So, first question is on the product mix of the agency channel. I am seeing the sharp decline in the contribution of non-par savings from 40% last year to 21%. So, what explains this? And going forward, like, can we see the shift in the product mix that will support the margins also? And second is on the GST cut, the changes in commission structure. So, just wanted to know that if changes are communicated to distributors, whether it will be the similar type of cuts for all the distributors or it will be aligned to product mix? Like, if a bank is doing more of ULIP, so the cuts will be on the higher side.
Questions across 8 calls
Gaurav Sharma
HSBC
HDFC Life Insurance Company Limited
HDFC Asset Management Company Limited
Yes. Thank you for taking my question. Sir, again harping on this SIP. So, while we understand that the gross inflows have been st eady for you as well as the industry. Just wanted to understand whether segmentally is there any change like those have been moving towards the flexi cap and large cap more from the mid cap or small cap in the last six months, if you can provide some color around that? And the second one is related to this specialized investment funds. Any timelines or any further communication you have received from the regulator when we can expect the launch of these funds? These are my two questions.
Understood, sir. Those are my only questions. Thank you, sir.
CREDITACCESS GRAMEEN LIMITED
So, two questions. One is, s ir, we have seen that you have increased your branches, but in the number of employees, we have seen that they have decreased from the last quarter. So , what explains this divergence? That is number one. And second, sir, you have mentioned in the medium term that the share of retail finance would be around double digits. And given your target of INR 50,000 Crore, so do you think you will be growing these segments more aggressively and their share may increase in medium term or you will stick to your previous guidance over the share of this retail finance portfolio?
And sir, the hiring for these additional branches has already been done or it will come in the, like, the Opex.
Mahindra & Mahindra Financial Services Limited
Am I audible?
Yes. Thank you for giving me an opportunity. Just one question on your rural housing book. Sir, the GNPAs has been higher since long, although it has decreased on a Y -o- Y basis, but it increased on sequentially. So, what are the action plans you are taking to improve the credit quality in those segments?
Home First Finance Company India Limited
Yes. Sir, my question is on the disbursement side for LAP segment. So, LAP segment in disbursements will grow at a similar rate of overall disbursement or it will grow faster in FY '25. Can you do some color around AUM growth guidance?
Yesterday, one of the HFCs mentioned that they have slowed down their disbursement through co-lending as they received some intimation from NHB that a minimum certain threshold of their loan has to be maintained in their own book. So, just wanted to under stand whether you have also received such instruction like this and if yes, can you please elaborate on that?
Capri Global Capital Limited
So a couple of questions, Sir. A couple of NBFCs mentioned in their results that they are slowing down their co -lending disbursement in housing finance as they received some directions or formulas from NHB to maintain certain threshold of home loans in their own book. So, they are slowing down their co -lending disbursement. Just wanted to know whether you have also received such directions from NHB to slow down co -lending disbursement. That is question number one. And second, Sir on the margin outlook, you have seen a 40bps compression in margins. So where do you see that further going in FY25? And what will be the key drivers for sustainable margins?
Sir, on the margin outlook, so how can you protect margin s going forward? And what will be the key drivers?
Bank of Maharashtra
Just a small question on fee-based income so we're just observing a decline in the fee-based income sequentially by 10%. So, just wanted to understand the reason in this quarter you have taken some conscious call, or you have received some directives from our regulator to go slow on insurance or mutual fund-based income because I think in insurance r ecently the EOM guidelines have revised and insurance has said that they have increased the commission, j ust wanted to understand the reason for this declining sir?
Sir, on this revision of expense of management guidelines by insurance, have you seen an increase in your commission cost from the insurance company?