Stockrabit · Analysts
Questions across 37 calls

Abhijeet Sakhare

Kotak Securities

ICICI Prudential Asset Management Company Limited

ICICI Prudential Asset Management Company Limited CC-Jul26.pdf · 2026-07-13
Yes, good evening, ev eryone. So, my first question was on the opex. Now just from an accounting point of view when we have the salary hikes for the year, does that get spread out throughout the four quarters or there is a first quarter impact playing out there?
Got it. So, looks like this is like the quarterly run rate. There is I mean ESOP point you had clarified earlier, but even from a salary hike or salary revision point of view, there is nothing in terms of one-off in the first quarter in terms of the normal seasonality as well.

Nuvama Wealth Management Limited

Nuvama Wealth Management Limited CC-May26.pdf · 2026-05-12
Okay. So this was an industry question, taking the lead from your opening remarks. For incumbents, when we think about the ultra -HNI business, it's obviously a compensation problem, but at the same time, like you say, new entrants do not have a large platform as us. But from a client's point of view, how are they looking at all of these new entrants? Are they starting to kind of giveaway part of the wallet share and that's why the industry is kind of getting more fragmented?
Got it. That's very helpful. The second question was -- if you could clarify on the point that you made on the GC LC tie-up. How does it play out? And what are the benefits?
Nuvama Wealth Management Limited CC-Dec24.pdf · 2025-02-03
My first question is just to get some clarity on the asset class mix for both wealth and private divisions, especially pertaining to the ARR assets b etween how much would be equity, listed, unlisted and rest of it?
Got it. Thank you so much. And secondly, a bit of a qualitative question. So, we operate across the spectrum asset management to wealth and capital markets. So , is there a way to quantify what would be, let's say, synergy benefits or what would be the likely sort of franchise value in terms of having everything within the firm? And how much extra revenue do es it create for the overall firms?

Computer Age Management Services Limited

Computer Age Management Services Limited CC-May26.pdf · 2026-05-05
The first question was on the opex line. So the 10% sort of a number in FY '26 is the lowest in 5 years. Wanted just to if you can put this context of how much of this could be deliberate or discretionary expense management given some revenue of headwinds as against some savings, which could be thought of as more sustainable over the medium term? Second question is on the yield, now when we think about the mix effect, so the yield drop that these RTAs take when it comes to passive generally is much more than the yield drop that the AMCs have to absorb. Now how we think of it in terms of really the expense that or the cost that actually go into supporting the passive investments? And if there is a scope for some renegotiation with respect to that? Those would be the 2 questions?
So Ram, just a follow-up on the yield cost -- yield question. One was that because there is a mix effect, there's a hit on the overall yields. Does it allow you in any way to kind of have a stronger bargaining power when it comes to the yield negotiation on the active book?
Computer Age Management Services Limited CC-Aug25.pdf · 2025-07-31
I have just one question on opex. So, this, generally, what we've seen for the last few years is that the first quarter opex is roughly around the 25% mar k as a percentage of overall opex for the year. So, should we assume that to continue this year as well, which automatically implies that the opex number broadly kind of settles at this level? Yes. So, any color on that would be helpful.
Got it. Secondly, the non-MF businesses put together, I mean, there are various ebbs and flows across the business lines. But on a full year basis for the entire non -MF vertical put together, how do you think about this year's revenue growth given the first quarter, how it has panned out for a couple of business lines?
Computer Age Management Services Limited CC-Dec24.pdf · 2025-01-30
The first question is coming back to the yields part. So if it's possible to quantify your comment around higher than usual compression. And putting that in context, I think this 9 month so far, we have seen on a calculated basis, almost like a 5% to 6% compression. So does that mean it's higher than this number is how we should look at next 12 months?
Got that. Moving on to the KRA question. So here, just wanted to understand what would be the mix between mutual fund-related revenues as against broking? Because we've seen, let's say, similar growth in terms of mutual fund account additions in 3Q. But obviously, I think the broking side has seen like a 20%, 25% dip, which is similar to the decline you've also seen on that revenue line. So a mix there would be helpful.

