Stockrabit · Analysts
Questions across 23 calls

Swarnabh Mukherjee

B&K Securities

Max Financial Services Limited

Max Financial Services Limited CC-Feb26.pdf · 2026-02-12
Hi, sir. Thank you for the opportunity and congrats on a great set of numbers. Sir, 2-3 questions. First, on VNB margin. So, you if you could give some color on the VNB walk because what I was trying to understand was that had this impact of GST and labor law not been here? What would at a core level or margin? So , you mentioned that out of that 300 -odd basis points kind of 100 bps you have mitigated this year. So is it fair to think that like margins would have been 200 bps higher because if this was not there. So, some color on that? And also labor law, what is the impact? And I a m assuming that would be onetime. And so going forward, like you said that you have reduced 70%, 80% of the impact now on a 100 basis will carry kind of 50, 60 bps ahead into next year. Some quantification or granularity in this figure from the current margin perspective and how do we see it in the next year would be very helpful. That is the first one. Secondly, sir, I think commendable execution on the protection piece. On the partnership channel also the mix has kind of gone up. So is this do you think this is sustainable? Or is it like an immediate tailwind of the GST scenario and maybe normalize to a 70% level, which we have seen in the earlier quarters? So what is the trend you are seeing in this last maybe 40 to 45 days, if you could say it? And on the 13th month persistency, so I just wanted to clarify that on the 8 -month basis number that you have provided in the presentation, the drop that we have seen is similar t o what you have reported on a one -eight basis also, I think. So , what is the reason for that? And anything specific that has incrementally played out in 9 months if you could highlight?
Right sir Understood. I mean just a follow -up like in Axis, vis -a-vis, say, third quarter, what has changed why you were I mean , I think what I understood was that Ulip was a drag in terms of the growth also in the partnership channel. So , what has changed which is leading to this growth? And just another question I just wanted to use any color on terms of the time line for the amalgamation?
Max Financial Services Limited CC-Nov25.pdf · 2025-11-12
Hi, sir. Thank you for the opportunity and c ongrats on a good set of numbers. So first question, sir, just wanted to understand the VNB development for the qu arter. I think year -on-year, it i s 190 bps. Now you said 60 bps coming due to the GST impact. So adjusting for that, that 250 -odd bps, if you can break it down between how much has come from the product mix, how much may be product level improvements and if there has been any operating leverage that has played out during this quarter. If you could give that color, it would be very helpful? Second is in terms of growth. As you had mentioned that you are maintaining the growth guidance but if I look at your base in second half, it is slightly more benign than what we had in the first half. So are we being conservative in kind of maintaining and not upgrading our growth guidance? Just wanted to understand, particularly given the fact that we have a leadership position on the online channel. And given that the outlook for protection -oriented products improved meaningfully because of the GST changes, can we not see a better growth and better margin outcome also coming out from that? And third, again, on the product mix, I just wanted to understand that are we like comfortable with the current product mix o r can the ULIP mix be reduced further? Because I can see that in the banca channel, it has come down meaningfully. So is there any further headroom to reduce ULIP? And lastly, on operating ROEV, sir, so if I were to think about over the next couple of years and given that there might be some impact coming from the interest rate side on the unwind factor, how should we think about our operating ROEV going forward? These will be my questions.
Very helpful, Amrit. Just a quick clarification on the first response. So you were saying it i s largely coming out of the product mix. So I just wanted to understand that is there any operating leverage also component playing out to this because our growt h has been fairly strong. And I a m just wondering if maybe our cost base would be kind of geared towards this growth. But we are getting something over and above that cost base and in a hypothetical scenario where in the future, if there is some at least transient impact on growth, can there be a deleverage? So that i s the reason why I asked the question.
Max Financial Services Limited CC-Jun25.pdf · 2025-08-08
In terms of the margin, I wanted to understand whether there is any impact of the surrender value regulation?
So, I was saying, sir, that there is a 260 basis point of expansion in the margin profile vis -a-vis from last year to this year. I just wanted to understand that are we being conservative in terms of maintaining our guidance? Or do we expect that going forward, given that this has come from good product mix alterations, do we expect that the upcoming quantum of expansion cannot be at this level. I just wanted to understand that on the margins part. And if I can squeeze in a little bit on the product side. I think we have done very well over the last 3 years. But right now, I think at least on the basis, we are the largest in the private, at least among the listed players. So, what is the headroom there in the near term? If you could highlight that? These are my questions.
Max Financial Services Limited CC-Sep24.pdf · 2024-10-23
