Congratulations on a good set of numbers. So just two questions. Firstly, we have seen a...
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Questions across 39 calls
Lalit Deo
Equirus Securities
Central Depository Services (India) Limited
Computer Age Management Services Limited
Good morning sir. Just two questions. Firstly, for the non-MF business, could you give us what would be the overall EBITDA margin in this particular quarter as we have already highlighted that it was around 12%, just wanted to understand that? And how are we tracking in terms of different sections?
Actually, just lastly, on this insurance segment, within Bima Central, we have added Tata AI as the fourth insurer over there. I just wanted to understand, what should be the broader economics over there, how do we make money in this segment?
Good morning sir. Just two questions. Firstly, for the non-MF business, could you give us what would be the overall EBITDA margin in this particular quarter as we have already highlighted that it was around 12%, just wanted to understand that? And how are we tracking in terms of different sections?
Actually, just lastly, on this insurance segment, within Bima Central, we have added Tata AI as the fourth insurer over there. I just wanted to understand, what should be the broader economics over there, how do we make money in this segment?
Nuvama Wealth Management Limited
Sir, two questions. So , one on the Asset Services itself. So in this particular quarter, we have seen some 17% decline in the AUM. what led to that? And also the retentions are like high. Earlier, we were guiding like the retentions on a steady-state basis should be around 1.8%, so is this the new normal?
Right, sir. Secondly, could you also break up the cost between the asset services and IB & IE business.
So just two questions. Firstly, on the lending book, sir, as you mentioned that we have reworked on the model, we have reworked on this segment. So just wanted to understand like, what would be the desired levels of the lending book which we are looking to grow in FY '26 and FY '27? And similarly on the yield side, so there, we have seen that the NIMs have come under pressure in the loan book to around 5%. So, what would be the steady state for FY '26 and '27?
Sure, sir. And sir, just on the asset management side. So, when we're looking at a growth of around INR4,000 crores of net flows in public market, around somewhere between INR7,000 crores to INR8,000 crores of net flows on the overall side for FY '26. So, in terms of cost income ratio, so currently we are at a level of 130%. So, by when one should expect to achieve breakeven in this business?
Congratulations on a good set of numbers. Firstly, so in the clearing business we saw some yield pickup in this quarter. Now that could be majorly on account of that movement of self-clearing, but I wanted to understand more on that and like how that yields have increased. Secondly, so like you mentioned that we are building our presence in Dubai and Singapore. So just wanted to know like how many RMs over there we have recruited and what is the growth plan for the next 2 to 3 years?
Sure, sir. So, as you said about the yields. So, like going ahead should we see that yields in clearing business to be in excess of 150 basis points or should that revert back to 130-140 basis points of fee?
Thank you for the opportunity.
So sir I was looking at the net new money. So, we have done very well in this quarter and in H1, but if we just calculate the MTM gains in our AUM book, so there we are seeing some softness over there like on the overall MPI S assets as well as the ARR assets. So, just wanted to understand the broader mix of those piece like how much is being contributed from the equity side, how much is it debt and what is the overall composition?
Nippon Life India Asset Management Limited
Congratulations on a good set of numbers. S ir, the question was on the yield side as well. So, like on the ETF side you mentioned that yields have stood at around 17 basis points. Now in last quarter, it was around 15 basis points. So, like any particular reason why we have seen an increase in the yield on the ETF side? And secondly, on the equity book as well. So, now this 2 basis points of compression. So, like this is probably like as we are mentioning that the yield decline is roughly going to be around 2 to 3 basis points on an annual basis. But over the last 15 to 18 months, the yield compression has been slightly higher. So, is it mainly because of the higher payout ratios to the distributors? These are the two questions.
Yes. Sure, sir. And sir, just lastly on the new asset class, this SIF category. So, I just wanted to understand this sharp in the new fund, which is in the pipeline, with the long/short equities. This will fall under this SIF category, right? Or this is the AIF piece?
Congratulations on the good quarter. Sir, just 2 questions. Firstly, on the SIP flows. So we have gained about more than 50 basis points of market share on a sequential basis. I just wanted to understand, like which of the categories we are seeing a huge improvement in the SIP flows. And also you can talk -- could you talk about the different channels where we have been gaining market share?
Sure, sir. And second, on the yield side. So our calculation suggest that revenue yields have broadly been remained stable on a QoQ basis in the standalone business. But despite the strong growth in the overall AUM. So could you give us the segment -wise yields like have you seen any pressure on the -- across different segments?
Kfin Technologies Limited
Sir, just one question. So when we have highlighted tha t the yields in the domestic business is likely to remain stable for the remaining part of the year. So just wanted to understand the EBIT -- margins also in this business. So in this particular quarter, it has dropped to around 55% unlike the previous qua rters of around 59% to 60%. So would we be back to that similar levels of around 59%, 60% in the coming quarters? Or is this the new normal of around 55%.