Kfin Technologies Limited

Kfin Technologies Limited CC-May26.pdf · 2026-04-30
My first question is, if you could broadly indicate what were Ascent EBITDA margins in the fourth quarter? And, secondly related question is, the point around the depreciation or the amortization of intangibles, how do we think about the impact coming from there into FY27 and FY28 as well? And secondly, there was also a Labor Code impact that came in the fourth quarter, wherein what you've seen across most of the other companies and sectors is that everything was absorbed in the third quarter itself. So some clarification there would be helpful?
Yes, and then, like when we think about FY28 as a year and then the delta between the EBITDA growth and the PAT growth, would you expect some convergence in the year 2028 between the two numbers?
Kfin Technologies Limited CC-Dec24.pdf · 2025-01-24
It's good to see the progress and the broad -based growth across verticals. So congrats on that. See, I have a question on the new businesses or the new deal wins. If it's possible to get a sense of the overall contract value just so that we are better able to forecast growth going forward?
Got it. Just a follow -up, again, in terms of -- you mentioned on the alternative space, there's a mix of both TA and FA. So is it possible to give a realization across both these buckets?
Kfin Technologies Limited CC-Sep24.pdf · 2024-10-29
Hi. Good morning. Congrats on the numbers, and it's good to see the progress and delivery since the IPO days. Sreekanth, I have a question on the international side again. How competitive are these markets, the deals that you're picking up, especially when you're seeing that these deals are starting to get bigger in size as well? So, s ome flavor on that. And then, secondly, on the same point, how do we see the growth outlook given the current pipeline and what you're able to see in terms of new acquisitions?
Yes, very good. Thank you so much.

Nippon Life India Asset Management Limited

Nippon Life India Asset Management Limited CC-Apr26.pdf · 2026-04-27
Hi, good evening, everyone. My first question is for Chatterjee sir, and first of all, congratulations on the new role as well. Sir, on the SIP again, like what we've seen in the last few months is like you mentioned there was a little bit of a slowdown in net SIP inflows. Just wanted to check here whether you've seen people take money out and kind of take it out of the mutual funds itself or compared to the past you've seen people kind of staying on within the mutual fund ecosystem and moving that money into some of the safer products or let's say at least more exciting products like the commodity ETF. Just, you know, some qualitative sense on that. And secondly, in terms of the Fintech versus traditional channel, you mentioned that the Fintech channel ticket sizes have gone up. So, if you could just give some sense of what is the relative difference in terms of the Fintech SIP book versus the traditional SIP book? That's the first question, sir.
Yes, sir. And secondly, you know, question for Parag sir would be that, you know, what would be the MF revenues in the year 2026?
Nippon Life India Asset Management Limited CC-Feb26.pdf · 2026-01-29
Hi, good evening everyone. My first question was, is it possible to indicate or give some sense of what would be your flow market share in gold and silver ETFs?
Got it. And like in terms of yields, what I saw from AMF I disclosures is that the yields on the gold and silver ETFs, if I kind of combine that book, is probably better than what you get on your equity book. So, the question here was that, as we look into the next few quarters, do we get a sense that it's possible that our yields kind of inch upwards, could remain flat even while the overall AUM keeps growing?
Nippon Life India Asset Management Limited CC-Mar25.pdf · 2025-04-28
Hi. Good evening, everyone. My first question is for Saugata, across your top 3-4 funds which attract highest share of flows , can you comment how recent performance trends would have impacted those numbers. Any stabilization or dip that you are witnessing there or continue s to remain very strong? That is the first question, please?
Got it. And then s ir, secondly, just to follow up , like we used to have very strong Small Cap, Mid-Cap franchise and over the last 12 months , we have tried to divert flows into some of the other larger categories as well, how has been the experience in terms of being able to create the accounts in those categories as against lump sum and the point of view here is that just to get a better handle on stability of flows in for the newer flows that we have been getting in the last 6-12 months?
Nippon Life India Asset Management Limited CC-Dec24.pdf · 2025-01-23
Hi, good evening. See t he first question is again coming back to the commission cuts. Is it possible to give an indication of what would be the basis point impact on the opening book for these two schemes starting 4Q?
Got it. So the way to look at it would be that because these schemes are gathering a lot of flows. So instead of the usual decline in yields, you would probably target the yields to remain flat over the next few quarters?