So, first, I wanted to understand regarding the margin front. So, if I were to look at Q2 vis-a-vis Q1, this is around 600 basis points improvement that has come through. Just wanted some quantification from your side that how much of this would have come from operating leverage and how much would have come from the product mix. Because at least at macro level, it looks like that product mix have, you know, impact might be relatively smaller, but if you could give more color on that. And also, whether you like a couple of your peers had commented that the yield curve impact were absorbed in terms of the non-PAR products. So, have you done the same as well? And whether that is part of this number, how much in basis points terms maybe had impacted the margin ? That would give us some color on what could be going ahead. And also if your guidance changes because of that, because this margin came out strong in this quarter, whether there would be any change in the guidance? Secondly, sir, in terms I wanted some color on the break up that you generally provide on the sub segments in your proprietary channel, what has been the mix of the direct channel, the e -commerce and the agencies in your prop channel this quarter and the prior year same quarter. So, that would be helpful. And how the commission structures are panning out in the e -commerce channel, because I think for 1H you have mentioned that there has been more than 100% growth in this channel. So, I just wanted to understand that. Just one last one on the structure simplification process risk if you can highlight.
Yes, a couple of things. One was whether there is any change in the margin guidance that you had given because of the better margin profile that came through this time and maybe the ri der attachments are growing. So, they would like to change that. And the second is on the structure simplification process, if there is any progress, if you want to share.
Max Financial Services Limited CC-Jun24.pdf · 2024-08-14
A couple of questions. First, again just focusing on the margin part, I just wanted to understand whether you are still confident of achieving around a 26% kind of a margin guidance which you have provided earlier, because I think you highlighted that growth is fairly strong in Axis in July, but Axis, I think whatever we have seen in the disclosure this time, banca has largely focused on ULIP as a product category? And also wanted to understand how the commission dynamics are playing out in the proprietary channel because there the product mix is much far more balanced despite growth in retail protection we haven't seen that outcome playing out in the market. And thirdly, you have also mentioned the headcount increase in the distribution side. Is this cost going to remain in our P&L going forward? And if then what can be the impact on the margin in the subsequent quarters and hence on the overall guidance, if you could give some more color on? An d secondly, on the Axis Bank part, if you could highlight how our counter shares are trending right now are we still at that range or what is the dynamics you are seeing in the Axis channel in terms of the multiple manufacturers who are now empaneled, what is the situation if you could highlight?
Just a follow up, just focusing on the 2nd Quarter, if you could comment on the commissions levels, how they are playing out? And also, on the increased distribution and the fact that Axis is growing faster, how can we think about the margin for that?
Max Financial Services Limited CC-Sep23.pdf · 2023-11-01
So, two-three questions on my side. First of all, thank you for confirming the marginal outlook. I just wanted to understand that you mentioned that the second quarter, the margin expansion will be due to scale up in non -PAR given product launches. So right now, the share of non -PAR in the mix has gone down significantly as ULIP and PAR has grown. Just wanted to understand would product launch and scale up be sufficient to take us to our ask rate for second half of margin so that we are able to lead that? And also, how to think about growth in second half given that the size of non -PAR as you have disclosed is slightly lower than where it is for ULIP. So , should we see kind of this 25% growth, which we have in the first half? Or should we expect a slightly lower number than that? So that's the first one. Secondly, sir, in terms of Banca, if you could highlight where our counter share for Axis Bank lies and if I could break down the growth between Axis and other banks, how to look at it. And thirdly, if you have given that because of the business mix and investment, there has been a negative impact in VNB. So , if you could just give us some color on that, what will be cost aspect which has resulted from that? How should we think about cost in the second half? Those are my 3 questions.
Just a couple of follow -ups. One is on the Banca mix ; I just wanted some color on how the growth has been between Axis and others? I mean, the 31% growth, if you could give some sense by what percentage Axis channel had grown and by what percentage other channels have grown because my sense is that other channels growth must be much more higher than Axis. So, some colour on that. And on the cost, I just wanted to understand, you have mentioned that in the presentation that first half policyholders expense to GWP ratio is around 15.4%. So broadly flattish now given that GWP has gone up by 16%. So , you could assume costs have been going up by 16%, 17%. In the second half, the operating leverage we were discussing about , if the growth in expenses remain at a similar rate would that play out or not that is what we want to focus?

