Stockrabit · Analysts
Questions across 39 calls

Madhukar Ladha

Nuvama Wealth Management

Max Financial Services Limited

Max Financial Services Limited CC-Nov25.pdf · 2025-11-12
Hi, congratulations on a great set of numbers and very strong performance. Two questions. See, Axis channel at 6%, 7% sort of a growth number is still a little bit probably lower in my expectation. And I was wondering like what is happening over there in the sense that I know that, okay, you ha ve done some work on the product mix side, etcetera, but still the premium offtake, I would believe would have should have been higher. We also know some also comment on the counter share and strategy and what should be the number that one should look at in terms of Axis growing year -over-year in the medium term? Some commentary around that will be helpful. Second, I am seeing that Group Credit Life now has started picking up a little bit for us. It i s doing about we have got about a 14% growth year -over-year in the first half. So I wanted to get a better sense of what channels are driving this business. How much is it from Axis? And how much of it is from outside Axis, if you could help with that?
Just, Amrit, just a follow -up. In GCL, what is our counter share at Axis? And with the 7% order growth, my guess is that on individual AP E basis, our counter share would have sort of come off a little bit. Is that correct or -- so yes?

Bajaj Finserv Limited

Bajaj Finserv Limited CC-Nov25.pdf · 2025-11-11
Thank you for taking my question. First, congratulations on a very strong result in Bajaj Life , so we are seeing a very sharp increase in margins and GNP. And also, my question was more related towards the product mix. So, I think you have been able to change the product mix very successfully towards a higher protection. Even on a quarter -on-quarter basis, retail protection has grown very strongly, and along with non-par and annuity also, which operate at a higher- margin, there also we are seeing a good pickup. So, I wanted to understand what is driving it? And how sustainable in your opinion is this growth in protection? I am guessing there is also a tailwind on GST, some comments around whether this has continued in October? And how would you see this in the second half, will this be helpful for us to sort of judge what the margins can be for FY '26, given the hit of ITCs?. So, yes, some comments around that would be helpful. Thanks.
Great. Congratulations. And all the best. Thanks.

Life Insurance Corporation Of India

Life Insurance Corporation Of India CC-Nov25.pdf · 2025-11-06
Thank you for taking my question. See, most of my questions have been answered. But just again, on the GST impact, I wanted to understand, one, on the next 6 months, which is the second half of the year, what would be sort of the margin impact because of ITC not being available? We can make some assumption in terms of the product mix remaining constant. So some sense of there would be helpful, or -- so that's one. Or even in this current 17.6%, you had the GST impact for the last sort of 10 days, right? So what is the impact in the VNB margin of that also, if you could give that number? And third, what are we doing in terms of reducing this? Are we changing commission payout structures or reducing commissions? Because that would again be a pretty large component of the ITC also. So yes, if you could help me with these 3 questions.
So okay. But historically, at least we could say, right, that if, let's say, ITC was not available in the first half of this year, then what would the impact be on the margins?

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Oct25.pdf · 2025-10-24
Sir, just first on the GST. So, what I understand is if we don't do anything, then there is about 174 basis impact point on the margins, which you are saying is that currently, the new business mix profile, if that sustains, then it will completely offset this negative impact. Is that understanding correct?
Got it. Sir, and if I look at the EV walk from March '25 until now, there are certain operating experience variances and economic assumption changes . So, we've not made any assumption changes, right? It's only sort of operating experience variance.
SBI Life Insurance Company Limited CC-Mar25.pdf · 2025-04-24
Congratulations on a great set of numbers. Just two quick questions. First, on individual protection, we're seeing some weakness over there. So this year, and we've seen a little bit of a decline in that part of the business. So can you help understand what is happening over there? And while persistency has improved across most buckets, but in the 49th month, I think there is still some decline over there. So some understanding on that as well?
Right. And just on this 49th month, you said...

