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ramv G always a pleasure to have you on ET now I'm looking at your numbers for the quarter gone by and while year on year there is a surge surge in profits surge in Revenue growth in AMC business growth in brokerage business growth in every other vertical but quarter on quarter there is a drop now for a business which should not have a cyclicality why is there a drop yeah because uh uh uh see typically we do we look at only year on year sequentially because of something or other keeps happening like uh in the Capital Market business there is a bit of drop because of CH all the changes we made in uh this options and Futures so that it it hit us for one and a half months I mean second half of November and full December so clearly there is a sequential drop uh in that business which is 60% of the total business so yes to some extent there is a what do you call sobering effect because of that but otherwise I think operating year on year has been very strong uh almost 48% growth uh year on year so uh the momentum which we are build uh which is built across the 9 months is uh very high and same momentum we are seeing even for the current quarter which is Q4 so operating side I don't see any slackness in the momentum but just to talk about the broking business ramv G you alluded to a weakness which has come there volumes already low exchanges have gone on record and they've said by the time the new sebi law is implemented in totality volumes may go down further so can I say that the stress in the broker brokerage business will continue because it accounts for 60% of your business and that business could contract further so it's an emerging situation in the sense that uh uh whatever changes are there that is taking effect and it is having its uh impact but since our is a ours is a a lot more cash business and uh of course we have a very large options business almost 50% is options revenue futur and option Revenue 50% is cash so the impact on cash side is less and uh uh the impact on uh option future little more but uh I mean on the Blended basis but what is happening is that when we look at the whole company uh the the growth in the rest of the businesses rest of the other parts of the Capital Market is more like 60 to 70% whereas the growth in growth for broking business will take a bitting and maybe for a quarter or two it could be lower sequentially but year on year it is still still high and the mutual fund business now am Market volatility the selling in midcap and small cap stocks do you think the asset management business could also see some impact you know especially inflows into small cap uh the new nfos which you've launched the PMS business could that really take a hit also Capital Market businesses always uh to predict anything is uh hazardous I would say but we had a brilliant December quarter I mean our flow net flow for the quarter if I'm not wrong was upwards of 25,000 CR just for a quarter uh before that quarter it was I think 15,000 crores or something like that so we had record run and uh so that flow is still on so yes it can I mean uh always this kind of things don't continue forever uh they do subside but you see what is happening is the revolution nikun uh broader thing I mean apart from M what is happening is that there is a first time the private Capital flows the risk capital is coming into the country and uh the market is participating in unprecedented Way 3 to four million customers every month so Market is clearly horizontally expanding the pace of expansion say if it is uh say 2 or 3% per month month on month that can come down to one one and a half% or maybe for sometime zero uh but uh the I would say year on-ear expansion uh to say anything about uh in this fluid environment to talk about a quarter on quarter is very tough but if you uh ask about the broader macro kind of a theme I would say the year on year 20 to 30% % 40% growth of the industry itself is clearly visible now whether we'll participate we'll get same market share higher market share that is a matter of execution so I would I would not look at too much uh into you know one quarter uh here and there uh but I think the the expansion of the market irrespective of what is happening to Mid or small cap uh of course if they froy they are correcting so last year mid and uh mid and large mid and small cap dominated funds they beat the market big time like Market did 10% they did 30 40% this is the year my sense is 2025 will be the year when actually index will beat all these funds uh uh you see what is happening I mean today it was very hugely contrast in the sense that one side the uh the broad large index is up 1% and other indices they were down by 2 3% or maybe 4% I don't know what exactly the closing but so that's the kind of contrast we had we had last year when everything was working very well index was very uh very uh slow but uh the market actually was doing very well current year Market is not doing well actually but indices are doing very well so it's a contrast now markets ramdev G her big reason why IPOs have done well IPO business is important business given how Market market conditions are could the IPO business for you take a hit and do you see that getting impacted in terms of your next two quarters is a dynamic Market uh and uh Capital raising has been very robust very consistent week after week and valuations are also moderating uh so what is happening is that uh the primary Market is taking Q in terms of valuation from the secondary market and they are giving 20 30% discount if the secondary Market is coming down by 10% obviously the IPO price is also down by 10 to 15% from whatever it would have been so clearly there's a continuous Dynamic adjustment at some price promoters will say that I don't want to do it and that will be the bottom of the market so how would you rate the current environment I mean valuations are not very cheap fi outflows are strong there is a fear of trump war in the world uh these are market conditions which in a sense are making everybody rethink and reassess their allocation to equities so what would you in a sense characterize are the key if I would say uh key features of the current uh Market environment for Equity investor so n we have seen all this Global geopolitical and all it is very very tough to Fathom I see two three things one is where the corporate earnings are going you know if the corporate earnings are robust going forward I mean Company by company industry by industry or aggregate as a whole I think we have nothing to worry at 18 1820 P multiple uh that's the average uh 18 to 20 is the average for the indices and uh uh for the market as a whole but if the companies are at 100 P multiple 120 of course they are in a big danger of dramatic correction in their valuation now valuation correction can be two ways one is actual drop in price and second is the second the time wise you know when the earnings pick up and the stock don't respond so both of them will happen all kinds of action will happen but if the earnings pick up and I'm I'm optimistic that in next 12 months particularly in the first half of next year the government expenditure will be absolutely normal and uh and budgetary allocations will be larger and hence I would think that starting next year there won't be any elections so there won't be any slowdown in government capex and by that time even the credit flow which was very constrained last year would be uh under the new regime regime would be somewhat better and we are seeing those signs so I would think it takes time it took time for the economy to slow down I mean what restrictions were taken say eight or nine months back is showing up now so what actions you take now the real impact will be visible after 6 to8 months but I would think the second half of 25 26 should be a bumper earning cycle you mentioned a till towards large cap stocks could that be a big message from Ram agrawal that the party in small and midcap stocks is over and the store of value has now moved two large caps and it's not that the first time you know Ram G we've seen this kind of an environment I distinctly remember between 2016 and 17 and 18 there was a time when only handful of large cap stocks started outperforming and the rest of the market either was down or was it was in herination I I would I I would think that uh broadly what you're saying is the direction in which I'm saying but I would say much more specifically the where the earnings are there earnings earnings growth is there and the valuations are reasonable even if it is a midcap but if valuation is right there is no Stigma against of midcap or small cap if the valuations are right they'll also fly but as a group right now valuations are far more reasonable in banking stocks and some large caps compared to midc caps and small caps so clearly broader move would be a lot more large cap Centric than Medi and small Centric you've been a big voy of uh digital business and uh the fact that you've just launched a mutila
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