저자: RaamdeoAgrawal · 외국인
요약 보기
모틸랄오스왈 4분기 영업이익 16~25% 증가, 리테일 브로킹 규제 역풍 5분기 만에 완화되며 35~40% 성장. 향후 12개월 리테일 브로킹 25~30%, 전사 매출·이익 25% 성장 목표. 4월 시장 반등으로 트레저리 평가손실 70~80% 회복, 자산은 100% 주식으로 지수에 연동. 경쟁은 대형 딜·고객 확보 중심, 시장 파이는 무제한에 가깝다는 입장. 인재 우위(ESOP) 강조.
다듬은 글
That's said, earnings are coming in, so let's go across to Mr. Ramdeo Agrawal, the chairman and co-founder Motilal Oswal Financial Services, who joins us in the studio. Hi, Mr. Agrawal. Good morning. Good to see you. Been It's been an eventful last year, and I think you're quite impressed with your numbers as well.
If you were to lay out the trajectory for the coming year, what it would be, the top two, three goals that you have for FY27? Yeah, so good morning to all the viewers, and very nice to be here. And we had a brilliant year in terms of operating performance. For the whole [clears throat] year, it was up by 16%, and for the quarter itself, it is up by 25%.
So, I think so we It's a double engine machine, you know? So, one is the operating machine. All kinds of businesses, capital market related, broking, asset management, private equity, wealth management, all of them. That is one set where we get operating, and that is most most resilient and predictable kind of machine, which is growing at about anywhere between 20 to 25% year-on-year, and now it has become a level where 6,000 crores is the net revenue.
Gross might be 12, 13,000 crores, but net is 6,000 crores, and profit is about 23 and 1/2 2340 or 2360 crores. So, that's about 16% higher than last year. And I think this is the year in which uh of course, the asset management and wealth has done very well. Even capital market segment has done very well.
But because we have this five, six, you know, kind of a segments, so retail broking was under the scanner of the regulatory, what do you call, headwinds for the last 12 months because all the those daily expiry and all those things all got impacted for last 12 months. This is the first quarter when the I mean, that this is the fifth quarter of regulatory headwind of retail broking.
So, this quarter, we have seen a growth of about 35, 40%, which is a natural growth rate. So, that is So, so next 12 months again, I think we'll have a hopefully there is no further regulatory, what what do you call, actions, challenges on the retail broking side, which is the largest segment of our business, about 35, 40%.
That will grow at about 25, 30%. Other businesses, asset management, wealth management, so they also look to be pretty good. So, I think we are hoping that we'll again grow at 25% top line and 25% bottom line in operating side. All right, sir. Just to one more point with regard to this STT hike that's come in then.
Could you tell us what kind of impact have you seen on your business on the volumes in in the future space? April has been pretty good. April has been pretty good. What if you could quantify the drop, if any? I won't be able to quantify. I'll We have a con call after an hour or so. We can You want to give us a sneak peek, sir, now?
No. No, no, it's not that I don't have the number. You know, what exactly is the impact, that I don't have the number, but it is much lower than what we had feared that what it will do. But because the market was also say market made bottom in on 29th or 30th of March, and after that, market has a revival.
So, in that reviving kind of situation, little bit of headwind in terms of this cost of trade, that got not noticed, and it has grown very well in the month of April over last year's April. So, I think the business has been good for the quarter as well as for the first month. So, I don't see right now any and there some some of the things are deferred also, now.
So, because of all this downfall, some of the further tightening in terms of this MTF and all, that has been somewhat delayed. So, let's see, but I don't see any major kind of a fuel in the regulatory framework, hopefully next 12 months. Okay. So, you know, I just want to understand obviously in right now, we are seeing a net loss of 219 crores.
You mentioned that this is mainly because of that mark to market loss treasury loss that's come in. And you said most of that is recovered in April. In April, yeah. As of now, today, what's the current position if you could help us with that? Is it completely gone? What is the situation? It is of the full year's losses, I think 70, 80% is already covered just in one month.
