September 2024 Results Preview | Sector: Capital Markets & Insurance
Financials – Non Lending
Result Preview
Growth saga of capital markets-linked companies continues
GI players to report modest growth; VNB margins to expand
Company
Angel One
BSE
CAMS
ICICI Lombard
360ONE WAM
MCX
Star Health
HDFC Life
IPRU Life
SBI Life
Max Financials
Equity indices continued to scale new heights in 2QFY25, with Nifty surpassing 26,000
and Sensex exceeding 85,000. The positive market sentiment and higher trading days
contributed to a sustained upward trajectory in key parameters (volumes, orders,
client additions, etc.) for capital markets-related companies. Angel One and BSE
continue to benefit from the current trends. However, SEBI’s new F&O segment
regulations are expected to impact these trends from the end of 3QFY25.
In the AMC sector, Jul’24 recorded the highest-ever net equity inflows. Equity AUM
rose 59% YoY in Aug’24, driven by an all-time high trajectory of SIP flows (~INR235b in
Aug’24). Growth across all segments, especially equity and money market AUM, led to
20% growth in the total MF AUM (over Mar’24-Aug’24). The strong growth
momentum in equity AUM is expected to boost the performance of CAMS and
360ONE.
Private life insurance companies posted 18%/9% growth in APE in Jul’24/Aug’24. For
Sep’24, we expect industry growth to remain stable. In VNB margins, we expect steady
or improving trends QoQ on account of the rising share of protection and annuity in
the mix along with scale benefits.
Excluding crop, the general insurance sector witnessed single-digit GWP growth of 6%
in Jul’24 and Aug’24. Growth in the health segment was tepid at 2%/10% YoY in
Jul’24/Aug’24. Further, the motor segment experienced a modest growth of 10%/6%
YoY in Jul’24/Aug’24. NATCAT claims during the quarter are expected to keep the loss
ratios elevated. We expect STARHEAL and ICICIGI to report improvement in
profitability on account of operational efficiency.
We remain positive on the long-term growth potential of non-lending financials, given
their broader themes of financialization and digitization of savings. Our top picks in
this space are ANGELONE, SBILIFE, and STARHEAL. While we maintain a positive view
on the capital market sector, the impact of F&O regulations will keep stock
performances in check in the short term.
4m+ demat additions MoM; cash ADTO declines from peak and F&O
volumes continue to inch up
Cash ADTO has witnessed a declining MoM trajectory during the quarter with a
decline of 9%/10%/4% MoM in Jul’24/Aug’24/Sep’24. While futures volumes
declined from Jul’24 levels, options experienced growth during the second half
of 2QFY25, resulting in F&O ADTO growth of -0.1%/1%/7% in
Jul’24/Aug’24/Sep’24.
BSE’s market share in the options segment continues to scale up, reaching
27%/13.3% in notional/premium turnover vs. 22%/8.7% in Jun’24.
Incremental demat account additions have been above 4m throughout the
quarter, recording 4.2m in Jul’24, 4.5m in Aug’24, and 4.2m in Sep’24 (average
3.3m per month in 1QFY25).
MCX has maintained strong growth momentum, especially in options volumes,
during 2QFY25. Futures ADTO increased from INR259b in 1QFY25 to INR270b in
2QFY25 (up 4% QoQ). Options ADTO increased from INR1.47t in 1QFY25 to
INR1.94t in 2QFY25 (up 32% QoQ).
Research Analyst - Prayesh Jain
(Prayesh.Jain@MotilalOswal.com)
Research Analyst - Nitin Aggarwal
(Nitin.Aggarwal@MotilalOswal.com) |
Muskan Chopra
(Muskan.Chopra@MotilalOswal.com)
October 2020
are advised to refer through important disclosures made at the last page of the Research
Investors
1
Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
September 2024 Results Preview | Sector: Capital Markets and Insurance
SEBI issued a circular on 1st Oct’24 announcing the much anticipated
regulations to curb F&O volumes. Most of the measures are similar to the ones
announced in the Jul’24 consultation paper. The regulations will be partially
implemented from Nov’24, leading to a visible impact on volumes from Dec’24.
Angel One has introduced brokerage for equity delivery (Lower of INR20 per
order or 0.1%), along with various other price revisions, effective from 1 Oct’24.
This will likely offset the impact of True to Label regulations, which took effect
on 1st Oct’24.
Adhering to the True to Label regulations, BSE has revised its pricing structure
from slab-based to uniform fee for F&O transactions with effect from 1 Oct’24.
The transaction charges would be INR3,250 per crore of premium turnover for
Sensex and Bankex option contracts, INR500 per crore of premium turnover for
other options, and INR0 for futures.
Life Insurance: Mixed performance across players; VNB margins to expand
Private life insurance companies experienced 18%/9% growth in APE in
Jul’24/Aug’24. For Sep’24, we expect industry to report stable growth
momentum. SBILIFE/HDFCLIFE/IPRU/MAXLIFE registered APE growth of
3%/25%/10%/26% in Jul’24-Sep’24.
In VNB margins, we expect improving QoQ trends.
While the share of ULIPs has been
increasing, the
demand for annuity, non-par (QoQ), and protection remains strong,
especially with the launch of a range of new products. This can increase the share
of non-par products in the mix, offsetting the ULIP share and leading to the
expansion of VNB margins.
For FY25, the impact of changes in product and commission constructs from
Oct’24 (following the implementation of new surrender regulations) remains a key
monitorable.
