Gross direct premium income (GDPI) rose 9.3% YoY, positively impacted by P&C; segment (25.7% YoY) and Motor segment (14.3% YoY). PAT grew 6.6% YoY to Rs. 314cr owing to capital gains of Rs. 108cr (vs Rs. 17cr in Q3FY20) and lower claims incurred (-2.3% YoY). Though we may see increase its sales and promotional expenses owing to pressure from competition, we expect the margins to improve from current levels. Hence, we upgrade our rating to BUY on the stock with a rolled forward target price of Rs. 1,591 based on 7x FY23E BVPS....