Canara HSBC Life Insurance Company Limited

Canara HSBC Life Insurance Company Limited CC-Jan26.pdf · 2026-01-21
Hi, sir. Thank you for the opportunity, and congrats on a good set of numbers.
Two-three questions from my side, sir. So, first of all, I think I just wanted to understand the math behind VNB, because I think the roll forward that you have provided this quarter in terms of VNB between last year and between 9 months and 9 months last year. So, there, broadly the impact of labor code and GST is coming to around INR 40 odd crores, right. So, I just wanted to understand, largely this would be pertaining to this. I think around INR 5-6 odd crores was there last quarter. Apart from that, around INR 35 odd crores would be pertaining to this quarter. So, in that case, if I were to kind of add this back, say INR 35 odd crores to this quarter's VNB number, which is essentially I think close to INR 200 odd crores, then would the core VNB be somewhere around this INR 235 odd crores? Would that be the right number to look at, sir?

Kfin Technologies Limited

Kfin Technologies Limited CC-Nov25.pdf · 2025-10-28
Congrats on a good set of numbers. Three questions from my side. First, on the mutual fund segment. So I just wanted to understand that of the revenues you have reported in this segment, what is the proportion of value -added services in that? Because you h ave given a number of 9.3% of total revenue, which is around INR28 crores, INR30 crores. So out of that, how much pertains to mutual fund, if you can give so that we have like a better clarity in terms of how the AUM-based yields developed over the quarter? Because last quarter, there was a squeeze. So some color on that would be helpful, whet her it is stabilizing at that level and how much is the value- added services component? That is the first question. Second is in terms of the folios in the Issuer Solution. So that number has been stagnating over the last, I think, a couple of quarters despite -- I think you have done like around 24 -odd IPOs in 1H. So I just wanted to understand, I mean, are like -- a part of the IPOs this quarter, which you have done, those folios are going to get added next quarter? Or is there slippages happening from our existing pool? Because I can understand that the number of folios going down maybe in 1Q or the prior periods because markets were not doing well. But now that there is market has started to recover to an extent, I'm not able to triangulate why this number is remaining stagnant. So some color on that would be useful. Thirdly, on Ascent, the AUM growth from what you have reported at the end of last quarter and what you have reported this quarter, I mean, the growth looks maybe slightly lower than what it used to be over 2, 3 quarters prior. And also the cost structure s eems to be continuing to look heavy. So some color on these two would also be helpful.
Okay. Understood. That's very helpful. Just quickly, I mean, this one -off costs are done, right? So next quarter would be a cleaner quarter?

