Standalone domestic business grew by 11.7% y-o-y led by 7% y-o-y volume growth in Q4FY19. Given the backdrop of slowdown in rural growth, we believe that growth trajectory is steady, also helped by market share gains, distrib
With stressed asset resolutions taking time, though, the initial stages of a sweeping reset may well be disruptive, especially if fee income erodes and in the context of its thin capital ratios.
New business for Q4 grew 15% yoy, driven by ULIP (+21%) and protection (+176%). Par-savings business was down 19% yoy, as the focus of SBI shifted to cross-selling protection.
For ICICIGI, overall float (assets to net premium) increases from 2.5x to 2.9x over FY19-21e, and even after passing part benefit as lower prices, we expect 150 bps sustainable RoE expansion.
Tractor mix would fall, likely offset by a higher mix of pre-owned vehicles. Stronger pricing power in rural markets should cushion the impact of higher funding costs.
Sharp store expansion by retailers should keep overall growth strong but margins will likely come under pressure due to deteriorating store mix and gestation costs.
Hero has multiple growth headwinds in our view: (i) entry motorcycles will lag industry growth; BS-6 is an additional head wind; (ii) sharp decline of Maestro is a concern in an already weak scooter franchise; (iii) weak pres
Since January 2019, there have been media reports of a possible MindTree takeover by L&T InfoTech. However, according to recent media reports, L&T has been speculated to be the acquirer.
The immediate target was the introduction of 1,000 electric buses in 2019. The next target is for electric buses to constitute 50% of DTC buses by 2023.
