Yes, hi, sir. Sir, personally on, if I look at your EBITDA margins, we were on a console basis, we are running at 60% thereabouts in most part of last year. And now that you know, it's being at about 50% in the past couple of quarters, any pricing action or either on issuer charges where you are going back to the regulator for a price hike, or for that matter, even transaction charges, you plan to increase or anything of that sort that is there in the offing?
So, have you applied for it?
Just extending the question of the previous participant on technology. So how much of it is going towards capacity buildup and how much of it is towards efficiency buildup? So generally, the reason I am asking that is the capacity buildup spend would probably be like a onetime spend or a spend that would get added and then probably will come again once you have reached those thresholds. So is there a spend towards capacity buildup or it's purely efficiency buildup?
So, is it fair to assume that as a percentage of revenue, this would sustain? I know you don't give forward-looking guidance. But for us, it becomes very important to understand whether we should model it as a percentage of revenue. Or how should we look at it?
Just a question on yields again, could you give us a breakdown on the yields? Is it similar to what we have seen in the previous quarter?
Also, on the debt front, is there any flow towards the longer duration? Or are we anticipating that? How should we think about this with interest rate cuts happening? Do we see some traction already? Because I think the data suggests that at least one year has started seeing some traction but the longer duration ones would see further traction going ahead?
Yes, hi. Good evening, everyone. Good set of numbers, congratulations. Firstly, the SIP data that has been coming from the AMFI, another closure to opening ratio has been kind of increasing in the last couple of months and probably the past few months. Any pillars that you can share what you're getting from the ground? And how should we kind of look at this is an indicator of slowing down in some form, while the gross numbers continue to look up in that sense, but whether the momentum seems to be slowing down? That would be my first question.
My question was more on the number of SIPs rather than the gross and net? So, the closures – their ratio has been increasing -- terminated or the term getting over, that ratio i s going higher to the opening. So, is there any trend change that you've seen on the ground on that?
Yes. Hi. Just a couple of questions. Firstly, does the cost in any way get influenced by the channel mix that we had in this quarter, and that as the agency kind of picks up, do you think that the cost could be kind of on the increasing trajectory in the remaining quarters? And second question would be again on margin trajectory. Now that you have just mentioned that ULIPs could kind of pick up in the second half, do you think that we are at the peak of the VNB margins for this year? Or do you think that the margins can further expand from here in the remainder of the fiscal?
Thank you.
Just a structural question as to how do you think or what would be the factors that will kind of shift the product mix for the industry, the way it has been shaping toward ULIPs and reducing share of non -par, what will kind of drive this mix back towards something like a non-par and lower from ULIPs? The markets have been weak in the last few months, but is there any evidence that impact is visible in terms of ULIP demand? So, any thoughts how do we see this, what would be the m acro factors that can drive this shift in mix?
And just a clarificatory question. The group funds business, would there be any element of protection there? No, zero, right?
Just one question on how the product mix and margins can move, let's leave aside the benefit of operating leverage and getting into cost s. What I heard from the call is that the product level margins between non-par and par are not meaningfully different. So, even if the share of non- par increases, we wouldn't see any product mix benefits coming in the second half in terms of margins? And how would you then look at or whether do you think that the share of ULIPs can go down and that can bring in some benefits to margins from the product mix perspective. Obviously, I understand that you mentioned that any benefits on product margins or any benefit of product mix will be utilized to absorb the fixed cost or invest into growth but just from product mix perspective can you elaborate as to how should we think about just product mix benefiting the margins?
And just on this fixed cost absorption thing, at the end of Q4 you were expecting relatively muted growth for Q1 and I think the growth has come in better than your expectation and so do you think that you would invest more and utilize that benefit of higher growth that has come in the first quarter? Or do you think that the margins can expand?
Yes, hi sir. Sir, just on this pricing in both domestic and international markets, on the fire piece in particular, we were hearing that the reinsurers have increased the pricing on the fire side. Any comments there from your side?
But what have been the kind of renewal rate that would have happened on the same on the like- to-like basis?