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Sep25.pdf · 2025-10-15
So just to re-emphasize, if you don't do anything, there will be a 300-basis point impact because of GST, that will partly get offset with volume growth. However, fixed cost absorption may still be a little bit negative until the end of the year. So, that drag may still continue as far as the margins are concerned. Is that the right understanding?
I also see that that actually if you see your product mix that's moved more towards Par and ULIP, still the change in business profile is resulting into a positive impact on the margins. So, what exactly are we doing over here? And you had mentioned that we still have further levers on this count. So, I wanted to get a sense of, how much further margin improvement can come as a result of this and over, the next 6-odd months, what sort of driver could that be? And second, on persistency, 13th and 37th months, we are seeing some dip in persistency. So, what would be the reason for that?
HDFC Life Insurance Company Limited CC-Dec24.pdf · 2025-01-15
Vibha, you mentioned in your comments that you deferred pricing on few of the non-par products. I wanted to get a sense of what was the impact on this quarter's margins or the first half ’s margins because of that? And th e 100 basis points that you're talking about would be versus the margin of last year, right? So that was question number one. Also, if I look at your distri bution mix, it seems that the bancassurance channel, the growth is there, but it's a little softer. So just wanted to get a sense of what has played out. So , on a year -over-year basis, growth was a little softer in the bancassurance channel side. So, yes , those would be my 2 questions.
And if I were to just ask what was the impact of not repricing the non-par in this quarter, just to get a sense of normalized margins before we go into increased surrender value regime?

Central Depository Services (India) Limited

Central Depository Services (India) Limited CC-Dec24.pdf · 2025-01-27
Thank you for taking my question. So, a couple of them. First, on the annual issuer charges, you said that about INR 7.5 crores was the total from unlisted companies in this quarter and about INR 4.7 crores for the onetime sort of a number. So, the balance is obviously the more recurring portion. Now my question is that we had this tailwind that the private unlisted companies had to dematerialize their shares. Are we sort of through with it? Have we seen that completely play out or is it still continuing or is that activity still on? That's my first question. Second, on IPO and corporate action charges. Quarter 3 had a very huge very large number of IPOs and a lot of fund raise and the market saw a lot of large IPOs as well. But if we compare this line item from quarter 2, the jump is only about INR 6 crores from INR 52 crores to INR 58 crores. So, I wanted to understand what is sort of why the jump is a little less? So, if you can give me some idea as to what the corporate action component was in quarter 2 and then what the corporate action component is in quarter 3? And what the IPO component is, that will be helpful if you can just split that line item a little bit? And finally on the expense side, some sense of what sort of salary increments are we looking at for FY '26? Yes, that again will also be useful. So, these would be my three questions?
Just coming back on the first question. Actually, what I wanted to understand was what part of it; so we had the new sort of guidelines for dematerialization of shares for private companies -- for the eligible private companies was sort of 30th September '24. And now that sort of played out most of it. So, I wanted to get some sense has that sort of played out, that bunch up and all of them sort of dematerializing the shares or these things...

Nippon Life India Asset Management Limited

Nippon Life India Asset Management Limited CC-Mar25.pdf · 2025-04-28
Good evening, everyone. Thank you for taking my question and actually congratulations for a great set of numbers. So just two questions. First, I think you mentioned earlier that we have not participated in the new Thematic/Sectoral sort of fund launches and still we ha ve managed a high single digit market share in net sales and if we exclude the NFO money, then our market share is actually in double digits. So is there any rethink in this strategy and going forward, should we see new fund l aunches from you and why are we not sort of doing that? Some thought process around that because it definitely helps us build scale and they are losing out on that additional flow that we could get? Second, just on your staff cost, maybe I missed this because the line has kept disconnecting today for some reason , the ESOP costs, what are the ESOP costs in this year and how should we think about ESOP costs going into next year and what would be sort of your expense guidance on an overall basis over the next couple of years? That will help me. Thanks.
That is on overall cost?
Nippon Life India Asset Management Limited CC-Dec24.pdf · 2025-01-23
Hi, thank you for taking my question. Sir most of my questions have been answered. I just have one question on the other income. So we've seen a v ery sharp drop in other income, but when I look at your exposure to equities that's much lower. So, for example, it's at about INR500 crores of a total book of INR3,300 crores. So can you give a little bit of color on the breakup of this mark-to-market movement? How much of it is equity and debt, if you have that split?
But this is largely only driven by equity?