General insurance: Modest growth; NATCAT claims to impact profitability
Excluding crop, the general insurance sector witnessed modest GWP growth of
6% in Jul’24 and Aug’24. Growth in the health segment slowed down at 2%/10%
YoY in Aug/Sep’24 (16% in 1QFY25). The motor segment was impacted by low
automobile sales and grew 10%/6% YoY in Jul’24/Aug’24 (12% in 1QFY25).
For ICICIGI, premium growth in Jul’24/Aug’24 outpaced the industry at 16%/10%
YoY. This was driven by a stable market share in the motor segment and
expanding market share in the health segment.
For Jul’24/Aug’24, STARHEAL experienced consistent premium growth of 15%
YoY, driven by stable retail growth of 14% and strong group health growth of
31%/41% (on a lower base).
Opex ratios are projected to benefit from the operating leverage. However,
NATCAT claims are likely to keep loss ratios elevated.
SIP flows at an all-time high; strong equity inflows driving mutual fund
AUM growth
Mutual fund AUM grew 40%/41% YoY, led by strong 59% growth in equity AUM
for Jul’24/Aug’24. The strong growth was driven by buoyant net equity inflows
in Jul’24 and Aug’24, with an all-time high inflow of INR1.3t in Jul’24. SIP flows
reached new highs and crossed INR233b during 2QFY25.
The share of equity AUM improved ~20bp in Jul’24 and ~10bp in Aug’24,
reaching 57.7%.
This is expected to translate into a healthy operating performance for CAMS and
360 ONE in 2QFY25.
2
October 2024
 Motilal Oswal Financial Services
September 2024 Results Preview | Sector: Capital Markets and Insurance
Exhibit 1:
Quarterly Performance
Sector
Angel One
360 One
CAMS
BSE
MCX
Star Health
ICICI Lombard
HDFC Life
ICICI Prudential
SBI Life
Max Financial
Non-Lending
CMP
(INR)
2,600
1,014
4,576
3,859
5,825
605
2,157
711
768
1,834
1,186
Rating
BUY
BUY
BUY
Neutral
BUY
BUY
BUY
BUY
BUY
BUY
Neutral
Revenue/APE/Gross Prem (INR m)
Sept’24 Variance Variance
YoY (%)
QoQ (%)
9,996
48.2
9.2
6,311
47.8
5.1
3,447
25.3
4.0
7,104
125.9
16.9
2,729
65.3
16.5
43,288
16.0
24.5
71,504
14.0
-9.8
38,335
25.9
33.8
25,814
25.2
31.5
60,286
15.3
65.6
20,995
27.0
44.5
2,89,808
21.5
20.7
EBITDA/UP/PBT/VNB (INR m)
Sept’24 Variance Variance
YoY (%) QoQ (%)
5,446
33.7
37.3
3,592
68.6
7.1
1,601
31.1
6.9
3,214
127.1
13.2
1,724
NA
30.1
-892
NA
NA
-1,216
NA
NA
9,776
22.0
36.1
6,454
11.8
36.7
16,880
13.3
74.0
5,039
21.1
98.4
51,617
31.9
47.2
Net Profit (INR m)
Sept’24 Variance Variance
YoY (%)
QoQ (%)
4,017
31.9
37.3
2,962
59.1
21.5
1,145
36.7
7.1
2,886
146.8
9.2
1,430
NA
28.9
1,566
25.0
-50.9
7,098
23.0
22.3
4,197
11.4
-12.1
2,701
10.6
19.8
5,144
35.3
-1.0
1,146
-27.0
-26.5
34,291
34.4
3.7
Exhibit 2:
Changes to our EPS estimates (*For life insurance companies - absolute VNB in INR b)
Company
Angel One
360 One
CAMS
BSE
MCX
Star Health
ICICI Lombard
HDFC Life*
ICICI Pru*
SBI Life*
Max Fin*
FY25E
179.9
26.7
89.3
85.6
102.2
18.4
50.6
40.6
27.5
63.5
21.2
Old estimates (INR )
FY26E
205.8
32.4
108.3
97.3
137.7
24.3
60.4
48.5
32.8
76.1
26.1
FY25E
185.2
29.2
94.5
85.2
109.3
18.4
50.8
41.5
27.5
64.0
21.0
New estimates (INR )
FY26E
214.8
34.6
114.0
96.2
142.2
24.3
60.6
49.3
32.8
76.6
25.7
FY25E
2.9%
9.5%
5.8%
-0.5%
6.9%
-0.3%
0.6%
2.3%
0.0%
0.8%
-1.0%
Change (%)
FY26E
4.4%
6.9%
5.2%
-1.1%
3.2%
0.0%
0.4%
1.7%
-0.1%
0.7%
-1.6%
Exhibit 3:
Relative performance — three-months (%)
Nifty Index
110
107
104
101
98
MOFSL Financials Index
Exhibit 4:
Relative performance — one-year (%)
Nifty Index
138
126
114
102
90
MOFSL Financials Index
Source: Bloomberg, MOFSL
Source: Bloomberg, MOFSL
October 2024
3
 Motilal Oswal Financial Services
September 2024 Results Preview | Sector: Capital Markets and Insurance
Exhibit 5:
Total demat accounts surpassed 171m
Demat (in m)
144
158
151 154
148
Exhibit 6:
BSE’s market share rose in notional turnover
162
167