Just on this, on the banking channels and the bank channels, what is the kind of product mix and the profitability that we earn on the Banca channel and secondly, any thoughts on the attachment rate of riders on your products which can enhance your product level margins and basically bridge the gap between what you are earning versus the private players and in generally private players talk a lot about high attachment rate of riders. So where are we in that front?
One more question. The sensitivity of interest rate that you mentioned on VNB would that be also due to the fact that you're not completely hedging your non-par book ?
Just first question is on the mutual fund business. Is there any impact of lesser number of days on the yield in this quarter? Generally, AMCs feel the pinch of it, but do we also feel the pinch of it?
Got that. Secondly, on the CA MSPay business, you enrolled LIC and how -- when was this? And do you think that a large part of your growth guidance on FY '26 would be -- LIC would be a key factor in terms of CAMSPay?
Congrats on a great set of numbers. Just a few questions from my side. First one on this international mandate first of all, what is the size and what are the realizations, yields, and what can be the time frame that we will look at and whether it is the entire asset base or one particular geography that you have won the mandate, that would be helpful. That would be my first question. Second, you mentioned on the shift of AMC, right? So does this kind of open the can and increase the competition or allow third player to start entering this space? Does the competitive landscape change because we've been -- that has been one of the key strengths that the shift of AMCs in RTA business is a very difficult one and generally does not happen. But does this mean that if it is a meaningful one, then there would be further more transitions? Third one was on brokerage. You said that you -- on e-KYC, you added one of the top 5 players. Would this -- is it more clarificatory whether this would be replacing an existing one? Or you're getting the -- you would start getting share of incremental business, or it's an exclusive deal that you would get only -- you would be the only one. And last question is just on this yield pressure that you mentioned. Ram, what has changed in the recent past that is causing this change? Because on the other hand, if you look at this quarter, the AMCs have reported flattish to marginal improvement in yields. And we are talking about and the corrective actions that they have taken, some of the AMCs which have taken for the commission structures that is benefiting the yield. So why in this kind of an environment, we are taking the pain and we are taking the pressure of reduction in yields? Yes, those would be my questions.
Yes. The third one was on brokerage.
Just a couple of questions. Firstly, our fund performance seems to have improved in the last few months. When do you think we should start seeing some improvement in market share on the equity side? We still -- on a quarterly basis, we still have seen a decline in market share, right? Or this was just about steady market share, so when do we see an improvement in market share on equity plus hybrid?
Any indications on your existing schemes apart from NFOs, what has been the flow trajectory, whether it's been positive and what will be a flow market share except NFO?
I am just trying to connect the dots out here . You had taken a family health optima price hike of 25% a couple of years back, and at that time, we were told that the benefit of that will start flowing in a year's time. While we haven't seen those benefits any time, now you are saying that you have taken a price hike and over and above that you would be giving discount to good customers. From a claims loss ratio perspective, does the current price hike benefit us in any form in terms of loss ratio going ahead?
Amitabh, honestly the only point that we have been trying to ask is, the previous benefits have not come in and what kind of confidence do you have that these price hikes will help you to maintain loss ratios or even improve for that matter. Just another question on that , at the beginning of this year FY’ 2025 you had guided for a 100% improvement in combined ratio, 50 basis points on loss ratio and 50 basis points on the OPE X. None of them seems to have come through in this year , what should we think about it from FY’ 20 26 or from a longer term perspective, how should we think about loss ratios and combined ratios going ahead?
First question is on the expense ratio, right, that has stagnated around 30%, and we have been growing at 15-16%. Do we conclude out of this that the incremental acquisition is coming at a higher expense cost versus the, you know, what was the trend previously? And this is the levels or possibly even we can see some increase as the fresh -to-renewal ratio kind of increases further. Do you think that this expense of management ratio would continue to trend flattish or we can see some scale benefits if we grow at 15-16%?
If you can share the combined ratio of group and retail for the nine months that would be helpful. The suggestion was to start giving "1/N" numbers on a monthly basis, excluding "1/ N" numbers on a growth basis on a monthly basis. That would be helpful to us. That was the suggestion, but the question is on the combined ratio of group and retail.
