None of the negatives you have highlighted are actually nengatives.
1- Growing at the cost of margins- Nothing wrong with that. Topline is the most important thing for a business. When a business starts focussing on the margins at the cost of topline, it’s doomed. Growth in topline means market share gain and operating leverage.
2- Relying on HDFC bank- What’s wrong with that? The cross-sell or upsell opportunities are tremendous within HDFC family.
Finally what makes you think they are not growing? Stock prices may not always be a reflection of health of business for several reasons such as valuations or investors’ preference for certain sectors. HDFC Life has traded at very high valuations so far which capped stock prices. But with valuations moderating, stock should do reasonable well.
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