Stockrabit · Analysts
Questions across 20 calls

Madhukar Ladha

Nuvama Wealth

Central Depository Services (India) Limited

Central Depository Services (India) Limited CC-Nov25.pdf · 2025-11-03
Congratulations on a great set of numbers. So first, I wanted to understand on the online data charges thing. I think one of the competitors also made a remark which implied that the number of fetches a mutual fund would require to do from a KRA would reduce. I did not really understand the full context and what's happening over there. So, I wanted to understand what's the discussion and why if the fetches would reduce from KRA agencies? So that's my first question. Second, on the annual issuer charges, I wanted to understand the split between onetime charges. So, I believe that you do charge a onetime sort of processing fee when you admit unlisted companies. So how much is that? And what is the onetime charges that you have charged in this quarter? And also the listed companies, which are getting sort of listed in this year. During this year, we are seeing a lot of listings happening. I wanted to understand in what form I understand that how the revenue will build up for these companies in FY '27. But I wanted to understand in FY '26, how do we build them? So yes, these would be my two questions?
Got it, sir. Got it.
Central Depository Services (India) Limited CC-Dec23.pdf · 2024-02-07
Hi, good evening and congratulations on a good set of numbers.
Sir, I wanted to understand just this one thing. There are a lot of new SEBI initiatives, especially on instantaneous settlement, I'm not sure whether this question was asked earlier. But any thoughts on or any sense on how the revenue model will change? That's question number one. And question number two, what would be the likely additional sort of expenses that we would need to incur for this? And what are the current timelines on this? And you could conceptually sort of help us also understand right now, for example, the settlement happens at the end of the day or T plus two is when the shares get debited. So how will it work in that in the new sort of revised framework?

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-Nov25.pdf · 2025-10-29
Hi. Morning, everyone. One, this quarter I see quite a bit sharp increase in commission ratio. I know part of the impact is also because of 1/n, but also absolute number has been higher than what I expected it to be. So, I wanted to understand what is really driving this? Is it that we are paying more upfront or long term policies or is it the impact of GST? Second, how are we managing the GST impact in the interim until we sort of reprice the products? I believe that we will probably require up to 3 %-3.5% sort of a repricing to fully absorb the ITC impact and so that our commission structures are unchanged like pre -GST. But that repricing will probably take some time. So, how should we think about the interim period profit ability or hit on combined ratio?
Just a follow-up, what is the sort of GST impact that we felt in September? I understand even in IFRS accounting, because ITC is not available, even there, while there is deferred acquisition cost, the acquisition cost has gone up. So, how should you look at it in terms of commission ratio, even over there? Maybe if you can explain both IGAAP and IFRS, it will be helpful.
Star Health and Allied Insurance Company Limited CC-Dec23.pdf · 2024-01-31
Congratulations on the good performance. First, on coming back to the retention question, so there is definitely some rethink here, right, because your retention has reduced, you were doing about 95% and now it is at around 87%, so what has driven this? And I wanted to get some sense because of this your NWP has actually grown only 7% this quarter, right, so would mean that this trend sort of continues, what should we expect our NWP growth to be like because that is what will ultimately flow into NEP? Second, I also noticed that your expense ratio has gone up to about 19% this quarter and obviously Commission ratio has been aided by some Reinsurance Commission that you have got, so why are the expense ratio elevated? And how should like a normalized sort of Commission ratios look like? So, these would be my two questions I will come back with any follow up.
This is helpful. And finally, I just have one more question on your investment income , so the yield has shot up in this quarter, is it because some capital gain booking has happened in this quarter? Is a result of that or? What is going on with that?