171
NSE (%)
BSE (%)
135
130 132
127
139
Source: NSDL, CDSL MOFSL
Source: NSE, MOFSL
Exhibit 7:
Momentum in NSE cash volumes declined in
Sept’24
NSE (INR t)
Exhibit 8:
BSE witnessed a decline in cash volumes in Sept’24
BSE (INR b)
Source: NSE, MOFSL
Source: BSE, MOFSL
Exhibit 9:
Increase in MCX options volumes
Options Volumes (INR b)
Exhibit 10:
Surge in MCX futures volumes
Futures Volumes (INR t)
4.7 4.6
5.5
3.8 4.1 3.4 3.5
6.2
5.2
5.7 5.7 6.1
4.1
Source: MCX, MOFSL
Source: MCX, MOFSL
Exhibit 11:
SIP flows remained strong (INR b)
SIP Flows (INRb)
Exhibit 12:
Share of equity AUM improved
Share of Equity AUM (%)
Source: AMFI, MOFSL
Source: AMFI, MOFSL
October 2024
4
 Motilal Oswal Financial Services
September 2024 Results Preview | Sector: Capital Markets and Insurance
Exhibit 13:
Net equity flows declined in Aug’24
Net Equity Flows (INR b)
424 448
325 298 291 320
282
527
494
545
482
388
Exhibit 14:
Steady trend in general insurance premium
General Insurance Premium (INR b)
372
Source: AMFI, MOFSL
Source: GIC, MOFSL
Exhibit 15:
Motor premium growth trend
Motor Insurance Premium - YoY change (%)
18
16
11
12
9
9
Exhibit 16:
Health segment growth trend
Health Insurance Premium - YoY change (%)
33
13
23
10
15
6
10
13
17 16 19 17 17 15
10
2
12
10
7
6
Source: GIC, MOFSL
Source: GIC, MOFSL
Exhibit 17:
Monthly APE for the life insurance industry (INR b)
Monthly - Total APE (INR b)
235
Exhibit 18:
Total APE YoY growth for private listed players
SBI Life
60
HDFC Life
IPRU Life
Max Life
154
115 122
98 102
139 130
74
96
132 129 127
30
-
-30
-60
Source: Life Insurance Council, MOFSL
Source: Life Insurance Council, MOFSL
October 2024
5
 Motilal Oswal Financial Services
September 2024 Results Preview | Sector: Capital Markets and Insurance
The tables below provide a snapshot of the actual and estimated numbers for companies under the MOFSL coverage
universe. Highlighted columns indicate the quarter/financial year under review.
Angel One
CMP INR2,600 | TP: INR3,500 (+35%)
Jul’24 experienced the best-ever client additions, while client
additions in Aug’24 remained stable.
The number of orders per day was strong during the quarter
but below Jun’24 peak; F&O volumes growth continues.
Quarterly Performance
Y/E March
Revenue from Operations
Other Income
Total Income
Change YoY (%)
Operating Expenses
Change YoY (%)
Depreciation
PBT
Change YoY (%)
Tax Provisions
Net Profit
Change YoY (%)
1Q
5,198
1,088
6,286
22.0
3,230
21.4
89
2,967
22.3
759
2,208
21.6
Buy
EPS CHANGE (%): FY25|26: +2.9|+4.4
MTF book is expanding at a strong pace, reaching new highs
every month.
Strong client acquisitions and increased hiring costs are
expected to keep the cost-to-income ratio elevated.
(INR m)
FY24
2Q
3Q
6,747
6,874
1,411
1,401
8,158
8,275
46.0
43.9
3,974
4,635
49.3
75.1
112
131
4,072
3,509
42.5
16.1
1,027
907
3,045
2,602
42.5
13.9
4Q
8,742
1,869
10,611
64.7
5,856
114.0
167
4,588
26.9
1,188
3,400
27.3
1Q
9,150
1,983
11,133
77.1
6,940
114.8
226
3,968
33.7
1,041
2,927
32.5
FY25E
2QE
3QE
9,996
10,323
2,004
2,031
11,999
12,354
47.1
49.3
6,297
6,549
58.5
41.3
256
286
5,446
5,519
33.7
57.3
1,429
1,448
4,017
4,071
31.9
56.5
4QE
10,981
2,064
13,044
22.9
6,857
17.1
316
5,871
28.0
1,540
4,331
27.4
FY24
27,562
5,769
33,331
45.3
17,695
65.3
498
15,137
26.9
3,881
11,255
26.4
FY25E
40,450
8,082
48,531
45.6
26,643
50.6
1,085
20,804
37.4
5,458
15,346
36.3
CAMS
CMP INR4,576 | TP: INR5,300 (+16%)
Strong equity flows during the quarter will drive revenue
growth.
Operational efficiency is expected to improve profitability.
Buy
EPS CHANGE (%): FY25|26: +5.8|+5.2
The share of equities continued to improve, which is
expected to be favorable for yields.
The contribution from non-MF businesses will be closely
tracked, especially AIF/PMS RTA and Insurance Repository.
