As per my analysis, Profit Before Tax has been trending downward in the past 4 years.
It has dropped from 1400 to 1050 Crores in the past 4-5 years.
Net Profit is also under pressure due to this.
As mentioned in this thread, they are expanding their Agents network and the revenue per agent is not yet up to the mark. So overall except growth in premiums, all other profitability parameters are under stress after acquisition of Exide Life.
It seems that, Management may need more time to show increase in profit parameters. Market may not be happy with this scenario of low or nil growth in PAT, hence Stock price is also under constant pressure.
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