Computer Age Management Services Limited

Computer Age Management Services Limited CC-Sep25.pdf · 2025-10-29
Hi, sir. Congratulations on the good set of numbers. My question was more on the non-MF side of the business first. So, this whole CAMS-KRA, we have seen a good rebound over here and I think in your presentation, you mentioned that you added 38 plus sort of new clients and which are primarily non-MF. So, I want to understand which is the client category or which type of clients are getting added over here? Second, of the KRA revenue, how much of it will be sort of new account creation and how much will be fetch numbers? And then finally, on the rate that we get for a new account creation fetch, can you give some color on that, what are the rates there and what is the comparative pricing and what are the total number of records that we have? So, that is on the KRA side. And second, now in light of this, again, discussion paper by SEBI which came in last evening, there seems that again the TERs are getting cut, at least there is a direct sort of five basis points impact and then also sort of 15 basis points deduction on TER, but there is also some benefit on GST, etc., that will come. So, I know it is too early to ask this, but the worry is obviously there that again, AMCs come and cut yields. So, what will be sort of your reaction and how do we sort of alleviate these fears or how do you think about this? Yes, these would be my broad questions. Thanks.
Understood. And just on the KRA part only, what percentage of the revenue is for the new sort of records that got created? And of the now 2.2 crores approximately and 20 lakhs are from the acquisition, so of the 2 crores organic CAMS KRA, how many records would we have added in the last three years, and are we seeing any material increase in the record addition now, because I think longer term, the person who has more record is in a better position, right, so is that the way to think about it, how do you think about it?
Computer Age Management Services Limited CC-Oct25.pdf · 2025-10-29
Hi, sir. Congratulations on the good set of numbers. My question was more on the non-MF side of the business first. So, this whole CAMS-KRA, we have seen a good rebound over here and I think in your presentation, you mentioned that you added 38 plus sort of new clients and which are primarily non-MF. So, I want to understand which is the client category or which type of clients are getting added over here? Second, of the KRA revenue, how much of it will be sort of new account creation and how much will be fetch numbers? And then finally, on the rate that we get for a new account creation fetch, can you give some color on that, what are the rates there and what is the comparative pricing and what are the total number of records that we have? So, that is on the KRA side. And second, now in light of this, again, discussion paper by SEBI which came in last evening, there seems that again the TERs are getting cut, at least there is a direct sort of five basis points impact and then also sort of 15 basis points deduction on TER, but there is also some benefit on GST, etc., that will come. So, I know it is too early to ask this, but the worry is obviously there that again, AMCs come and cut yields. So, what will be sort of your reaction and how do we sort of alleviate these fears or how do you think about this? Yes, these would be my broad questions. Thanks.
Understood. And just on the KRA part only, what percentage of the revenue is for the new sort of records that got created? And of the now 2.2 crores approximately and 20 lakhs are from the acquisition, so of the 2 crores organic CAMS KRA, how many records would we have added in the last three years, and are we seeing any material increase in the record addition now, because I think longer term, the person who has more record is in a better position, right, so is that the way to think about it, how do you think about it?

HDFC Asset Management Company Limited

HDFC Asset Management Company Limited CC-Oct25.pdf · 2025-10-15
Hi, sir. Thank you for taking my question. See, one on net inflow market share . Reverse calculations suggest that you continue to do sort of quite well over there. Maybe, but if you could add some color, what is driving that and some trends on that, that would be helpful? Second, see, the admin and other OPEX has gone up. Can you sort of quantify any one -time expense over here? And when you give a guidance of about 12% to sort of 14%, 15% increase year-over-year, that would also include any NFO-related expenses, etc., So, the right way to look at it would be last year ’s number plus 12 % to 14% whatever that number comes and that would include everything or will there be some sort of one-time NFO or any other related expenses? Some clarity on that, that would be helpful? Thanks.
Yes, I know, but from a trend –
HDFC Asset Management Company Limited CC-Jul25.pdf · 2025-07-17
Congratulations on a great set of numbers. Just I wanted some comments around your net flow market share. See, SIP market share seems to have gone up sequentially, and you've done well there. But if I look at closing equity AUM, that's about 12. 8%. Are we seeing slightly higher lump sum redemptions? So , any comments around that? And probably on an overall basis, how are you seeing net inflow sort of market share shape up for you? So that will be helpful.
And on a quarter -on-quarter basis, are we maintaining our net inflow market share?
HDFC Asset Management Company Limited CC-Mar25.pdf · 2025-04-17
Good evening. Thank you for taking my question. Just coming back on the SIP discontinuances, I know that the overall flow number has been very resilient and it seems to suggest obviously something has structurally changed or at least looks like. But there is a little bit of worry in the sense that we continue to see higher SIP stoppages versus the new creation. And if this sustains, then should we be actually worried that at some point of time this will flow through in the S IP flow number, is that the correct way to think about it or are we missing anything here? Secondly, I think there was also this narrative around AMFI cleaning up this number because some of the direct platforms or online platforms continue d to show SIPs which were not getting triggered, or which were not getting paid also in that number. So, has that played out? Some sense on these two things will be helpful. Thanks.
Yes, that is bang on. So, that is completely true and I agree with you completely. So, just one follow up. So, is this clean up sort of done? You said more than three months if people have not paid that number they’ve removed that it seems. So, are we largely done with that or this can have like maybe a couple of more months of time?
HDFC Asset Management Company Limited CC-Mar24.pdf · 2024-04-19
Congratulations on a good set of numbers and actually an even stronger sort of operational performance. So , two things from my side. First, can you talk a little bit about the competitors' intensity that you are witnessing flows were very strong in the last quarter? And are you seeing increased payouts. And as a result, when you had to sort of pay out more, which is why this adjustment is happening right now. Or just in general, get a sense of sort of competitive intensity in the market. Second, on your staff costs, there is about INR47 crores impact of ESOP charges. I wanted to get a sense of what ESOP cost will be over the next few years? So those would be my two questions.