Aditya Birla Sun Life AMC Limited

Aditya Birla Sun Life AMC Limited CC-Mar25.pdf · 2025-04-28
Hi, good evening. Thank you for taking my question. First just on the yields part, there seems to be a Q -o-Q sort of pretty sizable decline. I just wanted to get a sense , have our equity yields remained stable and could you also give us some sense of what is the yield on the alternate and offshore equity and the alternate and other offshore asset classes are. For those two asset classes what is the rough yield that we make of that? Second, in this alternative and other offshore segment there is a pretty good jump in AUM this quarter. So, I am not sure maybe I missed this. But if you could help me understand what is driving that growth and finally regarding staff cost, we are seeing like sort of a 10% growth, sorry about a 13% growth Q-o-Q basis. I wanted to get a sense as to, how should we look at it going into next year and for the full year I believe staff cost is at about Rs. 365 crores? So even if I were to look at it on a full year basis, maybe you could help us understand what the fixed cost and variabl e pay is like in this and then what sort of growth should we assume in fixed. Yes, those would be my questions. Thanks.
Understood. And this you mentioned that the yield for the PMS is about 1%. And that is the gross yield or is that the net yield which is getting accounted for?
Aditya Birla Sun Life AMC Limited CC-Dec24.pdf · 2025-01-28
Good evening, sir. Congratulations on a good set of numbers and thank you for taking my questions. First, sir, you know sequentially our yield has increased and that has particularly come from equity yields doing better, where you also mentioned that we have changed some distributor payouts. Now, what I wanted to understand is whether this is recurring or is one- time in nature. Second, on the market share bit, our equity market share sort of continues to slide despite we have done two NFOs this quarter. And if I am not wrong, we collected almost ₹1,410 plus crores. So, if I adjust for that, what is your sense on net inflow market share, ex - NFO, in continuing schemes, like what is our market share, and are we sort of improving on a QoQ basis? And in your opinion, is this decline in market share more because of performance needs to catch up or more because our market share in net inflow need to catch up? So that is my second question. And third, on the current trends, like SIP cancellations have picked up, also given this volatility, I know the industry will probably witness higher SIP cancellations, but maybe you could talk a little bit about what are we seeing in our current trends in terms of SIP numbers holding up so far or cancellations actually picking up even more in this month so far? And how do you see investor behavior in this sort of situation over the next 2-3 months, if let's say the markets were to sustain in this way ? So yes, those would be my broad three questions. Thanks.
So, this is not a one-off?

Niva Bupa Health Insurance Company Limited

Niva Bupa Health Insurance Company Limited CC-Dec24.pdf · 2025-02-04
This is the first time I'm interacting with you guys. Maybe my knowledge about the company is a little bit more basic, so this question is a little bit more basic. I wanted to understand this one thing. We do 50 -50 accounting. And so, the 1-by-N, how is that changing the NEP in 50-50 accounting? So, even the long -term policies, how do we sort of account for it? Because my understanding was at least for 1 by 365 accounting, NEP does not change irrespective of how the 1-by-N for the long-term policies is taken. So, why does NEP change in this accounting?
I mean, does that mean that if you were writing a three -year policy, you were including N EP 50% of the premium right in the first year?

