Max Financial Services Ltd., incorporated in the year 1988, is a Mid Cap company (having a market cap of Rs 36569.24 Crore) operating in Financial Services sector.
Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 5943.14 Crore, down -39.11 % from last quarter Total Income of Rs 9760.31 Crore and up 7.72 % from last year same quarter Total Income of Rs 5517.32 Crore. Company reported net profit after tax of Rs 35.81 Crore in latest quarter.
Investment Rationale
The VNB margin declined to ~19.7% in 1QFY22 (v/s 24% in 4QFY21), largely affected by seasonality due to the drag from operating cost and rising ULIP mix. Overall, the brokerage expects the VNB margin trajectory to remain stable and estimate a 21% CAGR in APE over FY21–23E. This would enable a 23% VNB CAGR over FY21–23E.
Promoter/FII Holdings
Promoters held 14.7 per cent stake in the company as of June 30, 2021, while FIIs held 26.3 per cent, DIIs 50.7 per cent and public and others 8.2 per cent.
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