External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

ICICI Prudential Life Insurance / Equity Bottom-Up

<ul><li>VNB margins fell by 166 bps y-o-y to 21.2% versus estimates of 21.5% driven by an adverse product mix.</li><li>Increased surrender value had a limited impact.</li><li>VNB grew by 19% y-o-y (~7% below estimates) in Q3. For 9MFY25, VNB growth of 9% y-o-y much below the targeted high mid-teens.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VNB margins fell by 166 bps y-o-y to 21.2% versus estimates of 21.5% driven by an adverse product mix.Increased surrender value had a limited impact.VNB grew by 19% y-o-y (~7% below estimates) in Q3. For 9MFY25, VNB growth of 9% y-o-y much below the targeted high mid-teens.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Prudential Life Insurance Company Ltd - Margins a Blip

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ICICI Prudential Life Insurance (IPRU) reported new business APE growth of 28% YoY to INR24.4b (6% miss).</li><li>For 9MFY25, APE grew 28% YoY to INR69.1b.</li><li>VNB margin for the quarter stood at 21.2% vs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Prudential Life Insurance (IPRU) reported new business APE growth of 28% YoY to INR24.4b (6% miss).For 9MFY25, APE grew 28% YoY to INR69.1b.VNB margin for the quarter stood at 21.2% vs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Prudential Life Insurance - Miss Across Key Parameters; Margin Contracts to 21.2%

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ (strongest in the past 10 quarters)</li><li>The EBIT margin expanded by 108bps QoQ to 12.1%, marking the eighth consecutive quarter of margin expansion and underscoring the deep operational discipline instilled under Project Fortius</li><li>Margin improvement was driven primarily by gains in fixed-price project productivity, currency benefits, volume growth, and SG&amp;A optimization efforts</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ (strongest in the past 10 quarters)The EBIT margin expanded by 108bps QoQ to 12.1%, marking the eighth consecutive quarter of margin expansion and underscoring the deep operational discipline instilled under Project FortiusMargin improvement was driven primarily by gains in fixed-price project productivity, currency benefits, volume growth, and SG&amp;A optimization effortsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance...

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance, ICICI Prudential Life...

<ul><li>Indian insurers, across life, multi-line general and health businesses, reported a mixed bag for Q1FY26, with many franchises prioritizing profitability over topline growth</li><li>Outliers such as GODIGIT, NIACL, GICRE, and MAXL ticked both boxes, while IPRULIFE continued to disappoint on both fronts</li><li>In the LI business, companies witnessed green shoots on product mix alignment in the banca channel</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian insurers, across life, multi-line general and health businesses, reported a mixed bag for Q1FY26, with many franchises prioritizing profitability over topline growthOutliers such as GODIGIT, NIACL, GICRE, and MAXL ticked both boxes, while IPRULIFE continued to disappoint on both frontsIn the LI business, companies witnessed green shoots on product mix alignment in the banca channelContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India Insurance: Q1FY26 - A Mixed Bag - Low on Growth, High on Profitability

India

ICICI Prudential Life Insurance Company Limited of India provides life insurance services. The Company offers claim processing, electronic insurance accounts, and other services. ICICI Prudential Life Insurance conducts its business in India.

ICICI Prudential Life Insurance (IPRU IN)

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ICICI Prudential Life Insurance (IPRU IN)

ICICI Prudential Life Insurance Company Ltd - Margins a Blip

VNB margins fell by 166 bps y-o-y to 21.2% versus estimates of 21.5% driven by an adverse product mix. Increased surrender value had a limited impact.

Sharekhan

ICICI Prudential Life Insurance - Miss Across Key Parameters; Margin Contracts to 21.2%

ICICI Prudential Life Insurance (IPRU) reported new business APE growth of 28% YoY to INR24.4b (6% miss). For 9MFY25, APE grew 28% YoY to INR69.1b.

Motilal Oswal

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance...

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ...

HDFC Securities

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance, ICICI Prudential Life...

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ...

HDFC Securities

India Insurance: Q1FY26 - A Mixed Bag - Low on Growth, High on Profitability

Indian insurers, across life, multi-line general and health businesses, reported a mixed bag for Q1FY26, with many franchises prioritizing...

HDFC Securities

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