Despite short-term impact on profitability due to pandemic, company's improved visibility in new business growth opportunities supported by strategic ability to focus on higher margin products keep long-term growth prospects intact. Hence, we reiterate our BUY rating on the stock with a revised TP of Rs. 736 based on 2.6x FY23E EV (Rs. 40,671cr). Improved product mix delivers growth Q1FY22 Gross premium rose by 19.5% YoY to Rs. 6,870cr, whereas net premium income increased 18.9% YoY to Rs. 6,602cr, primarily driven by robust growth in...