(INR m)
1Q
2,613
10.4
950
1,512
9.0
1,101
97
165
20
1,012
16.4
255
757
17.1
FY24
2Q
2,751
13.5
977
1,530
12.2
1,221
96
174
20
1,124
15.9
286
838
16.2
3Q
2,897
18.9
997
1,603
18.4
1,294
99
185
21
1,187
21.4
302
885
20.3
4Q
3,105
24.6
1,048
1,671
19.2
1,433
114
181
21
1,346
36.6
316
1,030
38.5
1Q
3,314
26.8
1,130
1,816
20.1
1,498
117
170
21
1,424
40.7
354
1,070
41.3
FY25E
2QE
3QE
3,447
3,516
25.3
21.4
1,152
1,164
1,845
1,864
20.6
16.3
1,601
1,652
117
117
170
170
21
21
1,527
1,578
35.9
32.9
382
394
1,145
1,183
36.7
33.6
4QE
3,647
17.5
1,200
1,935
15.8
1,711
122
173
18
1,642
22.0
412
1,230
19.5
FY24
11,365
16.9
3,972
6,316
14.7
5,049
406
705
82
4,668
22.8
1,159
3,510
23.3
FY25E
13,923
22.5
4,647
7,460
18.1
6,462
473
682
82
6,171
32.2
1,543
4,628
31.9
Quarterly Performance
Y/E March
Revenue from Operations
Change YoY (%)
Employee Expenses
Total Operating Expenses
Change YoY (%)
EBITDA
Other Income
Depreciation
Finance Cost
PBT
Change YoY (%)
Tax Provisions
Net Profit
Change YoY (%)
October 2024
6
 Motilal Oswal Financial Services
September 2024 Results Preview | Sector: Capital Markets and Insurance
360ONE WAM
CMP INR1014 | | TP: INR1300 (+28%)
Revenue growth is expected to continue in both ARR and
TBR segments.
ARR yields will remain stable but overall yields are likely to
decline due to TBR.
Quarterly Performance
Y/E March
Net Revenues
Change (%)
ARR Assets Income
TBR Assets Income
Operating Expenses
Change (%)
Cost to Income Ratio (%)
Operating Profits
Change (%)
Other Income
Profit Before Tax
Change (%)
Tax
Tax Rate (%)
PAT
Change (%)
PAT Margins (%)
1Q
4,060
8.4
3,240
820
2,090
25.1
51.5
1,970
-5.1
290
2,260
12.1
403
17.8
1,857
18.4
45.7
Buy
EPS CHANGE (%): FY25|26: +9.5|+6.9
Cost-to-income ratio is likely to improve due to economies of
scale.
Outlook and costs of new business ventures and entry into
new geographies will be closely monitored.
(INR m)
FY24
2Q
4,270
11.6
3,110
1,160
2,140
19.3
50.1
2,130
4.9
140
2,270
0.7
408
18.0
1,862
6.8
43.6
3Q
4,400
6.0
3,390
1,010
2,310
24.0
52.5
2,090
-8.6
270
2,360
5.7
429
18.2
1,931
12.6
43.9
4Q
5,740
46.1
3,580
2,160
3,000
62.1
52.3
2,740
31.8
500
3,240
61.9
803
24.8
2,437
56.8
42.5
1Q
6,002
47.8
3,756
2,247
2,649
26.7
44.1
3,354
70.2
969
4,323
91.3
1,009
23.3
2,437
31.2
40.6
FY25E
2QE
6,311
47.8
4,027
2,283
2,719
27.1
43.1
3,592
68.6
260
3,852
69.7
890
23.1
2,962
59.1
46.9
3QE
5,887
33.8
4,129
1,758
2,767
19.8
47.0
3,120
49.3
260
3,380
43.2
781
23.1
2,599
34.6
44.1
4QE
5,816
1.5
4,151
1,665
2,822
-5.9
48.5
2,994
9.7
261
3,255
0.8
756
23.2
2,499
3.0
43.0
FY24
18,460
18.0
13,310
5,150
9,540
32.9
51.7
8,920
5.3
1,200
10,120
19.0
2,043
20.2
8,077
22.7
43.8
FY25E
24,016
30.1
16,063
7,953
10,957
14.9
45.6
13,059
46.4
1,750
14,809
46.3
3,436
23.2
10,497
30.0
43.7
ICICI Lombard
Buy
CMP INR2,157| TP: INR2,650 (+23%)
EPS CHANGE (%) FY25|26: +0.6|+0.4
Market share accretion is leading to strong premium growth
Operational efficiency is expected to drive improvements in
in the motor and health segments.
the opex and combined ratio.
NATCAT claims are expected to impact profitability ratios.
Quarterly Performance (INR m)
Y/E March
Net Earned Premium
Total Income
Change YoY (%)
Incurred Claims
Total Operating Expenses
Change YoY (%)
Underwriting Profit
Rep Net Profit
Claims Ratio
Commission Ratio
Expense Ratio
Combined Ratio
1Q
38,873
45,380
14.1
28,815
42,068
14.9
-3,195
3,904
74.1
12.5
17.2
103.8
(INR m)
FY24
2Q
3Q
43,061 43,048
50,492 50,031
12.2
14.7
30,451 30,141
44,521 45,871
11.6
12.3
-1,460
-2,823
5,773
4,315
70.7
70.0
17.4
18.0
15.8
15.5
103.9
103.6
4Q
43,683
51,617
-1.8
29,987
46,002
15.7
-2,319
5,195
68.6
19.9
13.7
102.2
1Q
45,039
53,520
17.9
33,344
48,505
15.3
-3,466
5,804
74.0
15.0
13.3
102.3
FY25E
2QE
3QE
48,623 51,127
57,189 59,743
13.3
19.4
34,765 36,300
49,839 53,672
11.9
17.0
-1,216
-2,545
7,098
6,213
71.5
71.0
17.0
17.4
14.0
14.2
102.5
102.6
4QE
57,746
65,767
27.4
39,735
59,565
29.5
-1,819
5,931
68.8
18.2
14.2
101.3
FY24
1,68,665
1,97,521
9.2
1,19,395
1,78,462
13.6
-9,797
20,466
70.8
17.0
15.5
103.3
FY25E
2,02,535
2,36,219
19.6
1,44,144
2,11,581
18.6
-9,047
25,045
71.2
17.0
13.9
102.1
October 2024
7
 Motilal Oswal Financial Services
September 2024 Results Preview | Sector: Capital Markets and Insurance
Star Health
CMP INR605 | TP: INR720 (19%)
Retail health premium growth is likely to be in the mid-
teens.