Yes. Hi ! Just a couple of questions. Just extending the question on BlackRock of the previous participant, what is the kind of concentration today amongst the eight other players that you have mentioned and which is there in the public domain -- is there concentration there and a couple of them have say 80%, 90% shares today and so it's kind of difficult to entrench into that kind of a domain? That would be my first question. Second is on VAS. The share has gone down sequentially in this quarter. Anything to read i nto it or is there a seasonality there or what kind of will transpire there? And last question. Now that we have kind of filled in a lot of pockets with so many acquisitions and everything, do you think the next leg of growth could come from using your existing technology and skills to move to different adjacencies in the BFSI space like banking or some other aspects of the business which can help you grow organically more? Those would be my questions. Thanks.
And my last question is on the adjacencies.
Hi, good evening everyone. Just a few questions. How do you see the SIP trajectory for the industry and for Nippon as such going ahead, we have been hearing a lot of closures and the incremental account openings have been weaker, how do you see the trend in this space, say over the medium term? Second is, you mentioned about the expenses being in line with your guidance, how do you see our expenses in FY '26 and it would be great if you could split up the employee cost into what kind of ESOP expenses we could see going ahead? And lastly on the Offshore business, I see a drop in sequentially in your managed assets from about 16,700 odd crores to about INR 15,200 odd crores sequentially. Is it only mark-to-market or has there been some outflows? How should we see this and do you see Offshore given that Japan you have recently launched a new scheme? Do you see this contributing meaningfully over say next 3-5 years and those would be my 3 questions?
Just a couple of bookkeeping questions. For the full year , what kind of ESOP cost should we build for FY '26? Secondly, could you give us the yields across the asset classes? And lastly, the tax rate has been significantly lower in this quarter. What were the reasons and how should we kind of model for FY '26? Those would be my questions?
Sir, just on this extending the point on the adjustments that you've done to the commissions. And so -- why did this chose these two schemes and why not some of the other large schemes like a small cap, probably it has one of the largest AUMs. So why not on that as well or do you think that you're probably going down the road, you would start doing it for the entire space. Are there any initial signs where the distributors have kind of raised some concerns around it and whether the entire industry is kind of moving towards it?
Got that. Sir, second question was on the SIP closures and the SIP run rate that people have been and media has been alluding to the number of SIP closures are going up significantly in the past couple of months. Whether that is reflective of the kind of growth we saw 3 years ago when there's like some -- Zerodha Groww, Angel One kind of -- right now started their mutual fund operations and started scaling up. Is that kind of tenure closure that's happening or what is the kind of trajectory we should be seeing here now?
Firstly, with respect to VNB margins during the quarter, are we also seeing some improvement in margins at product level with respect to protection or with respect to ULIP where the attachment could have gone up? Or could you give us the mix in the individual protection, how has been the mix between return of premium and the normal?
Okay. Sir, while you gave the guidance on growth and also you give the guidance on product mix, is it fair to expect the VNB margin for full year FY '26 to be closer to the fourth quarter average? Or how should we think about VNB margins if your product mix kind of pans out the way you have highlighted for us?
A good set of numbers , loss ratio and combined ratio improving on a Y-o-Y basis. That too significant improvement. But could you chart out the path for us in terms of how should we look at the combined ratio from here on , on a reported basis as to how the combined ratio and loss ratio could trend from here on?
The second question was, if you could give us a loss ratio on 1-by-N basis, including without a 1-by-N basis for nine months?
Yes. Hi. Congratulations, team. And ma'am I'm just extending that question on the series contracts as to where we are with respect to that product, whether we have tested it completely and our readiness is there. And when can we file it with the regulator? So, any clarity there, because I think that is something which the markets have been anticipating for quite some time, the Crude series contracts. So, anything where, at what stage we are with respect to that product will be very helpful for us?
Got that. Ma'am, secondly, on the Base Metal contracts, rightly that you mentioned that you would want to revive the METALDEX and then bring in the index options on both BULLDEX as well as METALDEX. But, you know, as Base Metals volumes have not kind of picked up the way we would have liked it to be. So, what were the reasons for that and what could be the further driving factors for this, that you could revive these volumes?