Aditya Birla Sun Life AMC Limited
Hi Sir, good evening. Firstly, on the yield side, could you give us the segment -wise yields across equity, debt, liquid and passive side? Second question was on the employee expenses. So, like this quarter, we have seen some sequential decline. So, could you tell us the reasons why there has been a decline in the employee’s expenses? And how should one look at it for the whole year? And lastly, just a clarification, when we say that the overall net sales in this quarter have been higher than the full year -- has higher than FY25. So, this is only for the equity segment, or this is for all the segments?
So how should -- when we look at it like for the whole year, sir?
I just wanted to confirm, firstly, on the debt side, could you classify the overall yield on the debt size? Was it 23 basis points?
Sure sir. Also, one more data-keeping question was asked, could you quantify the SIP AUM as of December end?
Hi Sir, good evening. So, just two questions. So, I just wanted to ask if we exclude the revenues from the non-MF business, then broadly our yields have remained stable and at the same time, our share of equity AUM has slightly inched up. So, just wanted to understand the segment - wise revenue yields over there.
Sure. Sir second question was that on , in the SIP flows, so while the industry has grown at a much faster pace and like we have grown on an absolute basis, but in terms of market share, we have lost some market share over there. And at the same time, where we are seeing some improvement in the scheme performance. So, what would be the reasons for us that is lower growth as compared to the industry growth in the SIP flows?
HDFC Asset Management Company Limited
Congratulations on good set of numbers. I have just two questions. Firstly, like in the previous quarter, you mentioned that we have seen some higher disclosures on the STP side of it. We just wanted to check how is the current trend over there? Like, have we seen some stoppage in the closures rate over there or not? Just some comments over there. And secondly, like on the alternative side, we have seen some good jump -up in the overall AUM from around INR5,100 crores to around INR6,000 crores. So, what has led to that sharp increase? And what kind of yields do we make in that segment, currently?
STP, sir.
Yes. Hi, sir. Congratulations on a good set of numbers. So just two questions. One was the non -cash charge which you're talking about in the employee expenses. So right now we have the existing plan which is going on and for the next full year, do we have any new plans which are there in the pipeline, in terms of outlook on the non-cash charge?
Okay. And so just lastly, when you're talking about in the systematic transaction, so can you just give us like how much would be the SIP book and how much would be the STP book on a qualitative basis?
Congratulations on a good set of numbers. Sir, firstly, on the yield side. So just wanted to understand the rationalization which we have done. So, is it across all the equi ty schemes? Or is it like towards any 4, 5 certain schemes? And also, on the distributor side also, like is it across all the distributors community or is it to any particular channel where we have tried to rationalize the commissions?
Sir, the other question was in the alternative space. So, if you see like on a sequential basis, there has been a decent jump in the overall AUM as of now. Like it has grown from around INR2,400 crores to INR4,800 crores i n the last 6 months. So, what is the progress over there? And what is the kind of revenue which we are getting over there?
UTI Asset Management Company Limited
Sir, just 2 questions. Firstly, on the international side. So we have seen some decline in the AUM side of it. So is it majorly on account of the M-to-M losses? And how should we look ahead for FY '26 and FY '27 in the international business?
Sure, sir. And sir, on the employee side, so we have seen some additions in the employees in this particular quarter. And also on the employee expenses, like on the stand-alone side, we have seen some decline for this whole FY '25 on an annual basis. So how should one read into it for FY '26 in terms of cost as well as new headcount additions?
First question is can you give us your s egment wise yields, revenue yields for quarter-on- quarter basis across equity, debt & ETF? Second question was more from the flow perspective. So, again in this quarter we have seen some outflows in our core equity scheme. So, if you could give us some color on the gross flows as well as some color on the outflow redemption side also ? And the third question was on the expenses side. So, how should we see our employees expenses for this year as well as the next year?
Anand Rathi Wealth Limited
Sir, I have two to three questions. Sir firstly, in this particular quarter, we have seen that the other income has increased materially. So what were the reasons for the same? Second, with respect to the guidance, which we have given for FY26. Now if you just calculate it, then what we find is that the -- to achieve the PAT guidance of about INR 375 crores, the EBITDA margin has to increase materially to 44% to 45%. So there has to be some operating leverage, which has to be taken. So can you explain those areas where we are looking to increase the operating leverage?
Sure sir. Just wanted to ask, sir, these investments are related to the investments in the equities as unlisted equity shares? Or is it more towards the derivatives that...
Congratulations on a good set of numbers. So sir, first question was broadly on the industry front. Like we have been hearing that a large AMC has tried to cut the distributor payouts on the back book of AUM. So have you received any such kind of intimation? And just a follow up on this, like in such cases, like how should we see to it that our yields remain constant in this scenario?
And secondly, sir, just like -- so while the net flows in the equity mutual fund have remained steady, but it has declined on a sequential basis, whereas on the -- in the industry front, like if we look at the equity flows in the equity mutual fund, so they have remained elevated, they have increased also like on a sequential basis. So like anything to look into it, like why has been there a decline in the net flows on a Q-on-Q basis, I would say.