Stockrabit · Analysts
Questions across 16 calls

Prayesh Jain

Motilal Oswal Financial Services Limited

Angel One Limited

Angel One Limited · 2026-07-16
Congratulations on a good set of numbers. Firstly, on the credit side, what has caused the slowdown? It's been kind of dipping over the past couple of quarters. What's kind of happening there. At Q3, we had disbursed about ₹ 710 crores, then ₹ 610 crores and now ₹ 530 crores. What's kind of transpiring there? The credit growth in the industry seems to be very strong, but we've been kind of seeing weakish trends out there, and how should we think about it? Because you spoke about the potential of it, but it's kind of been slowing down at our end? That is point number one. Point number two is on the broking side of the business, what is the kind of expectations you have from the current trajectory definitely for the month of July started on quite a weak note probably because of volatility or whatever the implications of BG would have on the overall industry, the second order impact would have happened on us. How do you see it kind of playing out in the next couple of quarters? And how should one read into the current weakness in the volumes? Third would be on your Wealth Management business. Any color on -- again, and I ask this every quarter, but not getting these numbers, but anything on revenue that segment accounts for, cost, what's the kind of cost that's been incurred? And lastly, if I compare the top management and particularly AMC, we've seen a massive churn in your top management. How do you see this business AMC, in particular, going ahead? And what are the plans out there?
I get that, Amit. Just two things. One, what has so far not gone right? It has been some time that we have launched the AMC and we have hardly scaled up any AUM. And second, on the credit part, again, where you mentioned that -- so what has not worked for us in the last 6 months, whether it is our platform, whether it is our relationship with the banks and with the partners, basically? Or what has not gone right that -- what has not worked for us that we've gone down by almost like, say, 30-odd percent from the peak. So, what has not really worked for us? Those would be my questions.
Angel One Limited CC-Jul25.pdf · 2025-07-17
Just a couple of questions. Firstly, on the businesses of wealth, AMC and mutual fund, what would be the revenue of each of these businesses today? And are they kind of sitting in the distribution part of the reporting, every part is -- every of these except -- so where are they sitting in the P&L? And secondly, on the tax rate, again, it was on the higher side in this quarter. How do you see the tax rate going ahead? And lastly, on the cash segment realizations, should this sustain at current levels given -- and do you think the margin trade funding book will continue to grow?
Just a follow-up on the first question. What would be the quantum of wealth management revenues, AMC revenues? Wealth management, in particular, we have about ₹5,000 crores kind of an AUM. How much of the -- what would be the revenue size of this segment and even for the AMC?
Angel One Limited CC-Mar25.pdf · 2025-04-17
Just a few questions. Firstly, on the expenses front, again, you mentioned that the cost of acquisition has gone up. First of all, could you allude the reasons for the same? And how do we see this? You mentioned that it will go down. But if this run rate, even it sustains or if it kind of goes down by 10%, thereabouts, still the margins that you had spoken about in the earlier call that a long-term sustainable margin of 45% to 50% seems to be far-fetched right now. So what kind of trajectory should we think about EBITDA margins from FY '26? Or as you mentioned that Q4 FY '26 will be first normal quarter of normal levels, that would be -- would that mean a 45%, 50% EBITDA margin by then or would you say FY '27 will be a year where we should think about that kind of levels? That would be my first question. Second question would be on the wealth business. You mentioned in the presentation of about ₹ 3,300-odd crores of AUM. Could you split it for us as to how much is transactional? How much is in MF, PMS, AIF? What is the color of this book today? And because the size looks pretty good. And what is the kind of revenue potential out of this asset on a yearly basis? Third question would be on the MF AP channel. You mentioned that AUM has been gaining traction. What is the kind of AUM size that you would have achieved in this business? And last on loan distribution, you have been able to distribute only about ₹ 100 crores in this quarter versus about ₹ 240 crores in the previous quarter. Why this decline? And what kind of traction should we see from here? Yes, those would be my questions.
Srikanth, what is the revenue contribution of this ₹ 3,300 crores in a sense, what basis points could you be doing it on an annual basis in terms of revenue?