Max Financial Services Limited

Max Financial Services Limited CC-Mar24.pdf · 2024-05-07
First I think on the economic variance, you mentioned that because interest rates went down, the liabilities got repriced. And as a result, the mark -to-market, even on your bond book sort of fell short to cover that, right? And hence, that's why we have a negative variance also because of the interest rate movement. I was just wondering of here that shouldn't the policyholders' liabilities already be covered by adequate hedges and your shareholders fixed income book should still have resulted in a positive variance. So I mean, that would be my expectation. Maybe you can help me understand this better. Second, if I look at your shareholder or back book surplus, sorry, that also the growth of there has come off in this year. So last year, we were at about INR1,563 crore. This year, we are at about INR1,627 crore. So why has that happened? And is it also getting impacted by the operating variance or the tightening of operating assumptions that we've done in this year and maybe even the increased liability also because of the rate movement. Is that impacting the back book surplus as well? That's the second question. And other your VNB has a negative mix and margins. Does that include the same reasons, which is like the group credit life portfolio negative variance and the persistency assumption change, right? These things are there the similar reasons which are sort of impacting both the EV walk and the VNB walk? I just wanted to get a clarification on that.
Understood. Just dwelling a little further on the economic variance , so the liability side repricing on the policyholder's sort of liabilities repricing, that should ideally be hedged, right? And that should ideally have been sort of covered by whatever FRAs or party paid bonds or any other the funds that you've already received towards that. Is it sort of unhedged and maybe you can help me understand that actually?

Kfin Technologies Limited

Kfin Technologies Limited CC-Mar24.pdf · 2024-04-30
Hi. Morning. Congratulations on good numbers. First, you know, I think partly you covered that in the previous questions. So, you mentioned 40% is international, 35% is the alternatives India business, right?
Understood. Understood. So, only on the hexagram side, there is a 5% sort of one-time contribution in the total sort of revenue for the quarter. Yes. Got it. And we are also seeing a good margin improvement in the investors, in the international other investor segment, right? So, what is driving that actually? And what should we expect in the near term, maybe in the next couple of years?

Aditya Birla Sun Life AMC Limited

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Mar24.pdf · 2024-04-26
Congratulations on a good performance. I have a couple of questions. I'm just looking at the EV movement. And there's a very big release in the mortality, morbidity and operating variance. So can you explain what really helps that? And we've seen 2 years of good reserve releases of that. The other thing on the monthly numbers that come out Jan and Feb were very strong months, what actually sort of went wrong in March because we would have expected a stronger March to come through as well. And can you also comment a little bit about product level margins. So are we seeing any changes in the nonpar and par business sort of margin at the margin level. So, yes, those would be my three questions to begin with.
If I get you correctly the mortality morbidity releases are more from the group business and from the retail protection business?
SBI Life Insurance Company Limited CC-Dec23.pdf · 2024-01-25
Hi. Congratulations on a good set of numbers. So, most of my questions got answered, but I wanted to understand, first, at the product level, are we seeing any changes in margins? Because some of the competition in life insurance is talking about that. Second, within channels, and especially my understanding is also that within the agency channel, there has been some increase in commission payouts. So, has there been any increase in competitive intensity to acquire business that also probably may have impacted your growth in Q3? So, I wanted to understand if any of these things are playing out and how do you see that? And lastly, obviously, again, we see that the proportion of ULIPs had gone up. And I know that you constantly talk about giving what the customer wants or selling what the customer really wants to buy. But again, in terms of our margins that will keep our margin subdued. So, I know that I'm probably asking this question again, but any sense on how our product mix could shape up over the next two, three years? That will also be helpful. Thanks.
So, is that sort of resulting in some sort of loss in our share in that channel and resulting in a little lower growth?

Bajaj Finserv Limited

Bajaj Finserv Limited CC-Mar24.pdf · 2024-04-26
Congratulations on a good set of numbers. So, 2 quick questions from me. One, on the motor side, I noticed that there have been some good reserve releases for BAGIC in the latter years. So, if you look at sort of FY'21 onwards, the reserve releases have been quite good. So, can you explain what's happening over there? And second, on Life Insurance, there is some chatter that the regulator is reconsidering on their surrender charges regulation. So, they have floated a draft and then rolled back a large part of it. And now I think there is some talk again implementing maybe part of it or in overlap, I don't know. So, I'd like to get some color from you on that aspect as well. These would be my 2 questions.
And on the Life Insurance space, that question?

