ICICI Direct's research report on Bajaj Finserv
Bajaj Finserv reported gradual revival in lending business, while insurance business continued to show healthy performance, though sequential run rate witnessed moderation. Consolidated top-line came at 9.6% YoY at Rs 15960 crore, improved traction sequentially but still lower on YoY basis, due to moderation in lending business. Led by improvement in PAT in insurance business, consolidated earnings came up by 14.6% YoY to Rs 1290 crore.
Outlook
We maintain our target at Rs 10500 per share based on SOTP valuation, implying a multiple of ~22x on FY23E consolidated earnings. Hence, we maintain BUY.
For all recommendations report, click here
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