UTI Asset Management Company Limited

UTI Asset Management Company Limited CC-Sep25.pdf · 2025-10-18
Hi, sir. Thank you for the opportunity. Vetri sir, congrats on your new role and a Happy Diwali to everyone. I had 3 questions. So first of all, I think about this quarter, I think in the employee cost also, if we adjust for the Rs. 25 crore one-off that has come through, there is still, I think, Rs. 10 odd crore increase in the standalone P&L in employee costs and around Rs. 4-5 crores in the consolidated P&L. So if you could explain what is that due to? That is the first question. Second is, sir, you were talking about the 3-year performance and actually gradually scale up there. I just wanted to know, what in your mind or how have you seen in the past in the industry that has the performance goes into the higher quartiles? What is the lead time before flows start to come in? How should we think about it on that? Thirdly, sir, I think over the last 2-3 years, we had kind of articulated to investors to maintain our cost base. I think we did a great job at that. The cost base was not going up at only, I think, low single digits. Now, given our plans about investments in the brand and in the distribution channel as you have articulated, should we expect any of that on the cost heads to increase going forward if you could keep some color of the same? These are my 3 questions. And one bookkeeping question, if you could give us the yields by asset classes for the quarter?
Yes, just a follow up. The employee cost side, if I may just clarify. Sir, you said Rs. 6 crores because of actuarial valuation. So if I remove the Rs. 25 crores number, I think Rs. 100 crores for last quarter in the standalone P&L went to around Rs. 110 odd crores except the Rs. 25 crores number. So, Rs. 6 crores out of that?

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-Jun25.pdf · 2025-07-30
A couple of questions on the loss ratio side. First of all, I think we have net claims number of around Rs. 2,700 crores this quarter. I just wanted to understand that in the subsequent quarter now, because first quarter is not seasonally high for claims, how should we think about this for the subsequent quarter? And maybe if you can give some indication in terms of how the situation is there in July, given the monsoons and the period for seasonal diseases, that will help us understand maybe how we should expect the numbers to move over the next quarter. Also, if you can maybe, highlight that on the FWA savings, what is the impact that is there on the loss ratio, if you can give some number on that? That is the first question. Secondly, sir, in terms of the new customers acquired and the fresh growth that is there, if you could give some color on how the customer cohorts ar e, maybe in terms of age profile, and how is the expected loss ratio from these customer cohorts vis-à-vis, say, maybe c ustomers who used to acquire maybe 2-3 years prior because our channel mix up has, kind of, also moved quite substantially. Some color on that would be useful. In the digital channels, sir, I see that the fresh premium growth is around 73%, but fresh NOP growth is 16%. Just wanted to understand, has there been any substantial product change in the digital channel or price hike if you could give some color? Lastly, data keeping question, sir, on the persistency side, can you give the persistency or the renewal ratio on the volume basis? I mean, in terms of NOP, if you could. So, these would be my questions.
Any quantification on loss ratios from FWA?