See, when you know, it it is to do with the index. If the index goes down by say 5%, 7%, our loss will be a percentage plus or minus. You know, it's a link to the It's 100% equity, no cash call. It's a fully invested kind of situation. So, it will It moves with the market. Just that performance is a percentage plus or minus, depending on the what segment is doing well.
So, it has recovered in in month of I think April, the rally has been pretty strong on an index basis. Right. You know, I don't know how much it is. It's about 7%. Yeah, 7 and 1/2%. I think we've given up a little bit. Yeah, so 6 and 1/2, 7%. 7%. So, we must have done about 8, 8 and 1/2% kind of recovery.
So, on a 9,000 crore portfolio, you know, we we must have made about 4, 500 crores of gain back for the month. So, that That will keep happening. If May is bad, then again we'll give in. So, that's why we are not focusing on that part of it. The treasury income losses, though it is part of an integral part of the net worth, it is a very integral part of the strength of the company.
Because when there is a there is a there is a demand on what do you call, margin call or something. Say like when the silver dropped overnight by 40%. I mean, you have to stand you have to open the terminal next day morning. So, there is always a call on the I mean, the banks are standing by to give us money 4, 5, 10,000 crores to pay in because clients will Clients do give money after 24 hours, but that very day in the morning at 9:00.
Because [clears throat] yesterday's closing and today's opening, the gap is 40%. So, I think this treasury standby is a very strategic character. Yeah. So, and that gives a lot of resilience and confidence to the customer, particularly large corporate customers, to to do big trades with us. All right, Mr.
Agrawal, tell us a little bit about the competitive intensity. As you said, you have a market focus side of the vertical broking business, and then you have the non-broking business as well. And there are newer players, existing players getting into each other's market as well. So, could you tell us how is the competitive intensity shaping up as of now?
And for your company, how do you look to increase your reach, your hold in the segments that you are functioning in? Yeah, this is See, this is the most tailwinded segment of entire India, I can tell you. Business-wise, if you see, capital market as a whole, not I'm talking about broking or wealth management, but because of influx of the retail customers of 3 million customers per month, market is expanding like leaps and bounds.
Okay, so there is no dearth of business in any segment. How much you can do? It's not that if in AMC, what the biggies say, HDFC, ICICI, SBI, they are doing well, so I don't have a space for that. Enough space. The real challenge in capital market right now in all the segments, all the seg- all six businesses, is how much you can do.
You know, it's not a it's not a See, when the pie is limited, say if you have to sell only 1 million car or 4 million cars, then there is a fight for the market share. When the pie is like literally unlimited, it is on you at this phase, how how big you can you can service. Right. Out of that 250, 225 million customers, I'm servicing maybe 5, 6, 7 million customers.
But every month, 3 million more customers are coming. Mhm. You know, so there is no dearth of customers, but still there is a competition. It's not that there's no competition. There is a competition for the big deals, there is a competition for the big customers, there is customer for I mean, whosoever can give profit.
So, there is a competition. So, yes, we are we are One of the most important thing is the talent, okay? So, we have been adjudged the top 25 great place to work, which is a very big accolade for us to say that it is a preferred place. We want to create unfair talent advantage. Mhm. We give ESOPs. Hundreds of people have made so much of money, you were saying, and many more are going to make money.
Many more. Mhm. So, and the size of money made by them will be even bigger. Mhm. Because now Now, the growth See, we gave the These ESOPs were given say 10 years back. Now, the guys who have stayed with us for last 10 years, they made money. But now, since this growth is very visible and which is going to be very explosive in next 10 years for the industry, let's see how much we are able to execute.
The the lucky ones, they'll make lot more money. And so much money that we cannot fathom. Correct. So, shareholders also be wanting to make a good amount of money. Last people have stayed with you for long, you know, even 6, 7 years. As you said, some of them have become crorepati. So, good on you, sir, on that.
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