Expense ratio is expected to improve on account of
operational efficiencies.
Quarterly Performance
Y/E March
Net Earned Premium
Total Income
Change YoY (%)
Incurred Claims
Total Operating Expenses
Change YoY (%)
Underwriting Profit
Net Profit
Claims Ratio
Commission Ratio
Expense Ratio
Combined Ratio
1Q
30,438
31,898
13.6
19,909
28,983
14.5
1,454
2,879
65.4
13.1
19.3
97.8
Buy
EPS CHANGE (%): FY25|26: -0.3|+0.0
The combined ratio is expected to increase owing to higher
claims.
(INR m)
FY24
2Q
3Q
32,056 32,936
33,566 34,563
15.0
15.9
22,022 22,295
32,839 31,794
17.0
16.0
-784
1,142
1,253
2,896
68.7
67.7
13.7
11.1
16.8
19.0
99.2
97.8
4Q
33,953
35,764
17.1
21,774
34,864
17.1
-911
1,423
64.1
14.3
14.4
92.8
1Q
35,203
36,916
15.7
23,789
33,800
16.6
1,404
3,189
67.6
13.5
18.1
99.2
FY25
2QE
3QE
36,320 40,744
38,120 42,644
13.6
23.4
25,606 27,095
37,212 38,387
13.3
20.7
-892
2,357
1,566
4,134
70.5
66.5
13.2
13.0
16.2
16.1
99.9
95.6
4QE
37,457
39,400
10.2
23,657
38,204
9.6
-748
1,882
63.2
13.0
14.1
90.3
FY24
1,29,383
1,35,790
15.4
85,999
1,28,480
16.2
903
8,450
66.5
13.2
17.0
96.7
FY25E
1,49,725
1,57,081
15.7
1,00,147
1,47,603
14.9
2,121
10,771
66.9
13.2
15.8
95.9
BSE
CMP INR3,859| TP: INR4,000 (4%)
Transaction revenue is expected to witness strong growth,
backed by strong volumes across segments.
Stringent regulations are expected to impact volumes but
improve the premium/turnover ratio.
Cons. Quarterly Perf.
Y/E March
Revenue from Operations
YoY Change (%)
Total Expenditure
EBITDA
Margins (%)
Depreciation
Interest
Investment Income
PBT before EO Expense
Exceptional items
PBT
Tax
Rate (%)
P/L of Asso. Cos.
Reported PAT
Adj PAT
YoY Change (%)
Margins (%)
1Q
2,153
15.2
1,595
558
25.9
214
65
556
835
4,048
4,883
762
16
119
4,240
823
960
38.2
FY24
2Q
3,144
59.0
1,729
1,415
45.0
227
85
525
1,628
-13
1,615
636
39
190
1,170
1,177
298
37.4
3Q
3,717
82.2
2,796
921
24.8
249
0
598
1,271
-16
1,255
371
30
165
1,049
1,060
379
28.5
4Q
4,885
115.2
3,923
962
19.7
265
0
600
1,297
-17
1,280
470
37
244
1,054
1,064
19
21.8
1Q
6,078
181.9
3,239
2,839
46.7
240
0
666
3,266
0
3,266
851
26
227
2,643
2,643
-40
43.5
FY25E
2Q
3Q
7,104
7,302
125.9
96.5
3,890
3,826
3,214
3,476
45.2
47.6
275
285
38
38
650
675
3,551
3,828
-16
-16
3,535
3,812
884
953
25
25
235
245
2,886
3,104
2,898
3,116
147
196
40.8
42.7
Neutral
EPS CHANGE (%) FY25|26: -0.5|-1.1
The MF transaction income is likely to improve, driven by a
spike in BSE STAR MF transactions.
An increase in contribution to core SGF is expected to impact
profitability.
(INR m)
FY24 FY25E
4Q
7,333 13,902 27,818
50.1
70.5 100.1
4,114 9,904 15,069
3,220 3,999 12,749
43.9
28.8
45.8
323
954 1,122
37
151
113
677 2,279 2,668
3,537 5,173 14,182
-16 3,611
-48
3,521 8,783 14,134
880 1,848 3,568
25
21
25
262
719
970
2,903 7,654 11,536
2,915 4,320 11,572
272
51
176
39.7
55.1
41.5
October 2024
8
 Motilal Oswal Financial Services
September 2024 Results Preview | Sector: Capital Markets and Insurance
MCX
Buy
CMP INR5,825| TP: INR 6,700(+15%)
EPS CHANGE (%): FY25|26: +6.9|+3.2
Strong volume growth recorded, with new highs achieved
Costs are expected to remain stable while revenue growth
every month.
will drive margin improvement and profitability.
Options volumes witnessed a significant spike, led by high
volatility in commodity prices.
