HDFC Securities: Max Financial Delivers Q2 Margin Beat 
A person holds Indian rupee notes in Pune, India. (Photographer: Dhiraj Singh/Bloomberg)  

HDFC Securities: Max Financial Delivers Q2 Margin Beat 

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

HDFC Securities Report

Despite a difficult environment, Max Financial Services Ltd. delivered an annual premium equivalent growth of 10.4% YoY.

A significant share of non-participating savings in the mix drove margin higher by 320/710 basis points YoY/QoQ to 24.2% in H1 FY21.

We expect the margins to moderate in H2. We expect an FY21-23E annual premium equivalent /value of new business compound annual growth rate of 12.6/15.4% and have adjusted our estimates to build in higher margins.

Click on the attachment to read the full report:

HDFC Securities - Max Financial Q2FY21 Results Review.pdf


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