PB Fintech Q4 Results Review - Insurance Led Growth While Credit Remained Muted: Dolat Capital

"NDTV Profit’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 NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.PB Fintech Ltd. reported rev. growth of 25% YoY (our estimate: 15.5%) led by Core insurance biz., up 36% YoY, while revenues in credit biz were flat QoQ. Adjusted Ebitda margin expanded 183 bps QoQ to 6.3% (our estimate: 5.7%) as it saw moderation in costs in the core business (up 290 basis points YoY and 320 bps QoQ). Management anticipates sustained weakness in credit biz. in Q1 FY25, projecting a 0-10% YoY growth due to scaling back of unsecured loans. With 16% of revenue witnessing uncertainty, we have scaled our growth estimates. We tweak our FY25/26E EPS estimates by -2.2%/-10.7%, as we expect moderation in growth to slow down PAT recovery. Insurance segment continues to do well, but we believe that upside is well captured in the price and does not bake in the risk of growth moderation. Thus, we downgrade to ‘Sell’ rating (Buy earlier) with target price of Rs 1,100 which implies eight times on FY26E enterprise value/sales, from the recent sharp run up in stock price..Click on the attachment to read the full report:.Bharat Forge Q4 Results Review - Operating Performance Inline: Dolat Capital.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

PB Fintech Q4 Results Review - Insurance Led Growth While Credit Remained Muted: Dolat Capital

PB Fintech’s insurance premium grew by 43% YoY led by strong growth across all subsegments taking revenue up in Core insurance biz by +36% YoY

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PB Fintech Q4 Results Review - Insurance Led Growth While Credit Remained Muted: Dolat Capital

PB Fintech’s insurance premium grew by 43% YoY led by strong growth across all subsegments taking revenue up in Core insurance biz by +36% YoY

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