Name: Latest research reports of Max Financial Services Ltd. authored by Motilal Oswal and published by - Trendlyne research reports.
Item: Max Financial Services Ltd.
Rating: 3
Author: Motilal Oswal

Steady performance; VNB margin beats our estimate

Neutral: Max Financial Services Ltd.

Motilal Oswal

MAX Financial Services (MAXLIFE) reported a decent performance in
4QFY24. Total APE grew 13% YoY to INR28.7b (14% beat), while absolute
VNB rose 7% YoY to INR8.2b (18% beat). VNB margin contracted 170bp YoY
to 28.6% (vs. our estimate of 27.6%)