Questions across 3 calls

Swarnabh Mukherjee

360 ONE Capital

Angel One Limited

Angel One Limited · 2026-07-16

Just two, three questions. First, on the industry volume side, sir, I just wanted to understand that how you are, at the current run rate, seeing the broking volumes? So like in the first 15 days of July, how are we seeing the broking volume, particularly on the derivative side? And do you see any impact of the RBI's circular second order impact on your numbers, if you can highlight that? If there is any possibility of a spillover effect that might come through, although I understand that we are not -- we do not do the prop trading part, but if any spillover effect is coming, if you could highlight, that is one. And secondly, I wanted to understand also on the MTF run rate, how are we seeing as we move in the first 15 days of July, if you could give some color on that, because I think at the industry level, it looks tepid. So any color would be helpful. Thirdly, on the cost front. Sir, wanted to understand that, I mean, our employee expense, the flattish trend despite the increment. So how should we think about the employee count? Has it kind of degrown over this period? I mean, if you can give some color on that. And fourthly, in terms of our customer acquisition cost, you have mentioned that the acquisition cost has been lower this quarter. Would you mean in terms of the per client acquisition cost? Or is this a function of lower number of customers acquired. These will be my questions.

Right. So sir, just wanted to understand, I don't want any specific number in terms of the CAC, I just wanted to understand that your presenta tion comment was at an overall level and the total cost level or at the unit cost level of acquiring one customer?

HDFC Asset Management Company Limited

HDFC Asset Management Company Limited · 2026-07-15

Yes, hi, sir. Thank you for the opportunity. I had a couple of questions. One is in terms of the yield, so the yield increase, and apologies if I'm r epeating because I have joined a little bit late. So, the yield increasing, I just wanted to understand from your side that whether this is -- the increase is more an outcome of shift from TER to BER or also -- I mean there is some component of the 5-basis point pass on there. Anything you can give some color on? And whether we should consider this to be the baseline number now and then think about the gradual dilution that with increase in AUM playing out from this level? If you could give some color on that? And in terms of how we broadly expect the yields to kind of come off going forward, if there any color you can give, that would be helpful? That is the first question. Second is in terms of the SIP number, so what I understand is that our trends have been fairly in line with the industry, how the numbers have moved over the quarter. As we move ahead in June and I think I just wanted to understand the trends that you are seeing in terms of SIP and overall net flows, how it is sustaining? And do we have any levers in place to basically increase our market share in terms of SIP flows, if you could give some color on that. These will be my questions?

Right, sir. Got it. Helpful, sir. Thank you so much.

HDFC Asset Management Company Limited CC-Jul26.pdf · 2026-07-15

Yes, hi, sir. Thank you for the opportunity. I had a couple of questions. One is in terms of the yield, so the yield increase, and apologies if I'm r epeating because I have joined a little bit late. So, the yield increasing, I just wanted to understand from your side that whether this is -- the increase is more an outcome of shift from TER to BER or also -- I mean there is some component of the 5-basis point pass on there. Anything you can give some color on? And whether we should consider this to be the baseline number now and then think about the gradual dilution that with increase in AUM playing out from this level? If you could give some color on that? And in terms of how we broadly expect the yields to kind of come off going forward, if there any color you can give, that would be helpful? That is the first question. Second is in terms of the SIP number, so what I understand is that our trends have been fairly in line with the industry, how the numbers have moved over the quarter. As we move ahead in June and I think I just wanted to understand the trends that you are seeing in terms of SIP and overall net flows, how it is sustaining? And do we have any levers in place to basically increase our market share in terms of SIP flows, if you could give some color on that. These will be my questions?

Right, sir. Got it. Helpful, sir. Thank you so much.