Nippon Life India Asset Management Limited

Nippon Life India Asset Management Limited CC-Mar24.pdf · 2024-04-24
So, two questions. First on the ESOP cost that you just mentioned of about 85 crores, 90 crores over a four -year period. Can you give me a split over the next four years? Second, admin and other opex has seen a sharp jump both on a YoY and on a QoQ basis. So, what is happening over there? And similarly, even the fee and commission expenses. So, some sense on what the normalized run rate of them would be, that would be helpful. And third, even our other income this quarter, we didn’t have any big movement in equity. So, we have been fairly sort of just about the 2.8% move on the NIFTY. And the yield have also been fairly stable. So, what has driven such a strong performance even on the other income? Some color of there would be helpful.
Can you comment a little bit about our slow market share, how that has been? Q2 was very strong. In Q3, there was a little bit of moderation. So, Q4, I wanted to just get a sense of whether that is sustaining or not? And you just mentioned the ESOP cost number for this. So, can you just repeat that actually?

ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited CC-Mar24.pdf · 2024-04-17
Investment yields have improved again this quarter and even if we exclude the capital gains, we're doing quite well. So what is the number that we should be sort of looking at in this and what is the duration, how are we driving this actually? Gopal Bal achandran: So Madhukar, again, I'm sure you guys know far better. obviously investments have to be looked at in terms of its return profile over a period of time. And hence is what we keep saying is to look at market opportunities in terms of having a ble nded mix of the right asset classes between both fixed income and equity . And that's what we have been looking at over the period of time in terms of realizing the opportunity. Now, specifically to answer your point on what led to, the increase in the interest yield or let's say the overall return on the portfolio, it is in line with the higher interest rate regime that we have seen. And obviously one leverages the opportunity and even if you look at historical past in terms of what mix of our overall returns have been in terms of interest accruals to capital gains, that mix has broadly been on the interest accrual side in the range of 75% to 80%, and on the capital gains side number that could range between 15% to 20%, aro und that a threshold. So hence is how we see the opportunity play out. And specifically if you look at our yield - to-maturity on the fixed income side, the yield-to-maturity currently stands at about 7.4%. And that's the opportunity that one was able to see in the market. And now can we sustain this? Obviously, we will have to wait and see how the interest rate cycle play out. There are expectations that you will start seeing some rate reduction cycle play through at some point of time. Again, we are positioned well even to capitalize that opportunity. But what could happen at those points is our ability to reinvest those realized flows, will obviously get invested at a lower return on the accrual side. But obviously we are well positioned to capitalize the opportunity from a capital gains standpoint. And therefore now to answer your point on the overall range of returns that we can operate with, again, if you look at FY2023, the overall return on the realized book was roughly at about 7.5%. This number if you look at for FY2024 was roughly at about 7.98%, closer to 8%. And the range, I mean internally the range that we run with is to give a return profile between 7% to 7.5%. Now that we are almost into 23rd, 24th year of operations, the return profile has been definitely better than that p articular range. So that's the range that we woul d be comfortable with and hence is where we would like to operate at.
ICICI Lombard General Insurance Company Limited CC-Dec23.pdf · 2024-01-16
Congratulations on a good underwriting performance. Clearly, you seem to be achieving your guidance sooner than expected. So, just a couple of questions on the motor side, so I wanted to understand how is the implementation of the entire loss reporting within 6 months’ time period, how is that progressing and what is our sort of expectation on that? And related question on this , is the industry believing that this will get implemented and as a result of that t he competitive intensity had been high or are they looking because they believe that the ultimate loss ratios will be lower, is that the correct way to think about it or is that the way some industry participants are thinking about it and acting in that wa y? And second question, on your investment yield that seems to have dropped this quarter, so some understanding of what has actually played out over there, so those two would be my questions?
And last quarter, what was the number?

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Dec23.pdf · 2024-01-12
Most of my questions have been answered, but just a clarification on the above 5 lakh ticket size policies, what has been the decline in the 9 months’ period? Can you give us that number? Second, when you say 12% of your individual APE is from the 5 lakh and above segment, which was last year, this does not include the additional thousand crores, right? I just wanted to clarify that once more.
The clarification on the full year number, the 12% does not include the 1000 crores additional sales, right?