ICICI Prudential Asset Management Company Limited

ICICI Prudential Asset Management Company Limited CC-Jul26.pdf · 2026-07-13
Hi, good evening everyone. Just some color on the SIP again, sorry to harp on that question. But just some color as to where are you seeing the pain or not pain exactly some slowdown whether the direct channel through brokerage platforms or through distributed route, probably some color on the ticket sizes whether the smaller ticket sizes are closing down more or the larger ticket sizes are closing down. That is point number one. Question number two would be on.
Sure, thank you sir.

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-Feb26.pdf · 2026-01-29
Yes, hi. Good morning, everyone. Congrats on a great set of numbers. Firstly, on the loss ratio, how much of the improvement would you attribute to the fact that we have a very strong fresh growth and probably that kind of comes in the impact or probably the loss ratio on that kind of increases going ahead. B ut what I a m basically trying to figure out is, how is the loss ratio panning out in the renewal book? What is the trajectory there? Because the fresh contribution has gone up and that could have played a part in reducing the loss ratio. So, is the loss ratio kind of coming down also on the renewal book, is my question.
Could you give some numbers on your, say, a three-year book loss ratio or what would be the three-year loss ratio compared to, say, a year back and today?

Multi Commodity Exchange of India Limited

Multi Commodity Exchange of India Limited CC-Feb26.pdf · 2026-01-27
Firstly, congratulations on a great set of numbers. Ma'am, the first question is an extension to the previous one. Base metals, we've seen a jump, and we earlier had alluded to the challenge in base metals with respect to the multiple numbers of delivery centers. Have we, in any form modified that and consolidated the number of delivery centers? What has really caused the sudden increase in base metal volumes? Yes, that will be my first question.
And do you plan to extend this -- the change that you've done for copper to other base metals as well about the single delivery center?

Aditya Birla Sun Life AMC Limited

Aditya Birla Sun Life AMC Limited CC-Jan26.pdf · 2026-01-22
Hi Good evening Sir, firstly, our fund performance has been improving, and you know quite a few schemes are appearing in the top quartile on a one -year return basis. And they contribute to a large portion of our equity AUM as well. But in spite of that, we kind of continue to lose market share on the equity side, as well as if I look at the SIP data that you provided, that also keeps coming down. Generally, it does take a lag effect and I understand from fund performance improvement to market share improvement. But still, it’s been some time since our fund performance has improved. But we’re still not seeing any you know even market share not been stable; we keep seeing a decline month-on-month in terms of market share. So, when do you see the effect of this fund per formance translating into market share gains, both on SIP as well as normal market share?
Yes. So, sir, if I got your number right, you said ₹4,500 crores of flows in this year, in these 9 months?

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Jan26.pdf · 2026-01-15
Just extending on the previous question, in terms of Bancassurance, could you attribute the reason for the slow growth so far in these nine months? And also, the product mix, if we look at the Bancassurance channel, it is kind of still skewed towards the ULIP category. So, what are the factors that kind of impacting the segment?
The main thing is that the growth in our individual business has been lower than some of your peers in the recent quarter, in this quarter. So, can we come back to the industry growth or better than at least the peer growth in times to come?

ICICI Prudential Life Insurance Company Limited

ICICI Prudential Life Insurance Company Limited CC-Jan26.pdf · 2026-01-13
Hi. Just firstly on the growth front, while Amit you mentioned that we are looking at a good 2-year CAGR, but if I actually look at trends even in FY2024, it was a kind of a low base where ICICI Bank was possibly declining and from that base in FY2025, we saw most quarters very strong growth, obviously because of product innovations and product launches that we had done. Then again on that high base, we have seen a low growth in this fiscal so far. So, it's been up and down. So, do you think that we are now in a position that we can be a more consistent growth Company from an all-product perspective or from a channel perspective, now that all these corrections have been done, we should be a more stable growth Company?
Got that. That's helpful. Dhiren, you mentioned that the product mix in between in the non-linked part is 60-40 between par and non-par. But I think in the Q2 call, you mentioned it was 50-50. So, has the par share gone up?