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-Dec24.pdf · 2025-01-29
Good morning and thank you for taking my question. First, what is the extent of price hike that we're looking at and this again gives me some fear that we may lose market share as a result of taking continuous price hikes. I think we're taking a price hike on Family Health Optima, last year we had taken 25%. On top of it again, we're taking a price hike, right now. How are we going to contain that element? Can you also, maybe I missed this what is the fresh business growth for nine months and for Q3, if you can give those two numbers. Lastly loss issues remain, sort of. Elevated so what is your expectation of the trajectory going forward into ‘26 and ’27, some sort of guidance could help us as to what sort of numbers you as management are probably going to be looking at or are working with. Those would be my questions.
On the loss ratio sir what should we sort of start thinking? How should we think about it over ‘26-27 like any improvement numbers that we should target at?
Star Health and Allied Insurance Company Limited CC-Sep24.pdf · 2024-10-30
Most of my questions have been answered, but just coming back on our growth part and our target of tripling profits 3X, right, so given how things are playing out, it seems that the industry is facing this problem of high claim ratio. Are we seeing any signs that this can change, how can we drive this change or should we settle for the fact that this retail health and health SAHI is in particular, right, that sort of 12%-14%, ROE business, even if there is some improvement? Second, you mentioned that you're looking to take price hikes on almost 60% of the portfolio. So, what extent will the price hikes be? Can you quantify? And you've already taken price hikes on about 12% of the portfolio if I'm not wrong. What is the price hike over there? What is the quantum average work there?
Do you change your guidance after seeing this given that the loss ratios are so high in this year and we are seeing this problem in the industry over the next couple of years, would you like to sort of revise your guidance?

Kfin Technologies Limited

Kfin Technologies Limited CC-Dec24.pdf · 2025-01-24
Congratulations on a good set of numbers. Just on this international business opportunity, I remember a couple of quarters back, you had said that this could be a $25 million or so in 2 years' time. Now we've also added additional BlackRock Aladdin capabilities. Would you want to revise that guidance with this new addition? What sort of incremental revenues could we see? That would be my main question. Yes.
Just one more follow -up. Recently, Jio BlackRock announced that your competitor has been selected as the RTA in India. What's happening there? I would have really thought that you having the Aladdin capability now would be a partner of choice given BlackRo ck, it is Jio BlackRock. So what's happening? Maybe some color around why we didn't get that deal that will also be helpful?

HDFC Asset Management Company Limited

HDFC Asset Management Company Limited CC-Dec24.pdf · 2025-01-14
Hi. Thank you and congratulations on a good set of numbers. First, quickly on, you know, the equity market share, there's a very minor decline. But I would really appreciate if you could give some comments. Is it because of flows or is it more because of, yo u know, performance? And I know that, you know, it's too minor to actually make a big deal about, but just some sort of comment on that would be helpful and whether we are sort of confident enough to maintain our market share going forward?
Yes, got it. Second, when I look at your equity AUM channel split, I see that the share of direct has improved substantially. And, even sequentially, year-over-year, almost 270 basis points improvement, and sequentially 50 basis points. And we've seen that. I want to get a sense of, is it more because, more index, passive products, or is it also to do with, changing behavior where, distributors are, or people are, retail people are still preferring to do, rising awareness resulting into this. So, some color, and also, platforms like Coin, Grow, those also probably would be helping?

UTI Asset Management Company Limited

UTI Asset Management Company Limited CC-Sep24.pdf · 2024-10-26
Most of my questions have been answered, but just on the employee expenses. So, finally we're seeing that expense line getting contained. And I wanted to know, are you completely done with all the hiring for the year and this current expense of about ₹ 115 crore, can we take that to be your sort of normalized run rate? And then post that in 26, 27, what sort of h ike should be built in or how many more employees will retire over 26, 27. So, what sort of cost benefit can come through from there? That will be helpful to know. And then on a consolidated basis, what would that mean? Second, I think earlier in this year in 2Q, your direct TERs across most equity schemes went up, and that would have meant about 5 basis points incremental yield. So, why has that not played out? Because you are saying quarter-to-quarter your equity yields have remained stable. So, is there some expense which has gone up below the direct TER level. Is that why this has not happened, or what could be the reason for that? Those would be my two questions.