Technology

For 1QFY2020, Amber Enterprises Ltd (Amber) posted strong set of numbers given
both on top-line and bottom-line front. Revenue grew by ~65% yoy to `996cr. On
the bottom-line front, Amber reported PAT growth of ~68% on back of strong
volume growth and improvement in operating performance.
Outlook and Valuation: We expect Amber Ltd. to report net profit (reported) CAGR
of ~27% to ~`152cr over FY2019-21E on the back of topline growth of ~20% in
the same period. Considering the Pick-up in Ac demand and in synergies benefits
from its new acquisitions, we maintain BUY on the stock with a revised target Price
of `1,061.

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