Central Depository Services (India) Limited

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Jun25.pdf · 2025-07-24
Just a couple of questions. Firstly, just asking that point on the growth in the month of June and so prior to June, the banca channel for us had been growing at a much slower rate. And I think you alluded to the fact that in June the banca growth has come back. What changed in the month of June that kind of allowed you to grow at a faster pace versus what was reported in the earlier months, right? That was my first question. Second is on the cost front, where we have seen some increase in cost ratio from 6.1% to 6.3%. Is it just because of the opening of new branches and we should see this coming down going ahead? Or it should remain elevated at these levels? Those are my 2 questions.
One follow-up, what will be your outlook for VoNB margins for this year?
SBI Life Insurance Company Limited CC-Dec24.pdf · 2025-01-17
A good set of numbers. Just, sir, one question is on the SBI channel. We saw, I think, a decent growth coming back in this quarter what different did we do in this particular quarter as compared to the first half, where we had seen some slowdown? Extending that question, the YONO sales, sales from YONO app, did you classify under SBI Bank itself? And what about the other group companies of SBI, like SBI Securities or any other companies that kind of sell products of SBI Life. Would they be classified in SBI? Would be my first question.
And sir, just the banca channel, do you plan to tie up with more banks and diversify your product distribution mix further with respect to the banca channel in particular? What is the strategy there?

HDFC Asset Management Company Limited

HDFC Asset Management Company Limited CC-Mar25.pdf · 2025-04-17
Yes. Hi. Good evening, everyone. Firstly, on the SIP closures, while you alluded to the fact that it’s not an alarming sign yet, but any behavioral difference between online platforms and the advice or the mutual fund distributor route? What we are hearing is the closures are more on the direct side rather than the advice side. Could you give some color there as to what’s the trend there?
Any trends that you can see on the debt side where the interest rate c uts, the duration, the longer duration or pick up in any of that category?

ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited CC-Mar25.pdf · 2025-04-15
A good set of numbers especially on the Combined ratio front. Just your thoughts on how do we see the growth from here, firstly, from an overall GWP perspective, given the 1/n impact would continue to be there in H1 FY2026, and second half could see unwinding of the GWP and contributing to some part of growth? So that would be the first question. Second question would be on your Combined ratio, whether you would look at Combined ratio further improving from the one that reported in for FY2025. And third bit on the Fire segment, if you could highlight what are the kind of renewals we've seen in January and also in the April renewals? Those would be my 3 questions.
Just your thoughts on Motor TP price hike. That will be my last for you.

Computer Age Management Services Limited

Computer Age Management Services Limited CC-Mar24.pdf · 2024-05-10
Sir, congratulation on a great set of numbers. Firstly, on the margin front, the -- what would you attribute more to and if you could give some granularity as to how much of the increase in margins is coming in from the new businesses? And how much is from the scale -up in the MF business? So some understanding as to -- and that will help us think about the margins in FY'25 and beyond as to how should we kind of think about margins. But Ram did mention about the cost and you'll be able to maintain margins between 45%, 46%. But if you could help us understand the quality of margins in the MF and the non-MF business, that would be helpful. And just in that context, it would be great if you could start sharing some information on the subsidiaries on a quarterly level in terms of profitability. That's just a feedback, yes. That will be my first question.
And coming to the AIF business, and that has been one of our key focus areas and drivers. What I look at is quarterly, there is -- on a sequential basis, there is no major increase in revenues. That is the way we calculated it other -- on whatever percentage share you give, we calculate the numbers, applying that to the total revenues. From that, I'm seeing that the revenues are kind of flattish, right, sequentially. Why would that happen in a market where equities have done well and AIFs would have done well. So any or -- any thoughts there?