![]() JM Financial expects PB Fintech to deliver 44 per cent growth in insurance premium and 59 per cent YoY growth in loan disbursals while it expects while it expects the revenue for Paisabazaar to grow at 71 YoY and Policybazaar to grow at 59 per cent due to base effect and continued rise in insurance and credit penetration. "Ex-Blinkit, we expect core business adjusted Ebitda loss per cent to decline to minus 1.7 per cent versus minus 4 per cent in Q2," it said. It sees the Ebitda at minus 15.4 per cent against minus 11.6 per cent in September. JM Financial said the full quarter impact of the consolidation of Blinkit business will have an adverse impact on consolidated Ebitda loss per cent. Despite pressures on GOV growth, we expect food delivery business contribution margin to remain stable at 4.6 per cent (4.5 per cent in 2Q) while Blinkit business contribution margin should report sequential improvement due to lower per order operating costs," it said. "We also expect strong growth in Hyperpure business (11 QoQ) due to continued focus on expansion while dining-out business is likely to remain weak due to recent product revamp and discontinuation of delivery services to Talabat in UAE. On the other hand, Blinkit GOV should at least see low-teens QoQ growth due to improvement in order throughput of dark stores. ![]() JM Financial expects only 1 per cent QoQ growth in food delivery GOV in the December quarter as it factors in adverse impact of inflationary pressures on discretionary spends, increase in dine-in consumption and discontinuation of Zomato Pro Plus loyalty programme. With management’s focus on improving its operating profitability, we expect its some direct expenses to decline sequentially and employee expenses (excluding ESOP) to be more or less flat which should improve its adjusted Ebitda," ICICI Securities. "With increasing GMV and lending business along with some increase in commerce and business, we estimate 11 per cent QoQ operating revenue growth. Also, 68 lakh of loans and Rs 6300 crore value of loans disbursed through its platform during two months ended November 2022. Paytm also reported average MTU of 8.4 crore. Assuming slight increase monthly run rate of Rs1.1 lakh crore, ICICI Securities has estimated 10 per cent QoQ growth in GMV to Rs 3.5 lakh crore. Paytm had in its monthly update reported Rs 2.3 lakh crore GMV for two months ended November 30, 2022. It sees Ebitda loss declining to Rs 488.10 crore from Rs 537.80 crore in September and Rs 787.90 crore in the December quarter last year. ICICI Securities in a report expects Paytm to report 46 per cent year-on-year (YoY) rise in revenues at Rs 2,125.70 crore compared with Rs 1,456.10 crore in the year-ago quarter. JM Financial said the company continues to expand omni-channel presence and its focus on new initiatives such as eB2B, which it believes will provide a significant opportunity over the next 3-5 years. ![]() With BPC business delivering strong operating leverage and company-wide lowering of fulfilment costs from regional centres, we expect overall Ebitda margin to improve 152 bps sequentially and 21 bps YoY," JM Financial said. "We anticipate Nykaa to deliver 29 per cent YoY growth in GMV and 26 per cent YoY growth in revenue led by strong growth in fashion and new initiatives. ![]()
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