Rating BUY
Price Rs270
Target Price Rs797
Implied Upside 231.9%
Sensex 14,042

Large increase in membership revenue: CCIL’s aggressive expansion plans in terms of acquiring properties and offering comprehensive range of products to its clients has helped the company to grow at CAGR of 210.8% over last three years to Rs3.18bn in FY08. In FY08, CCIL added 37838 members to its existing ones and increased its total membership to 155483. CCIL spent about Rs3.83bn in FY08 for acquiring properties and refurbishing the old ones. The spent-per-head (SPH) grew by 33.5% to Rs3318. But SPH is still a small amount (on absolute basis) on the base of average membership revenue of Rs70600.

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