Central Depository Services (India) Limited

Central Depository Services (India) Limited CC-Aug25.pdf · 2025-07-28
Thank you for the opportunity. Most of my questions have been answered. I just wanted to understand that this bonus provision that you have mentioned , that is unlikely to arise or is it like provided over every quarter for the whole year? If you could show some color on that and also some data keeping questions, if you could split out the cas income, evoting income and pledge income for the quarter and any impairment cost?
Right, sir. Very helpful. Just one follow-up, sir. You said the unlisted revenue for the quarter is around INR6.23 crores. I mean, I think last year sorry, sir can you come back?
Central Depository Services (India) Limited CC-Dec24.pdf · 2025-01-27
Good morning, sir. Thank you for the opportunity. So. my first question I just wanted to understand on the folios part of the business. So. I know that you don't give a forward guidance but wanted to understand from you that so far in 9 months FY '25, if you can give us sense that vis-a-vis the average folios which were there, which were billed for FY '25, so average full year of FY '24. What would be and by how much should we be largely up by now? If you could give some color, not the exact number but a ballpark also that would help us to understand how the issuer charges, etc. might pan out. So not looking for any forward guidance, but whatever number you have recorded so far, if you can give a ballpark color in terms of growth. That is the first question. Second is in terms of the IPO corporate action line item which you report. If you can broadly give us a split on how it trends quarter-on-quarter between IPO and corporate action, whether there would be any seasonality in terms of corporate action in that which some color on that would be useful? And thirdly, sir, I mean, I think already has been -- you have given some color in the previous question, but just wanted to understand that given that there is at least a transient weakness in the market, but that should not mean that we would expect that your further investments in technology will be curtailed at any level? So, it will be going on at the same level of what we are seeing right now, would that be a fair understanding? And if you could also share fixed and variable cost proportion in your overall expenses, that would be very helpful. These are my questions.
Right, sir. If you could give a proportion of fixed and variable costs in your mix. And also, sir, one follow-up on the IPO corporate action. So, between the quarters is there a discernible seasonality in the corporate action part? If you could just highlight that like whether the second quarter or the third quarter would have a higher amount?
Central Depository Services (India) Limited CC-Dec23.pdf · 2024-02-07
Yes, hi, sir. Thank you for the opportunity. I just wanted to understand a little bit more on the private company side following up on the previous participant's query. So first of all, if you could highlight if you have done any kind of assessment, basically that how many companies would be there from with this turnover and capital limits that you have highlighted, which could be addressed by the depositories. Overall, if you could give us the opportunity size. And secondly, for the September '24 deadline, which companies would need to dematerialize? Ones who are doing this corporate action in the current financial year, is the rule for them? And then henceforth, as and when companies continue to further do corporate actions, then they will come into ambit of the law. If you could give some bit more granularity on that. That is the first question. Second is in terms of the T plus zero settlement or instantaneous settlement, I understand that you would not like to give a forward-looking statement. But broadly, sir, when we moved from T plus two to T plus one, could you highlight that had that resulted in a higher proportion of transaction income last time and that had benefited us? If you could give some color on that. That is the second question. And thirdly, on the online data charges. So the number has been flat in third quarter vis-a-vis second quarter. However, I think in third quarter, particularly towards the end, the number of new demat accounts opened had increased quite significantly. So beside that if you could explain why number is flat. And also if you can give some color that we understand that January has been fairly strong in line with, I mean, even better than December. But how are you seeing the trends in the first few days of February? Is a similar run rate being maintained? That would be very helpful. Yes, sir. Those are my questions.
Sir, before we move on to the next question, just a clarification. So the regulation would be saying that the number of companies who will fall in that above the limit of INR4 crores and INR40 crores, they will then from the following period will have to come and demat? Would that be a correct understanding?
Central Depository Services (India) Limited CC-Sep23.pdf · 2023-11-01
Yes. Great performance for the quarter. 2, 3 questions. First one, on the IPO, corporate action line item. So I just wanted to understand. How much of this growth can be kind of sticky? So if you could give us some color or a quantifiable breakup on how much of this has come due to IPOs, how much through AGMs etc and how much through corporate actions? So as to give us a flavor whether some part of this can be retained or whether there is a substantial seasonal element in this? So that's the first one. Secondly, on the KYC KRA business, if you could give us a sense why this performance has been very strong. So whether the share of fetch transactions has increased or is it like the mix relatively similar and volume-driven, because of which the growth has come? And thirdly, on the cost side, so if I look at the tech cost and so about a year back, it was somewhere around INR 9 crores, INR 10-odd crores. It has steadily moved up, around INR 15 crores run rate in this quarter, so are we peaking out, I mean, in terms of the run rate? Or should we expect further inflation in this given that you have previously also highlighted the technology intensive nature of the business? And on the other expense increase, if you could highlight, in the stand-alone business, what is driving that? I understand that with some inter-KRA charges, KYC in subsidiary, but in the stand-alone business, what is driving that? That's all from my side, sir.
Sir, before that, if I could just ask you. Even if a quantifiable number this is possible, but if you could maybe some highlights whether this is relatively more fetch because -given their usual penetration on the other financial products are also increasing, etc. So I mean, is that an outcome of this? So...

HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited CC-Mar24.pdf · 2024-07-15
A couple of questions. One is on channel. So, you had mentioned that you were having conversations on how eventually , the commission structure, etcetera, will pan out. I just wanted to understand from you in our open architecture channels as well as, say, the agency channel, since multiple players will have a varied approach on how they are going to pay out, you will also have varied approach based on what kind of business you source from a particular channel. Can there be a risk that there can be aggression from players in terms of commission that can move counter shares in those channels ? Just wanted to understand how you think that can be a risk or a challenge in, say, open architecture or agencies, which one would be tougher to correct ? And secondly, in terms of IRR cut on the non -par product where there is the impact of this new regulation , just want to understand from your perspective, how do you see the product competitiveness vis-a-vis say other similar products like, say, FDs?
Right, sir, just quickly wanted to follow up that on the HDFC Bank channel , do we expect the counter share would remain around that 70% range, which is our aspiration, in the new scheme of things?
HDFC Life Insurance Company Limited CC-Jun24.pdf · 2024-07-15
A couple of questions. One is on channel. So, you had mentioned that you were having conversations on how eventually , the commission structure, etcetera, will pan out. I just wanted to understand from you in our open architecture channels as well as, say, the agency channel, since multiple players will have a varied approach on how they are going to pay out, you will also have varied approach based on what kind of business you source from a particular channel. Can there be a risk that there can be aggression from players in terms of commission that can move counter shares in those channels ? Just wanted to understand how you think that can be a risk or a challenge in, say, open architecture or agencies, which one would be tougher to correct ? And secondly, in terms of IRR cut on the non -par product where there is the impact of this new regulation , just want to understand from your perspective, how do you see the product competitiveness vis-a-vis say other similar products like, say, FDs?
Right, sir, just quickly wanted to follow up that on the HDFC Bank channel , do we expect the counter share would remain around that 70% range, which is our aspiration, in the new scheme of things?

HDFC Asset Management Company Limited

Bajaj Finserv Limited

SBI Life Insurance Company Limited

SBI Life Insurance Company Limited CC-Dec23.pdf · 2024-01-25
Congrats on a good set of numbers. Firstly, as a follow -up on previous participants' question, I just wanted to understand from you why agency 4Q generally would be a larger quarter and 3Q would be relatively tepid because if I understand currently in 3Q, particularly in December, it is the MDRT period and agents would also try to focus on increasing volume. So, is there any difference how the focus would be on banca versus agency in the third quarter from your distribution point of view? So that is the fir st question. Secondly, sir, I had questions on the protection segment. So, first of all, in group protection, if you could delineate the growth which has come this time from which segment it has come, credit life or term life, what are the trends you are seeing in those areas? And in retail protection, given that you have mentioned that you have introduced ROP product that we had a tepid quarter now. Going ahead, do we expect growth coming back to this segment on the retail production side? And also, just couple of confirmations I wanted to take was one is on persistency. So, if I just look at 3Q persistency versus 2Q persistency reported, the numbers in that case look a slight dip. Is there anything to read into that, apart from the fact that maybe in all third quarters, there is a higher mix of ULIP that hits the persistency number?? Anything else to read into that? And on the changes in assumptions that we see in the VNB walk, is there anything additional you have done or is this what we had done at the end of 31st March, that is what is visible? That would be my questions.
Right, sir. On group protection, if you could spell out which are the segments -- which segment is driving the growth?

Angel One Limited

Angel One Limited CC-Dec23.pdf · 2024-01-16
I have a few questions that I'll quickly ask a couple of questions on the revenue side. So if you could explain what made you change the tariff structure in the intraday part. Is it competition or is it something else? And why ancillary revenue is down 10% despite overall volumes have gone up. And also, if you can discuss a little bit in detail on the expenses side, particularly the customer acquisition cost. So what proportion of that will be part of our overall other expenses line item and whether per customer acquisition costs have increased at a similar level to earlier and how we expect the payback from these customers as the payback period remains 6 months? Or any kind of change in the metrics that you are seeing? So these are my 2, 3 questions. I have other questions. If time permits, I'll ask them after.
Sir, just a follow-up on your response on this first question. Sir, so you have highlighted on the lifetime value of the customers and the feedback period. So in terms of -- on the margin overall, you have mentioned generally that 45% to 50% OPM is your ta rget range. But you have normally delivered better than that. Now should we consider that this particular quarter to be a relatively one -off quarter? Or were the margins came to the lower end of the range? Or should we think that now we are going ahead to be more aggressive and that is why maybe over the next 2, 3 quarters, also our margins would start playing out at the lower end of the region, if you could give some color on that.