Aditya Birla Sun Life AMC Limited

Aditya Birla Sun Life AMC Limited CC-Jan26.pdf · 2026-01-22
Hi. Good evening, everyone . My first question was if you could indicate how have been the yields on the fresh inflows that have come up in the last couple of months compared to the overall book yields. And the context is just to kind of check this with reference to your earlier comment that the idea will be to keep the yields intact, right? I mean not just because of the telescopic decline, but also the new regulations that will set in from next year onwards?
Got it, sir. And how should we think about the expense growth for the next couple of years?

Angel One Limited

Angel One Limited CC-Jul25.pdf · 2025-07-17
Sir, my first question refers to the exit quarter operating margins that you are guiding towards. It would be useful if you could also sort of give us what this would imply in terms of the order run rate or, let's say, the MTF book or the broad cost ratios as we get into the fourth quarter? Because as of now, if I just look at what we've done in the last fourth quarter as a base of the expense line, it seems like the ask rate on the top line seems to be slightly stiff. So just trying to kind of get better clarity into the input variables into the operating margin assumptions there.
That was useful. And just to follow up, is fourth quarter really the critical quarter where you kind of take the call on pricing as well if by then, let's say, if numbers don't stack up well? Or do you kind of then move on to the next year, assuming that recovery gets delayed by a few quarters and as a result, pricing action may not be required by the end of the fourth quarter itself?
Angel One Limited CC-Mar25.pdf · 2025-04-17
My first question was -- so I wanted to get a sense of the customers that we've acquired in the recent quarter because this is coming with a new set of -- under a new set of regulations. I wanted to understand if this set is -- this cohort is behaving very differently in terms of activation rates or the first products that they trade with. And a related question would be, how has been the competitive intensity in terms of customer acquisition during this quarter? And second question is just to go back to the previous question to AK, which is that if you could talk about a few areas where he thinks he can make a decent sort of intervention or impact on the current business because he comes with a financial services background plus a consumer background. So Angel in a way kind of is a mix of both. So are there any areas where we can see some major shifts based on his experience?
Yes. That was useful.

CRISIL Limited

CRISIL Limited CC-Mar25.pdf · 2025-05-06
Hi, thank you. Good evening. My first question is on domestic ratings business. Would it be fair to say that over the last two, three years, it's sort of getting more and more towards bond ratings as against bank loan ratings? And if it's possible to give some more color around how's the demand on the bank loan rating side? Are there any structural shifts in terms of lower and lower demand for external ratings there? Subodh Rai: So, I think, to your point in terms of bond market and bank loan market, I think both are growing. That's number one. So, we are seeing growth in both the markets. Now, if you come to the number of companies rated. Bond market side I mean, there's a fair bit of stability. We are seeing more and more companies accessing the bond market. Particularly in the infra space, we have seen a lot of movement. There are a lot of new players from the infrastructure sector who have come to the bond market. If you look at bank loan, at the lowest end of bank loan where typically you have very, very small clients. We have seen that some of the banks have decided that at a really low end like INR 5 crores, INR 10 crores, they may not need a rating. And it's not a trend across the board, but in some cases we have seen. But purely if you look at high level, if I look at industry's revenue, despite some erosion at the lowest end of the spectrum. In bank loan rating, industry's revenue is consistently growing. If you look at last year, it grew at double digit. And if you look at listed companies' revenue this year also, I'm talking about CY24, the growth has been pretty strong.
Subodh, just a follow up, if you could also comment on the pricing aspect of the entire industry as well, especially on the bond market side.

UTI Asset Management Company Limited

UTI Asset Management Company Limited CC-Mar25.pdf · 2025-04-30
I have a couple of data questions. So when I look at the UTI International financials, there is a sharp drop in investment and other income line from ₹ 112 crores to ₹ 31 crores. I wanted to understand if all of this is due to the mark-to-market impact only. And this is in context of the breakup of your own investments, right? When I look at that number, it's close to about ₹ 600 crores. So in that context, that decline in investment and other income seems to be a pretty sharp drop. So some clarification there, please.
And second, again, on the international business, is it possible to share what is the staff count just for this entity?