Quarterly Performance
1Q
1,458
34.0
107
58
21.6
-13
197
-53
3.9
51.8
80.7
FY24
2Q
3Q
1,651
1,915
29.6
33.4
-287
-197
16
-91
-9.9
68.3
-10
-11
-191
-54
-130
-114
-3.7
-1.1
67.0
73.6
86.3
80.6
4Q
1,811
35.4
1,020
205
19.3
19
878
1,512
17.3
82.7
97.1
1Q
2,344
60.8
1,326
273
19.8
4
1,109
464
21.8
112.3
116.8
FY25E
2Q
2,729
65.3
1,724
357
20.0
0
1,430
-850
28.1
143.2
113.8
3Q
2,821
47.3
1,794
373
20.0
0
1,493
-2,891
29.3
146.0
98.5
4Q
2,872
58.6
1,818
384
20.1
0
1,524
74
30.0
149.5
80.9
FY24
6,835
33.1
643
189
18.2
-15
831
-44
16.3
275.0
86.7
(INR m)
FY25E
10,766
57.5
6,661
1,388
20.0
4
5,556
569
108.9
551.0
100.4
Sales
Y-o-Y Gr. (%)
EBITDA
Tax
Rate (%)
Profit from Associate
PAT
Y-o-Y Gr. (%)
EPS (INR)
Total Volumes (INR t)
Y-o-Y Gr. (%)
HDFC Life
Buy
CMP: INR711 | TP: INR900(27%)
VNB CHANGE (%): FY25|26: +2.3|+1.7
New business premium is expected to experience strong
Improvement in persistency ratio and commentary on
growth, driven by the Annuity and Par segments.
growth outlook are key monitorables.
VNB margins are expected to expand QoQ with robust VNB
The share of HDFC Bank in the distribution mix and the
growth.
outlook ahead will be critical.
Quarterly Performance (INR b)
Policy Holder's A/c (INR b)
First Year Premium
Growth (%)
Renewal Premium
Growth (%)
Single Premium
Growth (%)
Gross Premium Inc.
Growth (%)
Surplus/(Deficit)
Growth (%)
PAT
Growth (%)
Key Metrics (INRb)
New Business APE
Growth (%)
VNB
Growth (%)
AUM (INR b)
Growth (%)
Key Ratios (%)
VNB Margins (%)
1Q
18.5
8.4%
58.0
13.8%
40.2
24.0%
116.7
16.2%
4.2
15.4%
4.2
15.4%
23.3
12.8
6.1
17.8
2,533
18.7
26.2
FY24
2Q
25.7
5.9%
78.4
13.5%
45.4
14.7%
149.4
12.5%
3.8
15.5%
3.8
15.5%
30.5
6.8
8.0
4.0
2,649
17.8
26.2
FY25
2QE
32.2
25.5%
103.1
31.5%
52.0
14.6%
187.3
25.3%
4.2
12.6%
4.2
11.4%
38.3
25.9
9.8
22.0
3,242
22.4
25.5
FY24
111.1
-1.9%
334.5
17.6%
185.2
4.3%
630.8
9.6%
15.7
15%
15.7
15.3%
129.6
-1.0%
35.0
-4.7%
2,922
22.4%
26.3
FY25E
134.1
20.7%
412.4
23.3%
216.5
16.9%
763.0
21.0%
17.0
8.2%
18.2
16.3%
159.7
23.2%
41.5
18.6%
3,631
24.2%
26.0
3Q
26.8
-1.7%
84.0
16.8%
44.5
-4.6%
155.3
6.5%
3.7
15.8%
3.7
15.8%
31.9
-2.1
8.6
-2.2
2,797
19.6
26.8
4Q
40.1
-10.1%
114.1
23.3%
55.2
-6.6%
209.4
6.7%
4.1
14.6%
4.1
14.6%
47.3
-8.4
12.3
-18.3
2,922
22.4
26.1
1Q
23.6
27.4%
64.1
10.5%
40.4
0.6%
128.1
9.7%
4.8
15.0%
4.8
15.0%
28.7
23.1
7.2
17.7
3,102
22.5
25.0
3QE
33.5
25.2%
103.1
22.8%
54.1
21.6%
190.8
22.9%
4.2
16.2%
4.6
25.0%
39.9
25.1
10.4
21.3
3,388
21.1
26.0
4QE
44.8
11.7%
142.1
24.6%
70.0
26.9%
256.9
22.7%
3.7
-9.9%
4.7
14.6%
52.8
11.7
14.2
15.0
3,631
24.2
26.9
October 2024
9
 Motilal Oswal Financial Services
September 2024 Results Preview | Sector: Capital Markets and Insurance
ICICI Prudential Life
CMP: INR768 | TP: INR930 (21%)
new business premium is expected to experience healthy
growth.
VNB growth is likely to remain healthy, with margins
expanding QoQ.
Quarterly Performance (INR b)
Policy Holder's A/c (INR b)
First Year Premium
Growth (%)
Renewal Premium
Growth (%)
Single Premium
Growth (%)
Gross Premium Income
Growth (%)
PAT
Growth (%)
Key Metrics (INRb)
New Business APE
Growth (%)
VNB
Growth (%)
AUM
Growth (%)
Key Ratios (%)
VNB Margins (%)
1Q
10.2
-1.5%
41.6
6.8%
21.9
-5.9%
73.7
1.5%
2.1
32.9%
14.6
-3.9%
4.4
-7.0%
2,664
15.8%
30.0
Buy
VNB CHANGE (%): FY25|26: 0|-0.1
Expense ratio outlook will be the key monitorable.
