Stockrabit · Analysts
Questions across 8 calls

Harshit Toshniwal

Premji Invest

Piramal Finance Limited

Piramal Finance Limited CC-Apr26.pdf · 2026-04-27
Yeah, the question was two-pronged, sir. So one was on the other income - fee income for the Growth business itself. So you mentioned the statement about some change in arrangement with the life insurance partner, but like if in general I look at that number as a percentage of our retail growth AUM, that's now I think 0.5 for 4Q. And obviously there was some amortization impact which was also going on, if I'm not wrong. But where we should look at this number because given our asset mix, ideally an 80 -90 basis points, 70 -80 basis points is something which is not unreasonable?
Got it, And the second question was that right now we are standing at 2.1% on the Growth AUM and this is with 1.5% credit cost. And probably if we plan to end FY27 with 2.5 %, then just trying to marry these two facts that our credit cost in general you said that should be 1.9% to 2% as a steady-state one, which is 40 basis points higher than today's number. So, are we expecting FY 27 credit cost to re main benign because of probably, for whatever reasons, or do you think that it's the margin and the cost levers and fee income levers etc etera which is helping you stick on to the 2.5% number? Because the 4Q, 2.1% is on the help of that 40 basis points lower than sustainable credit cost.

PNB Housing Finance Limited

PNB Housing Finance Limited CC-Oct25.pdf · 2025-10-27
Hi, sir. Firstly, congratulations for managing the transition so well. I think the question was more regarding the disbursement growth, sir. So, clearly, wanted to understand that if I look at the affordable segment, even though our disbursement growth y-o-y looks north of 20%, but at the same time we have also expanded the branch count from 160 to 200. So, basically, disbursement for branch, despite branch increasing, hasn't happened a lot this quarter. So, if you can just explain, is it because in the transition phase, we want to go slow, and we should expect the disbursement growth in general to be a bit more moderate in the next few quarters, till the Management is fully transitioned, or you think that it's a reason of the maturity itself, and then it's natural to expect a low disbursement growth because of the market's condition?
Going ahead. So, I think even on disbursement per branch, ma'am, on a y-o-y basis, the number didn't grow. So, was more asking that since our branches are seasoned, shouldn't the disbursement per branch should have shown a better result in Affordable?
PNB Housing Finance Limited CC-Mar25.pdf · 2025-04-28
Hi, sir, congratulations on good set. The question is the cost of funds this quarter so, I think when we look at the sequential decline, is it that a lot of the cost benefits is passed on or what has led to this decline if you can help us know? And given our mix, if you can help us that within the bank loans, how much would be MCLR link ed and how much would be repo EBLR linked? And if you can also help that, how should we expect the cost of funds to pan out next year?
Sir, just on one thing, I think when we look at this 40%, maybe I think 50 basis points reduction if I take then I think 20-25 basis points of reduction in my overall cost of funds can be from this and on the public deposits also there should be. So I am just wondering that when you are saying 15 basis points reduction on a full year basis, are we being conservative here?

Aditya Birla Sun Life AMC Limited

Aditya Birla Sun Life AMC Limited CC-Oct25.pdf · 2025-10-24
Thank you Sir. Happy Diwali. I have two questions. One is on the SIP piece itself. So, I got some part of your explanation, but if I look at the SIP just in terms of the market share, then we see a sharp dip versus last quarter. It has moved from 4.1% - 4.2% to 3.6% - 3.7%. Now, it's probably the older, the redemptions might be lower, but do you think that it in the newer SIPs getting created, our market share is negligible compared to the 3.5% we have on the overall flow? What can that be done to address that? Because despite the performance has started to improve, but that reflection in the SIP number is not there. The second one was on the yield, sir. On a like-to-like basis, if I look at the equity yields, then probably I think we would assume that, around at least, back calculations suggest around 2 to 3 basis points yield decline. If you can help us know that, is there anything particular which has changed in the distributor commission or the slabs which has led to that number? So, these two questions.
Sir, if I can just ask one thing on this. If I understand correctly, you are saying that on a gross basis, our share is improving, but there are certain redemptions which have been keeping the net share low. If I can also ask, are these redemptions from, say, more than a 5-year holding category, or are these redemptions from any particular channel? I am just trying to see that; do you see a sunset period by which, probably that higher redemption class will lower?

Aavas Financiers Limited

Aavas Financiers Limited CC-Jun25.pdf · 2025-08-12
Sir, I just had one question to understand it better that there would be a point of time from which we would have changed the disbursement recognition, say, somewhere in the start of the 1Q, if I assume. Then am I right in the assumption that our 2Q number will be higher than a regular because there will be some flow -through from the end of the 1Q flows and 2Q will remain the way it is? And in that context, should we assume that if you say, for example, look at the H1 disbursal post 2Q versus the H1 disbursal last year, then it will be a like -to-like comparison itself. And am I reading it right that it's just a Q1 disbursal shifting to Q2, that is the only impact of the change and H1 versus H1 will be same comparison?
Understood. So, sir, just on the July number, which you said Rs. 600 crores, then…

Cholamandalam Investment and Finance Company Limited

Cholamandalam Investment and Finance Company Limited CC-Mar25.pdf · 2025-04-28
Yes. Sir, this is on the assignment income. So, we had that last quarter, and we also have it this quarter. Just wanted to check that is this now a consistent strategy going forward that we will do some assignment because this is something which we have been doing only in last 2 quarters?
Got it. Sure, sir. And sir, on the Vehicle Finance, I think the guidance you mentioned that we would want to increase the disbursement growth to maybe 15% to 20% from the 12% Y-o-Y we saw this year. But if you can give some color as to what segments you want to focus this year, where do you see the green shoots? And in the context of economic recovery also, are we building some of that into our guidance?

Mahindra & Mahindra Financial Services Limited

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Sep24.pdf · 2024-10-23
I think on that Ban ca channel part itself, clearly that base effect fatigue is something which we saw probably this year in 10% YoY growth. But I just had two questions. One is that when we see this year, would it be good that at least from life insurance perspective, SBI Life perspective, that this is a year of reset of the base? But that 15%, the ability of SBI banks to be able to grow 15%, that still remains there. Or do you think that the base is becoming large incrementally every year to justify a 10% to 12% kind of a banca growth? That’s the first question. And the second part is, so insurance as a product to what we have seen is that needs that physical element of understanding physical push. So, to that extent, do you think that so high focus on YONO, at least for a product like life insurance, can that lead to the CIF’s distraction in terms of the ability to cross-sell their targets? If you can throw some light there from their KRA perspective, how have things changed versus a YONO distribution or selling through YONO or selling through a normal Banca channel? Is it the same for them or are they incentivized more if there is a KRA difference between the two channels per se? But I think the first part also if you can also help that if this 10% is a one -off as a reset of the base or the ability of bank to grow at this base is 10%-12% itself?
So, one part itself so rry to interrupt that when we say a product like ULIP, PAR, non- PAR, I agree that the penetration is low, but these are in a way pseudo financial products cum insurance products, a mix of both of the coverage. Now in that case, that under penetration story has been there, but I am just thinking from the ability of the CIF to be able to do volume because to be very fair, we are at volumes which are exceptionally large. Even at Banca channel, the APE numbers of 13,000 crores, 14,000 crores per year is something which is very large. So, I just want to understand that from a practical viewpoint, should we have that expectation of the bank to keep running at 15% or internally we should moderate that to a rightly more modest number which is more sustainable?