Technology

Outlook & Valuation: We believe broad based and integrated financial
offerings would enable ABCL to take benefit of financialisation of savings. We
expect ABCL’s PAT to grow at CAGR of 49% over FY2017-20E, largely driven by
Lending segment and AMC. We initiate coverage on Aditya Birla Capital Ltd
and recommend a BUY on the stock with SOTP based target price of `218.

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