Growth in the Non-Linked Savings business is expected to
remain healthy and recovery is projected in the Protection
business.
FY25E
2QE
19.5
27.7%
65.5
11.2%
32.4
7.8%
117.4
12.6%
2.7
10.6%
25.8
25.2%
6.5
11.8%
3,228
18.7%
25.0
FY24
70.3
8.3%
245.6
9.0%
116.5
6.7%
432.4
8.3%
8.5
5.1%
90.5
4.7%
22.3
-19.5%
2,942
17.1%
24.6
FY25E
88.7
26.2%
273.0
11.2%
129.6
11.3%
491.3
13.6%
10.0
17.3%
112.2
24.1%
27.5
23.5%
3,512
19.4%
24.5
FY24
2Q
3Q
15.3
15.3
5.9%
11.3%
58.9
60.8
4.4%
5.7%
30.1
26.7
7.0%
0.9%
104.3
102.8
5.4%
5.2%
2.4
2.3
22.4%
3.1%
20.6
3.2%
5.8
-7.1%
2,719
11.3%
28.0
19.1
4.7%
4.4
-29.4%
2,867
13.8%
22.9
4Q
29.5
11.9%
84.3
16.6%
37.8
20.7%
151.5
16.6%
1.7
-26.0%
36.2
9.6%
7.8
-26.4%
2,942
17.1%
21.5
1Q
15.2
48.8%
43.3
4.3%
24.3
10.6%
82.8
12.3%
2.3
8.9%
19.6
34.4%
4.7
7.8%
3,089
15.9%
24.0
3Q
19.5
27.3%
68.2
12.3%
32.4
21.2%
120.2
16.8%
2.7
18.7%
25.8
35.4%
6.3
45.1%
3,373
17.7%
24.5
4Q
34.5
17.0%
95.9
13.7%
40.5
7.3%
170.9
12.8%
2.3
35.1%
41.0
13.3%
10.0
28.9%
3,512
19.4%
24.4
SBI Life
Buy
CMP: INR1,834 | TP: INR2,200 (+20%)
VNB CHANGE (%): FY25|26: +0.8|+0.7
Growth in the new business premium is expected to remain
Cost leadership is expected to continue.
stable.
Consistent VNB growth is expected while margins are likely
Sluggish growth in the SBI channel has been an area of
to expand QoQ.
concern, making the outlook in this area crucial.
Quarterly Performance (INR b)
Policy Holder's A/c (INRb)
First Year Premium
Growth (%)
Renewal Premium
Growth (%)
Single Premium
Growth (%)
Gross Premium Income
Growth (%)
PAT
Growth (%)
Key Metrics (INRb)
New Business APE
Growth (%)
VNB
Growth (%)
AUM
Growth (%)
Key Ratios (%)
VNB Margins (%)
1Q
26.4
3%
73.5
28%
35.7
18%
135.6
19%
3.8
45%
30.3
4%
8.7
-1%
3,283
25%
28.8
FY24
2Q
3Q
46.3
56.8
33%
12%
101.2
127.2
11%
17%
54.2
40.6
35%
21%
201.8
224.6
21%
16%
3.8
3.2
1%
6%
52.3
33%
14.9
20%
3,452
22%
28.5
61.3
13%
16.8
11%
3,714
24%
27.4
4Q
45.3
11%
130.0
9%
77.1
93%
252.4
26%
8.1
4%
53.3
17%
15.1
5%
3,889
27%
28.3
1Q
31.5
19%
85.4
16%
38.9
9%
155.7
15%
5.2
36%
36.4
20%
9.7
11%
4,148
26%
26.8
FY25
2QE
3QE
50.2
73.2
8%
29%
112.0
141.3
11%
11%
59.3
50.2
9%
24%
221.5
264.6
10%
18%
5.1
4.9
35%
52%
60.3
15%
16.9
13%
4,314
25%
28.0
69.6
13%
19.5
16%
4,486
21%
28.0
4QE
54.2
20%
148.4
14%
79.8
3%
282.4
12%
9.3
14%
65.6
23%
18.6
23%
4,603
18%
28.3
FY24
174.8
15%
431.9
14%
207.6
44%
814.3
21%
18.9
10%
197.5
17%
55.5
9%
3,889
27%
28.1
FY25E
209.0
20%
487.1
13%
228.2
10%
924.3
14%
24.5
29%
231.9
17%
64.0
15%
4,603
18%
27.6
October 2024
10
 Motilal Oswal Financial Services
September 2024 Results Preview | Sector: Capital Markets and Insurance
Max Financial
CMP: INR1186| TP: INR1250 (+5%)
Premium growth continues to outpace the industry.
Neutral
VNB CHANGE (%): FY25|26: -1.0|-1.6
The proprietary channel is expected to exhibit healthy
trends.
VNB growth is expected to remain healthy and margins will
Wallet share with Axis Bank and other bank partners is a key
expand QoQ.
monitorable.
