wait to chat with ram agal himself and get in a sense of what the future really lies a very confident commentary but within minutes from now we will be speaking with the management ourselves but take a look at what the rest of the market has been up to while it may be a quiet day for the Nifty but clearly all the action is in the midcaps today so let's get you a word then from Sanjay MIM India Equity strategist at Bank of Amica
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