Quarterly Performance (INR b)
Policy Holder's A/c (INR b)
First Year Premium
Growth (%)
Renewal Premium
Growth (%)
Single Premium
Growth (%)
Gross Premium Income
Growth (%)
PAT
Growth (%)
Key Metrics (INRb)
New Business APE
Growth (%)
VNB
Growth (%)
AUM
Growth (%)
Key Ratios (%)
VNB Margins (%)
1Q
9.9
8.0%
30.1
15.1%
8.7
52.8%
48.7
18.7%
1.0
13.2%
11.1
10.3%
2.5
16.0%
1,291.3
20.5%
22.2
FY24
2Q
3Q
15.3
17.6
37.7%
20.7%
42.0
46.1
7.5%
14.6%
8.9
9.3
14.2%
15.5%
66.3
73.0
14.2%
16.1%
1.6
1.5
196.2%
-34.9%
16.5
38.8%
4.2
11.5%
1,341.6
18.4%
25.2
18.0
18.9%
4.9
-17.5%
1,426.2
20.5%
27.2
4Q
25.4
5.3%
66.8
14.6%
15.2
66.5%
107.4
17.3%
-0.5
-186.4%
28.7
13.2%
8.2
6.6%
1,508.4
22.8%
28.6
1Q
12.6
27.1%
33.2
10.3%
8.2
-5.7%
54.0
10.8%
1.6
51.4%
14.5
30.5%
2.5
2.8%
1,611.5
24.8%
17.5
FY25E
2QE
3QE
19.7
18.9
28.6%
7.3%
54.2
56.4
28.9%
22.4%
12.8
13.3
43.9%
43.7%
86.7
88.7
30.9%
21.5%
1.1
1.2
-27.0%
-20.9%
21.0
27.0%
5.0
21.1%
1,676.0
24.9%
24.0
20.1
12.1%
5.0
2.9%
1,743.0
22.2%
25.0
FY24
4QE
30.9
21.9%
81.9
22.5%
19.1
25.9%
131.9
22.8%
0.9
-271.7%
31.8
10.8%
8.4
2.1%
1,828.4
21.2%
26.3
68.9
16.8%
185.1
13.0%
41.3
35.1%
295.3
16.5%
3.6
-17.8%
73.0
17.7%
19.7
1.2%
1,508.4
22.8%
27.6
FY25E
82.1
19.2%
225.7
22.0%
53.4
29.2%
361.2
22.3%
4.8
32.8%
87.5
19.8%
21.0
6.4%
1,828.4
21.2%
24.0
October 2024
11
 Motilal Oswal Financial Services
September 2024 Results Preview | Sector: Capital Markets and Insurance
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
NOTES
October 2024
12
 Motilal Oswal Financial Services
September 2024 Results Preview | Sector: Capital Markets and Insurance
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
> - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within following 30 days take
appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in
the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on
www.motilaloswal.com.
MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock
Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for its stock
broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of
Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products. Details of associate entities of
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http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
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beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public appearance.
MOFSL
and its associate company(ies), their directors and Research Analyst and their relatives may have any other potential conflict of interests at the time of publication of the research report or at the time of public
appearance, however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the
views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
In the past 12 months, MOFSL or any of its associates may have:
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received any compensation/other benefits from the subject company of this report
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managed or co-managed public offering of securities from subject company of this research report,
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received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
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MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts
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To enhance transparency, MOFSL has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report. MOFSL
and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOFSL may have a
potential conflict of interest that may affect the objectivity of this report.
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recipients as customers by virtue of their receiving this report.
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The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or
will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Disclosure of Interest Statement
Companies where there is interest
Analyst ownership of the stock
No
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical
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law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Financial Services
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distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be
engaged only with professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from
registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
MOTILAL Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the
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applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOFSL, including the products and services
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 Motilal Oswal Financial Services
September 2024 Results Preview | Sector: Capital Markets and Insurance
described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and
interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment
or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration
provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to
conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited.
("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer,
MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research
analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets (Singapore) Pte. Ltd. (“MOCMSPL”) (UEN 201129401Z), which is a holder of a capital markets services license and an exempt
financial adviser in Singapore.This report is distributed solely to persons who (a) qualify as “institutional investors” as defined in section 4A(1)(c) of the Securities and Futures Act of Singapore (“SFA”) or (b)
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investor” nor an “accredited investor”, they must immediately discontinue any use of this Report and inform MOCMSPL .
In respect of any matter arising from or in connection with the research you could contact the following representatives of MOCMSPL. In case of grievances for any of the services rendered by MOCMSPL
write to
grievances@motilaloswal.com.
Nainesh Rajani
Email:
nainesh.rajani@motilaloswal.com
Contact: (+65) 8328 0276
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any
other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer
document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that
any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their
own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any
recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this
document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be
suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not suitable for
all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest
Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change
without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their
directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or
seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a separate, distinct
and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already available in publicly
accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is
being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This
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publication, availability or use would be contrary to law, regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or
may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.
Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that
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The person accessing this information specifically agrees to exempt MOFSL or any of its affiliates or employees from, any and all
responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOFSL or any of its affiliates or
employees free and harmless from all losses, costs, damages,
expenses that may be suffered by the person accessing this information due to any errors and delays.
This report is meant for the clients of Motilal Oswal only.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263; www.motilaloswal.com.
Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 71881000. Details of Compliance Officer: Neeraj Agarwal, Email
Id: na@motilaloswal.com, Contact No.:022-40548085.
Grievance Redressal Cell:
Contact Person
Ms. Hemangi Date
Ms. Kumud Upadhyay
Mr. Ajay Menon
Contact No.
022 40548000 / 022 67490600
022 40548082
022 40548083
Email ID
query@motilaloswal.com
servicehead@motilaloswal.com
am@motilaloswal.com
Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:
ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.
Customer having any query/feedback/ clarification may write to query@motilaloswal.com. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to
grievances@motilaloswal.com, for DP to dpgrievances@motilaloswal.com.
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